US: Governor enacts tax amendments to California budget 2024-25
The acting governor of the US state of California, Eleni Kounalakis, signed Senate Bill 167 into law on June 27, 2024, introducing several tax amendments aimed at addressing the USD 27.6 billion shortfall in the 2024-25 budget and the projected USD
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US: Treasury, IRS issue final regulations on tax reporting for digital asset transactions
The US Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency, on 28 July, 2024. These reporting
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US, India agree to extend equalisation levy agreement
The US Department of the Treasury announced the extension of its agreement with India on 28 June, 2024, regarding the transition from the existing equalisation levy to a new multilateral solution agreed by the OECD-G20 Inclusive Framework. The
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US: IRS and Treasury issue final guidance on 1% excise tax rules on stock buybacks
The US Department of the Treasury and the Internal Revenue Service (IRS) issued a release—IR-2024-179, on 28 June 2024, announcing final guidance regarding regulations on how to report and pay the 1% excise tax owed on corporate stock
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US: IRS extends tax relief for individuals and businesses impacted by severe weather in Mississippi
The US Internal Revenue Service (IRS), in a release—IR-2024-176 on 27 June 2024, announced tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on 8
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US: IRS extends tax relief for individuals and businesses impacted by severe weather in Iowa
The US Internal Revenue Service (IRS), in a release—IA-2024-08 on 27 June 2024, announced tax relief for individuals and businesses in Iowa that were affected by severe storms, flooding, straight-line winds, and tornadoes that began on 16 June,
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US: New Jersey proposes increasing corporate tax rate to 11.5%
Lawmakers of New Jersey are poised to approve a proposed corporate income tax rate increase for the state's largest companies. New Jersey Governor Phil Murphy proposed the increase, intending to use the increased tax revenue to fund the state’s
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US: Hawaii lowers pass-through entity tax, allows tax credit carry-overs
The governor of the US state of Hawaii, Josh Green, recently signed a bill (S.B. 2725) into law reducing its pass-through entity (PTE) tax rate to 9% on 19 June, 2024. This bill amends the state's PTE taxation law to apply to taxable years
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US: IRS extends tax relief for individuals and businesses impacted by severe weather in southern New Mexico
The US Internal Revenue Service (IRS), in release NM-2024-05 published on 26 June 2024, announced a relief for individuals and businesses in southern New Mexico that were affected by the South Fork Fire, Salt Fire, and flooding that began on 17
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US: Maine consults proposals to amend non-resident income tax rules
The Maine Revenue Services (MRS) has presented proposals for amending the state's non-resident income tax rules. MRS suggests amending Rule 806 (Nonresident Individual Income Tax) to repeal the provision relating to income from an entity with a
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US: IRS extends tax relief for individuals and business impacted by severe weather in Oklahoma
The US Internal Revenue Service (IRS), in a release—OK-2024-02 on 25 June 2024, announced tax relief for individuals and businesses in Oklahoma affected by severe storms, straight-line winds, tornadoes, and flooding that began on 19 May,
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US: IRS extends tax relief for individuals and business impacted by severe weather in Florida
The US Internal Revenue Service (IRS), in a release—FL-2024-06 on 25 June 2024, announced tax relief for individuals and businesses in Florida affected by severe storms, straight-line winds, tornadoes, and flooding that began on 10 May,
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US: Vermont approves new tax rules for remote software access
The US state of Vermont has enacted a new bill that makes changes regarding the taxation of remotely accessed software. The legislation was approved despite a veto from Vermont’s Governor Phil Scott. The bill categorises taxable tangible
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US: Oklahoma exempts digital mining equipment from sales and use tax
The state of Oklahoma enacted House Bill 1600 on 30 May, 2024, introducing a new sales and use tax exemption for specific equipment used in digital asset mining. This exemption covers sales of machinery, equipment, and electricity used for
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US: Arkansas passed bill to reduce corporate tax, individual income tax
The state of Arkansas announced the enactment of Senate Bill 1 during its 94th General Assembly, introducing significant personal income tax and corporate income tax reductions. The bill lowers corporate income taxes by changing the top rate from
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US: IRS releases updated research credit form to ease taxpayer burden
The US Internal Revenue Service (IRS) announced the release of draft Form 6765, Credit for Increasing Research Activities, also known as the Research Credit, on 21 June, 2024. The IRS received helpful comments from various external stakeholders
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US: IRS announces suspension of tax treaty with Russia
The US IRS has released Announcement 2024-26 regarding the suspension of the 1992 tax treaty with Russia. The suspension will take effect on 16 August, 2024, for taxes withheld at source and in respect of other taxes, and will continue until the two
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US: Supreme Court upholds mandatory repatriation tax
On 20 June, 2024, the U.S. Supreme Court delivered its opinion on Moore v. United States. This case addresses the one-time mandatory repatriation tax enacted under the 2017 Tax Cut and Jobs Act. As previously reported, the repatriation tax
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