The Colorado Department of Revenue March 17 adopted regulations amending individual income, corporate income, trust income, sales and use, and excise tax rules to conform with recently passed legislation.
Did you hear about this:
Culture wars strain once unshakeable bond between Republicans, corporate America
And then there was Georgia, where the Republican-controlled state House narrowly voted to end a tax break worth millions that Delta enjoys on jet fuel after the airline's CEO — along with the CEO of Coca-Cola, another major Atlanta-based business — condemned new voting restrictions in the state. (The GOP-led state Senate did not take up the measure.) On Friday, Major League Baseball pulled this year's All-Star Game out of Atlanta in protest of that same law.
"Boycott baseball and all of the woke companies that are interfering with Free and Fair Elections," former President Donald Trump said in a statement. "Are you listening Coke, Delta, and all!"
Tax-Exempt Advance Refunding Bonds: History and Legislative Updates | Butler Snow LLP - JDSupra
Prior to January 1, 2018, Section 149(d) of the Internal Revenue Code (26 U.S.C. § 149) and the accompanying Treasury Regulations allowed the issuance of tax-exempt advance refunding bonds. According to that section, a bond is “treated as issued to advance refund another bond if it is issued more than 90 days before the redemption of the refunded bond.” [1] Issuers could advance refund governmental bonds and qualified 501(c)(3) debt on a tax-exempt basis.
Issuers utilized tax-exempt advance refundings for a variety of reasons, such as achieving interest rate savings or extinguishing covenants attached to outstanding indebtedness, in each case when the bonds could not be redeemed because of call protection or other restrictions. The Tax Cuts and Jobs Act of 2017 (“TCJA”) repealed the exclusion from gross income interest on bonds issued to advance refund another bond.
Georgia's 2021 Sine Die - Thoughtful policy mixed with last minute surprises and everything
During the 2021 legislative session, the Georgia General Assembly passed key legislation, including conformity to the federal tax law, the elimination of deference to subregulatory interpretations of the Department of Revenue, the ability for pass-through entities to elect to pay state income tax at the entity level, temporary ad valorem relief for manufacturers, and significant changes to existing income tax credits and sales tax exemptions.
Wednesday, March 31, 2021 was “Sine Die” or the 40th and final legislative day of the 2021 legislative session. Unless indicated as already signed by the Governor, bills passed by both chambers of the General Assembly are transmitted to the Governor, who can sign or veto the legislation within 40 days after the end of the legislative session. If the Governor fails to take any action, the legislation will also become law upon the expiration of the 40-day period.
Many things were taking place:
New York State Legalizes Adult-Use Cannabis Through Marijuana Regulation and Taxation Act | Cozen
Wednesday, Governor Andrew Cuomo signed legislation legalizing adult-use cannabis in New York state for residents 21 and older while establishing a new regulatory system under an Office of Cannabis Management. The Marijuana Regulation and Taxation Act (MRTA) was sponsored in the State Senate by Senator Liz Krueger and in the State Assembly by Assembly Member Crystal Peoples-Stokes.
The MRTA will consolidate the new adult use program along with the state’s existing medical cannabis and cannabinoid hemp programs under the jurisdiction of the Office of Cannabis Management (OCM) within the Division of Alcohol Beverage Control. The OCM will be led by an executive director appointed by the governor and confirmed by the State Senate. The OCM will be governed by a five-member Cannabis Control Board.
Bristol Myers faces $1B+ tax fight after accidental disclosure reveals alleged offshore patents
Bristol Myers could face nearly $1.4 billion in back taxes the IRS believes it evaded paying as part of a scheme to move its patent rights from the US to an Irish subsidiary and reap the income write-offs, the New York Times reports.
The dispute was revealed as part of an accidental disclosure from the agency last spring, the Times said, which was almost immediately pulled from public view.
New York Legalizes Recreational Marijuana, Tying Move to Racial Equity - The New York Times
Gov. Andrew M. Cuomo signed the cannabis legislation on Wednesday, a day after the State Legislature passed the bill following hours of debate among lawmakers in Albany.
New York became the 15th state to legalize the recreational use of cannabis, positioning itself to quickly become one of the largest markets of legal cannabis in the nation and one of the few states where legalization is directly tied to economic and racial equity.
New Yorkers are permitted to smoke cannabis in public wherever smoking tobacco is allowed, though localities and a new state agency could create regulations to more strictly control smoking cannabis in public. Smoking cannabis, however, is not permitted in schools, workplaces or inside a car. In New York City, it will be banned in parks, beaches, boardwalks, pedestrian plazas and playgrounds, where tobacco smoking is banned . Smoking is generally permitted on sidewalks in the city.
New York's 13% cannabis tax may be too high, since state has 'one of the most sophisticated'
After years of political wrangling and lobbying by advocacy groups, New York state has legalized cannabis for adult recreational use in a move that's expected to shake up the industry, inspire other states to follow suit and help light a fire under the effort to reform the U.S.'s still-strict cannabis laws. However, some experts say the state's 13% tax may be too high to compete with New York's robust black market.
Gov. Andrew Cuomo signed the bill early Wednesday and called it a historic day for the state, which is expected to become the second biggest cannabis market in the U.S., behind only California.
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