Bloomberg Tax
Daily Tax Report: State

New York Poised to Unmask Owners of Shell Companies

The week in state tax news: New York is on the verge of doing something unprecedented in both state and federal law, which is to create a searchable database of the beneficial owners of shell companies. Meanwhile, New Jersey and Minnesota enacted conflicting laws addressing the taxation of GILTI, global intangible low-taxed income.

Louisiana Sales Tax Challenge Properly Booted From Federal Court

An online seller’s constitutional challenge to Louisiana’s sales tax system can’t be heard in federal court, the US Court of Appeals for the Fifth Circuit affirmed.

Maine to Boost Senior Tax Benefit, Offer Paid Family Leave

A spending bill that increases tax benefits for seniors, creates a paid family leave program, and makes Maine’s dependent exemption tax credit refundable is heading to Gov. Janet Mills (D), who has said she will sign it.

Commercial Business at Florida Port Stuck With Property Taxes

A for-profit ship repair business can’t avoid property taxes even though it operates at a government-owned deepwater port, a Florida appeals court ruled Friday.

Florida County Airports Win Reinstatement of Property Tax Breaks

Airport properties owned by Hillsborough County, Fla., qualify for property tax exemptions because they serve a “governmental purpose,” a state appeals court ruled Friday.

Latest Stories

Week in Insights: Fireworks Taxes Internalize an Externality

This week, our experts covered topics ranging from Wisconsin’s repeal of its business personal property tax to Canada’s proposed new transfer pricing rules. For a look at the latest commentary and analysis, check out our weekly roundup.

New York Poised to Unmask Owners of Shell Companies

The week in state tax news: New York is on the verge of doing something unprecedented in both state and federal law, which is to create a searchable database of the beneficial owners of shell companies. Meanwhile, New Jersey and Minnesota enacted conflicting laws addressing the taxation of GILTI, global intangible low-taxed income.

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Bitcoin ETF Applicants Undaunted by SEC Pushback: Crypto in DC

BlackRock Inc. and Valkyrie refiled their application for an exchange-traded fund that invests directly in Bitcoin, shoring up their filings after the Securities and Exchange Commission indicated the recent wave of requests seeking to launch such a product were insufficient.

Bitcoin ‘Halving’ Risks Sinking Already-Struggling Miners

Crypto enthusiasts are hopeful that a once-in-four-years event which rewrites the underlying code of the world’s biggest cryptocurrency will extend the current market rally. But the milestone also risks sounding the death knell for certain Bitcoin miners.

Tax Your Crypto and NFTs? Yes, the IRS Wants Its Cut

Cryptocurrency and NFTs continue to rise in popularity in the U.S., but many people are still confused about how they are taxed. In this video, a partner at Steptoe & Johnson who specializes in tax policy and cryptocurrency, lays out how different crypto transactions are taxed.

Tax Developments

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Kentucky DOR Publishes Updated 2023 County Clerk Delinquent Property Tax Sale Dates

The Kentucky Department of Revenue June 23 published updated 2023 county clerk delinquent property tax sale dates. The publication includes a table listing county names and the corresponding tax sale ...

Illinois DOR Releases Instructions for Form RB-1-L, Limited Bingo Tax Return, Relating to Excise Tax

The Illinois Department of Revenue (DOR) May 1 released instructions for Form RB-1-L, Limited Bingo Tax Return, for excise tax purposes. The instructions include that: 1) the tax return is ...

Kansas DOR Publishes Updated County, City Transient Guest Tax Rate Report

The Kansas Department of Revenue July 1 published an updated county and city transient guest tax rate report reflecting sales and use and excise tax rate information. The report is ...