Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
US Infrastructure Bill reinstates Superfund excise taxes On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (“Infrastructure Bill”). One of the provisions in the Infrastructure Bill is the reinstatement and modification of certain expired Hazardous Substance Superfund Trust Fund (“Superfund”) excise taxes on the production or import of certain chemicals through December 31, 2031, effective for periods after June 30, 2022.
This Multistate Tax Alert provides some background, summarizes the Superfund excise taxes, and provides some taxpayer considerations related to the Superfund excise taxes. [Issued: November 22, 2021] More
Louisiana voters ratify constitutional amendment reducing tax rates and repealing federal income tax deduction On June 16, 2021, Louisiana enacted a series of bills designed to reduce the individual and corporate income tax rates and eliminate the federal income tax (FIT) deduction, subject to voter approval in a statewide election and subsequent amendment of the Louisiana Constitution. The legislation also included provisions to continue the suspension of the franchise tax for small businesses and reduce the franchise tax rate. The constitutional amendment was ratified by Louisiana voters at a statewide election held on November 13, 2021.
This Multistate Tax Alert provides a summary of certain provisions now in effect as a result of voter approval and amendment of the state constitution. [Issued: November 18, 2021] More
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