On January 21, 2025, New York Governor Hochul released her Fiscal Year 2026 Executive Budget and accompanying legislation (the Budget Bill). The Budget Bill includes a middle-class tax cut, a temporary personal income tax high income surcharge extension, and addresses a number of new and existing credits. It does not contain any new taxes or
budget
Legal Alert: California Governor “May Revise” taxpayer apportionment win
Posted in California, Legal Alert
On May 10, California Governor Gavin Newsom introduced his “May Revise” of the state budget. In addition to net operating loss deduction suspensions and tax credit usage limitations, one particularly concerning corporate tax-related proposal is a so-called “clarification” related to the apportionment factor.
Read the full Legal Alert here.
Legal Alert – Tax ins and outs of the New York State budget: Legislative amendments made to Governor Hochul’s Fiscal Year 2024 Executive Budget
Posted in Legal Alert, New York
On March 15, 2023, the two houses of the New York State Legislature released their respective amendments (Senate Bills S.4008 and S.4009, Assembly Bills A.3008 and A.3009, collectively the Amendments) to New York Governor Kathy Hochul’s Fiscal Year 2024 Executive Budget (the Budget Bill) (see our prior legal alert). While the Amendments…
Legal Alert: New York Governor releases Fiscal Year 2024 Executive Budget
Posted in Legal Alert, New York
On February 1, 2023, New York Governor Kathy Hochul released her Fiscal Year 2024 Executive Budget and accompanying legislation (the Budget Bill). The Budget Bill includes several tax rate adjustments and technical fixes to the Tax Law, among other provisions.
Read the full Legal Alert here.
Legal Alert: New York Governor announces fiscal year 2023 budget
Posted in Legal Alert, New York
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…
California governor releases proposed state budget, including restoration of currently suspended NOLs and limited tax credits
By Nikki Dobay, Timothy Gustafson & Annie Rothschild on
Posted in California, Policy and Legislation
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),…
Illinois General Assembly passes $42 billion budget with several key tax provisions
By Nikki Dobay, Breen Schiller & Jeremy Gove on
Posted in Policy and Legislation, Tax Reform
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…