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.
Inflation Reduction Act reinstates excise tax credits and Superfund excise tax On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA”). The legislation includes a number of significant tax provisions.
This Multistate Tax Alert summarizes some of the relevant provisions related to certain credits and excise taxes, including other fuel credits (general business credits). [Issued: August 25, 2022] More
Reminder: New York pass-through entity tax considerations for 2022 tax year During calendar year 2022, New York enacted Senate Bill (S.B.) 8948 and the 2022-2023 New York Budget Bill, which both revised the New York pass-through entity tax (“NYS PTET”). These bills extended the due date for the 2022 NYS PTET election and expanded the options available for S corporations to compute their NYS PTET taxable income.
This Multistate Tax Alert provides some considerations for the NYS PTET for the 2022 tax year. [Issued: August 29, 2022] More
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