In a taxpayer-friendly development, the IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct "specified income tax payments" paid to state and local governments above the line and not as passthrough items for partners and shareholders.
The definition will exclude income taxes imposed by U.S. territories or their political subdivisions. This definition includes only income taxes described in Sec. 164(b)(2) for which Sec. 703(a)(2)(B) does not disallow a partnership a deduction, and those income taxes for which Sec. 1363(b)(2) does not disallow an S corporation a deduction.
This may worth something:
Coalition pushes to block digital advertising tax in Maryland - Baltimore Sun
A coalition of businesses is gearing up for a fight in January over Maryland's first-in-the-nation attempt to levy a tax on online advertising.
Maryland lawmakers passed the tax earlier this year, in hopes of drumming up money for education by taxing Big Tech. Republican Gov. Larry Hogan vetoed the tax, setting up a battle over whether the Democratic-led legislature will override the veto when its next legislative session starts in January.
A coalition calling itself Marylanders for Tax Fairness is starting a push against the tax two months before lawmakers will have to make their decision on the veto. The coalition will launch a website and ad campaign Tuesday.
Budget amendments would raise taxes on corporations, capital gains in Massachusetts
The amendment pitched by state Rep. Mike Connolly, D-Cambridge, would raise the tax rate on unearned income — long-term capital gains, dividends, and interest — from 5% to 9% for the wealthiest tax brackets.
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“We have a real responsibility to ask the very large corporations that are doing so well in our state as well as the wealthiest households to pay their fair share,” Connolly said.
"Additional revenue … will be required to make the long-term investments necessary for a robust and just recovery,” senior analyst Kurt Wise said.
Latrobe to hold line on taxes in 2021 while assessing new stormwater fee | TribLIVE.com
Latrobe residents face a new stormwater management fee, but no property tax increase, under the proposed 2021 city budget.
Council is expected at its Dec. 14 meeting to finalize the $6.5 million spending plan, which reflects an increase of about $500,000 from the 2020 budget.
City Manager Michael Gray said that difference reflects projected revenue from the previously approved stormwater fee, which will be billed for the first time in early January and will be payable by March 31. The fee is set at $90 per equivalent residential unit.
Quite a lot has been going on:
Broome County residents will pay lower taxes in 2021
The Broome County Legislature voted to approve the 2021 county budget which resulted in a small tax cut.
The legislature says it worked for months through the budget for justification of each budget line.
It says it will continue to monitor the financial situation in the county and will make the necessary adjustments as it transitions to the 2021 fiscal year.
2008 legislation inadvertently gave Micron millions in property tax breaks
Micron Technology is one of Idaho’s largest employers, but it only pays property taxes on a fraction of its taxable value. The reason? An unsuccessful attempt to lure a nuclear company to East Idaho during the Great Recession.
The company paid $4.75 million in property taxes in 2019, only 23% of what it would owe if the semiconductor company's property was taxed at its full value, according to records from Ada County. In 2011, The State of Idaho capped the taxable value of Micron’s property at $400 million – forever. But over time, the actual value of its property rose to $1.86 billion last year.
City sales and hotel taxes improve after sharp drop due to pandemic
AMARILLO, Texas (KFDA) - The financial reports show continued recoveries in sales and hotel taxes in Amarillo.
The City staff told Amarillo City Council members today that tax collections will continue to see improvements after the spring sharp drop due to coronavirus.
Assistant City Manager Luara Storrs said hotel and motel occupancy has rebounded from April's bottom of 29 percent.
New NBA luxury tax rule will benefit Nets, Warriors - New York Daily News
The salary cap and luxury tax level for the 72-game 2020-21 NBA season will remain the same as last season: a $109 million cap and $132.6 million tax line. But the cost of spending above that tax line will go down along with league revenues.
That is a huge break for teams that spend into the tax -- the Brooklyn Nets included -- with free agency set to start on Nov. 20, just two days after the draft. Here's why.
The luxury tax is also known as the parity tax. Its purpose is to prevent teams in big markets -- think New York, Los Angeles, Chicago, Philadelphia -- from leveraging their market revenues to outbid small-town franchises (think Oklahoma City Thunder) when recruiting free agents.
Happening on Twitter
We selected 17 U.S. companies for 20 partnerships to mature industry-developed space technologies for the Moon and… https://t.co/hq07yWmGxa NASA_Technology (from Washington, DC) Mon Nov 09 16:31:28 +0000 2020
To be clear: The Twitter Einstein's shouldn't flag, fact check or censor. But I do wonder if they will ever flag fa… https://t.co/Dr40HLykrZ SharylAttkisson (from Washington, DC) Mon Nov 09 15:08:10 +0000 2020
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