US: Tennessee introduces bill to allow cities to reduce or exempt food sales tax
The state of Tennessee has introduced House Bill 2641 which allows specific municipalities to exempt the city sales tax on food and food ingredients. The Bill also authorises municipalities to impose a reduced sales tax rate if a full exemption
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US: California governor releases May budget revisions
The governor of California has announced the May budget revisions, which include proposals for corporate income tax. These revisions clarify the law in response to the recent Office of Tax Appeals decision in Microsoft. Additionally, it
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US: Alabama enacts legislation for state and local transient occupancy tax collection
The state of Alabama has enacted legislation mandating that accommodations intermediaries collect state and local transient occupancy taxes starting 1 January, 2025. According to the bill, accommodation intermediaries must collect taxes on the
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US: IRS extends tax relief for Iowa taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Friday, 16 May, 2024, in the release IR-2024-03, announced tax relief for individuals and businesses in Iowa affected by tornadoes and storms that occurred on 26 April, 2024. Individuals and households
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US: IRS and Treasury announce 2024 solar and wind capacity limitation carryover amounts
The US Department of the Treasury and the Internal Revenue Service (IRS) issued Announcement 2024-25 on Friday, 17 May, 2024, which provides the total amount of unallocated environmental justice solar and wind capacity limitation that has been
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US issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
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US: IRS extends tax relief for Ohio taxpayers impacted by tornadoes
The US Internal Revenue Service (IRS), on Thursday, 16 May, 2024, in a release (IR-2024-141) announced tax relief for individuals and businesses in Ohio affected by tornadoes that began on 14 March, 2024. Taxpayers now have until 3 September,
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US: Colorado offers temporary income tax rate cut for 2024
The Governor of Colorado signed Bill SB24-228 into law on 14 May 2024. It introduces significant amendments concerning the refund of excess state revenues. This legislation reduces both individual and corporate income tax rates from 4.40% to
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US: Colorado passes combined reporting bill, Nevada proposes new marketplace facilitators regulation, Tennessee issues franchise tax notice
Colorado The Colorado House of Representatives and the Colorado Senate have passed House Bill 24-1134; this legislation intends to repeal the existing “three out of six test” for combination. As per this test, the combined group comprises
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US: IRS extends tax relief for Nebraska taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Tuesday, 9 May, 2024, in the release NE-2024-12, declared tax relief for individuals and businesses in Nebraska affected by severe storms, straight-line winds, and tornadoes that occurred on 25 April,
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US: IRS releases 2025 HSA inflation-adjusted amounts
The US Internal Revenue Service (IRS) published on Thursday, 9 May, 2024, the Rev. Proc. 2024-25, in which it detailed the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for the 2025 calendar
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US: Overpaid and underpaid tax interest rates for Q3 2024 remain unchanged
The US Internal Revenue Service (IRS) announced on Thursday, 9 May, 2024, that interest rates will remain the same for the calendar quarter beginning 1 July, 2024. For individuals, the rate for overpayments and underpayments will be eight percent
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US: IRS extends tax relief for Oklahoma taxpayers impacted by severe storms and flooding
The US Internal Revenue Service (IRS) released OK-2024-01 on Monday, 6 May, 2024, in which it announced tax relief for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that
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US: Proposed bill could affect a taxpayer’s CAMT liability for 2023
A new provision was included in the "Inflation Reduction Act of 2022" (IRA) on Monday, 6 May, 2024, officially known as H.R. 5376, which included a new Corporate Alternative Minimum Tax (CAMT). This tax is determined based on the financial
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US: IRS issues final guidance on credit transfers for cash payments under inflation reduction act
On 25 April 2024, the US Internal Revenue Service (IRS) released the final guidance (regulations) for the transfer of eligible credits under the Inflation Reduction Act of 2022 (IRA) in a taxable year, including specific rules for partnerships and S
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US: Georgia enacts tax cuts for individuals and corporations
On 18 April 2024, the Governor of Georgia announced the enactment of a tax reduction package. The package features House Bill (HB) 1015, which amends the individual income tax rate adjustment plan initially set forth by HB 1437 in 2022. Under HB
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US: IRS offers penalty relief for underpaid estimated income tax due to corporate alternative minimum tax (CAMT)
The US Internal Revenue Service (IRS) has published Notice 2024-33, providing relief from penalties for underpayment of estimated income tax due to a portion of a corporation's Corporate Alternative Minimum Tax (CAMT) liability. This penalty relief
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US: Idaho reduces tax rates for companies and individual taxpayers
On 29 March 2024, the governor of Idaho, the 43rd state of the US, approved House Bill 521. This law includes reducing the corporate and individual income tax rates from 5.8% to 5.695%. This tax rate reduction goes into effect retroactively from 1
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