SALT Blog – State and Local Tax Blog
State and Local Tax ("SALT") blog issues require state and local tax knowledge. Chamberlain Hrdlicka's SALT Blog provides exactly that knowledge with news updates and commentary about state and local tax issues.
You can expect to find relevant information about topics such as income (corporate and personal) tax, franchise tax, sales and use tax, property (real and personal) tax, fuel tax, capital stock tax, bank tax, gross receipts tax and withholding tax. SALT Blog, offers tax talk for tax pros … in your neighborhood.
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- Posts by Thu Lam
Senior CounselThu Lam is a Senior Counsel in the State and Local Tax Controversy & Planning group in the Firm's Philadelphia office.
Thu represents and advises clients on state and local tax matters involving corporate income, franchise, gross ...
Stay current with the latest developments in state and local tax law through our comprehensive SALT Insights newsletter. This publication features in-depth analysis of key tax cases, regulatory updates, and expert perspectives from our tax professionals. Our newsletter covers critical topics including tax rulings, sourcing updates, and emerging trends that impact businesses and tax practitioners. Readers can expect timely coverage of significant court decisions, legislative changes, and practical guidance for navigating complex state and local tax matters. Keep ...
In a win for a New Jersey couple, the New Jersey Tax Court concluded 2024 with a declaration that the couple’s Internal Revue Code (IRC) Section 965 income is not taxable as dividends for purposes of the New Jersey Gross Income Tax (GIT) Act.[1] On December 31, 2024, in a published opinion, the court granted the taxpayer’s summary judgment motion and held that the taxpayers’ undistributed earnings from certain controlled foreign corporations (CFCs), which were reported on their federal Form 1040 as Subpart F income, were not includible as dividends under the plain meaning of ...
On July 11, 2024, Governor Josh Shapiro signed into law a $47.6 billion budget for the 2024-2025 fiscal year. The new budget includes significant tax reform in an attempt to address some of the financial issues facing Pennsylvania residents and businesses.
First, the budget includes some important, business-friendly changes. The Net Operating Loss (“NOL”) deduction limitation will increase by 10% over four years. For tax year 2024, the NOL carryforward deduction is limited to 40% of a corporation’s taxable income. However, beginning January 1, 2026, the NOL deduction ...
On Friday, June 30, New Jersey lawmakers approved the state’s budget and enacted new legislation that would overhaul several provisions of the corporate tax system. The $54.3 billion budget was approved closely along party lines with contention, while the new provisions of the corporate tax system were approved unanimously without debate.
2024 Budget
Significant tax changes were made in the 2024 budget to help increase affordability for working and middle class families. One of the major programs that will receive funding through the new budget is the property tax relief ...