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City Council Approves Plan To Scrap Tax Breaks For 'Bad Actor' Developers — But It Won't Apply To
CHICAGO — Chicago's City Council approved an ordinance Wednesday that gives city leaders a new tool to punish "bad actor" developers who violate rules and endanger neighbors.
The ordinance allows the city to claw back lucrative tax incentives from developers who fail to comply with environmental rules and other city regulations. But it can’t be used retroactively to discipline companies like Hilco Redevelopment Partners, the developer responsible for a botched demolition that covered Little Village in dust.
Iowa DOR Proposes Regulations to Amend Homestead Tax credit, Military Service Property Tax
IRS Tax Roundup September 28 – October 2, 2020
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 28, 2020 – October 2, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here .
September 29, 2020: The IRS published final regulations related to the source of income for certain property sales and modifying rules for determining whether foreign source income is effectively connected with a US trade or business.
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Bluestem Group Inc. Announces Special Dividend - Odessa American: Business
The Board of Directors (the " Board ") of Bluestem Group Inc. (" Bluestem Group " or the " Company ") announced that it has declared a special cash dividend of $0.462 per share of the Company's outstanding common stock and Series A Participating Convertible Preferred Stock (the " Special Dividend "). The Special Dividend will be payable on November 9, 2020 to holders of record as at the close of business on October 27, 2020.
As a result of the abandonment of the stock of Bluestem Brands, Inc. earlier in 2020, the Company's current remaining assets, before and after giving effect to the Special Dividend, primarily consist of cash, U.S. real property interests and certain other assets. Accordingly, the Company likely is a U.S. real property holding corporation (a " USRPHC "). Non-U.S. stockholders receiving the Special Dividend may be subject to U.S.
Changes are coming: Preparing for the tax operations storm | Accounting Today
There has been a steady stream of transaction taxes introduced globally in the last 10 years that financial houses have yet to fully tackle, including dividend taxes in the U.S. — 871(m) and 305(c) — and capital gains taxes, and the recent announcement of potential financial transaction taxes (FTTs) in New York and New Jersey, alongside new regulations represent a growing operational challenge.
As countries and regions look at new ways of raising revenue, the transaction tax is increasingly seen as a viable option. As many local economies across the United States continue to grapple with the effects of COVID-19 and as the election progresses, there is growing uncertainty around potential changes to tax laws that may be implemented in the next couple of years to increase revenue.
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