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Adobe PDFPresident Obama’s Fiscal Year 2016 Revenue Proposals: Proposals Relating to Taxation of Offshore Profits of U.S. Corporations
Ronald E. Creamer, Andrew S. Mason, Davis J. Wang; Sullivan & Cromwell LLP;
Legal Alert/Article
March 27, 2015, previously published on February 2, 2015
On February 2, 2015, the Obama Administration (the “Administration”) released the General Explanations of the Administration’s Fiscal Year 2016 Revenue Proposals (commonly known as the “Green Book”), which contains significant detail about the fiscal year 2016 revenue...

 

HTMLGovernor Tom Wolf Releases First Budget (2015-2016)
Linda T. Ambroso, Steven D. Irwin; Leech Tishman;
Legal Alert/Article
March 24, 2015
Today, March 3, Pennsylvania Governor Tom Wolf presented the General Assembly with his first budget. Wolf’s plan plugs a $2B hole in the state’s finances while boosting support to education and reducing taxes on businesses and property owners. Tax increases on natural gas extraction...

 

HTMLReduction in South Dakota Coop Taxes Vetoed
Sutherland Asbill Brennan LLP;
Legal Alert/Article
March 24, 2015, previously published on March 23, 2015
South Dakota Governor Dennis Daugaard has vetoed a bill that would have slightly reduced electric cooperatives’ taxes by rolling back a recent administrative decision on how state tax for electric cooperatives is determined and excluding municipal taxes from calculations of state tax...

 

HTMLAre You Continuing Construction? IRS Issues Fourth Renewable Energy Tax Credit Beginning of Construction Notice
Meyer E. Berman, Dorothy Black Franzoni, Amish M. Shah, Ram C. Sunkara, Thomas H. Warren; Sutherland Asbill Brennan LLP;
Legal Alert/Article
March 19, 2015, previously published on March 18, 2015
On March 11, 2015, the Internal Revenue Service (IRS) issued Notice 2015-25, which provides further guidance to assist renewable energy facility developers and investors in evaluating whether such facilities satisfied the beginning of construction requirement for the renewable energy section 45...

 

HTMLOhio Chamber Enlists Ernst & Young Study to Demonstrate Opposition to Tax Proposal
Michael Caputo, Rebecca M. Kuhns, Aaron M. Ockerman, Todd A. Snitchler; McDonald Hopkins LLC;
Legal Alert/Article
March 19, 2015, previously published on March 13, 2015
The House Ways and Means Committee heard from Ernst & Young (EY) this week regarding a study commissioned by the Ohio Chamber of Commerce and the Coalition of Ohio Metro Chambers of Commerce regarding an analysis of the governor’s tax proposal in the budget. The focus of the EY analysis...

 

HTMLMichigan: Governor Signs Numerous Tax Related Bills
David H. Godenswager, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
Legal Alert/Article
March 18, 2015, previously published on January 22, 2015
Gov. Snyder recently signed numerous bills designed to raise revenue for transportation funding and capture revenue lost from consumers’ failure to pay sales and use taxes associated with their online purchases.

 

HTMLAdministration Touts Tax, Healthcare, and Education Proposals
Michael Caputo, Rebecca M. Kuhns, Aaron M. Ockerman, Todd A. Snitchler; McDonald Hopkins LLC;
Legal Alert/Article
March 18, 2015, previously published on February 13, 2015
The House Finance Committee continued hearings on Gov. Kasich's budget proposal this week. House Bill 64, a nearly 3,000 page bill, includes details on the governor’s spending proposal for fiscal years 2016 and 2017.

 

HTMLGovernors announce budget proposals
David H. Godenswager, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
Legal Alert/Article
March 18, 2015, previously published on February 5, 2015
On Monday, Feb. 2, 2015, Gov. Kasich released Blueprint for a New Ohio, the 2016-17 budget proposal (proposal). As with his last budget, the governor seeks to lower the state income tax on “virtually all” Ohio based small businesses and increase exemption levels for lower and middle...

 

HTMLGovernor Kasich proposes biennial budget bill
Michael Caputo, Rebecca M. Kuhns, Aaron M. Ockerman, Todd A. Snitchler; McDonald Hopkins LLC;
Legal Alert/Article
March 18, 2015, previously published on February 2, 2015
Today, Gov. Kasich proposed a two-year budget totaling over $72 billion in state general revenue fund spending, including a two percent increase in spending in Fiscal Year 2016 and a 2.5 percent increase in Fiscal Year 2017. The “Blueprint for a New Ohio” includes a net tax cut of $500...

 

HTMLFederal Government Proposes LNG Tax Break
Michael Styczen, P.Eng; Davis LLP;
Legal Alert/Article
March 18, 2015, previously published on February 19, 2015
Last week, we reported that the federal government was considering a proposal to provide a significant tax break to proposed LNG plants in British Columbia.

 


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