On January 18, 2022, New York Governor Kathy Hochul released her fiscal year 2023 budget and accompanying legislation (the Budget Bill).  The Briefing Book accompanying the Budget Bill highlights New York’s “remarkable reversal of fortune as tax revenues rebound”—giving the Governor the room to propose a variety of tax cuts targeted toward the middle-class and

On January 10, California Governor Gavin Newsom issued his proposed budget for the upcoming fiscal year. Of interest to business taxpayers, the proposal would allow taxpayers to again fully utilize business tax credits, like the R&D credit, and net operating loss deductions in 2022. For tax years 2020 to 2022, AB 85 (enacted in 2020),

On Memorial Day, and stretching into the early hours of June 1, the Illinois Legislature approved the state’s $42 billion budget for fiscal year 2022. It is anticipated that the budget’s tax provisions are expected to generate more than $600 million in additional revenue by addressing what governor J.B. Pritzker and others in the General