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Oklahoma Advances Bills Eliminating Franchise Tax, Marriage Penalty

Oklahoma lawmakers approved bills to eliminate the state’s franchise tax and soften income tax rates for married filers shortly before adjourning for the year Friday.

State Workarounds for the $10,000 SALT Cap Are Now the Norm

The week in state tax news: Iowa, Hawaii, Montana, and Nebraska have all acted on legislation creating “SALT cap workarounds” this month. Also, the Supreme Court offered some views on what should happen to surplus proceeds when a property is seized and sold to settle tax debts.

New Jersey Estate Tax Refund Action Reopened by Appeals Court

The son of a woman killed in a natural gas explosion will get another chance to seek a refund of estate taxes paid to New Jersey on the settlement he received.

State Owes Seized Home Surplus to Tax Debtor, Justices Say

Local governments that keep surplus proceeds when a homeowner’s property is seized and sold to settle tax debts commit unconstitutional takings, the US Supreme Court ruled Thursday.

California Bill Offers Low-Income Families Pre-Filled Tax Returns

California would offer free tax return filing with automatically filled-out forms to help low-income wage earners claim tax credits under a Senate bill advancing through the Legislature.

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Spotlight on Boston Tax Controversy Attorney Kathleen Gregor

Our Spotlight series highlights the careers and lives of tax professionals around the world. This week’s Spotlight is on Kathleen “Kat” Gregor, a tax controversy attorney and litigator at Skadden, Arps, Slate, Meagher & Flom in Boston.

Hyundai Motor, LG Plan $4.3 Billion EV Battery Plant in US

South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. will invest 5.7 trillion won ($4.3 billion) to produce electric-car batteries in the US to comply with President Joe Biden’s clean energy tax law, which seeks to encourage domestic production and reduce reliance on Chinese suppliers.

Nebraska Approves Lowers Tax Rates, SALT Cap Workaround

More than $3.3 billion will be sent back to Nebraska taxpayers over the next six fiscal years under legislation approved by the state Legislature Thursday that lowers and flattens income tax rates, shields Social Security income from tax, and grants a new child care tax credit.

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Luxury Concierge Service Was Illegal Private Bank, US Says (1)

A businessman who claimed to operate a high-end concierge service featuring custom credit cards crafted from solid gold was actually operating an illegal private bank that provided discreet financial services to high-net-worth customers, prosecutors said.

FINANCE BRIEFING: Debt Deal Takes Shape With Two Year Cap

Republican and White House negotiators are moving closer to an agreement to raise the debt limit and cap federal spending for two years, according to people familiar with the matter. The details agreed to are tentative and a final accord is still not in hand. Plus, the two sides have yet to agree on the amount of the cap.

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.

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Wisconsin DOR Issues June 1 Deadline Reminder for Property Tax Filings

The Wisconsin Department of Revenue (DOR) May 25 issued a reminder to taxpayers that various property tax reports are due on June 1. The DOR will apply a non-appealable late ...

Wisconsin Court of Appeals Finds Cheese Manufacturing Companies’ Clean-in-Place Equipment Not Exempt From Property Tax

The Wisconsin Court of Appeals May 24 found Taxpayers, cheese manufacturing and distribution companies, weren’t entitled to the manufacturing personal property tax exemption for clean-in-place (CIP) equipment that they used ...

Texas Comptroller Publishes City Annexations, Disannexations Impacting Local Sales, Excise Taxes Effective July 1

The Texas Comptroller of Public Accounts May 1 published a list of cities that have changed their boundaries through annexation of territory into their city limits or disannexation of territory ...