State & Local

Expert Analysis

• What Came Of Texas Legislature's Long-Promised Tax Relief

  

  Following promises of historic tax relief made possible by a record budget surplus, the Texas legislative session as a whole was one in which taxpayers that are large businesses could have done somewhat better, but the new legislation is clearly still a positive, say attorneys at Baker Botts.

• Looking Behind The Curtain Of Residential Transition Loans

  

  As residential transition loans and securitizations of such loans grow increasingly popular, real estate stakeholders should take care to understand both the unique features and potential challenges offered by this novel asset class, say attorneys at Mayer Brown.

• Where Tax Policies Go Wrong: SALT In Review

  

  RSM's David Brunori reviews the worst tax policies employed by state and local governments, then critiques recent tax developments in Oregon, New York and Boston.

• Mallory Opinion Implicitly Overturned NC Sales Tax Ruling

  

  The U.S. Supreme Court recently declined to review Quad Graphics v. North Carolina Department of Revenue, but importantly kicked the legs from under Quad's outcome a week later, stating in its Mallory decision that the high court has the prerogative to overrule its own decisions, says Richard Pomp at the University of Connecticut.

• Delicious In Conn., Less Tasty In La.: SALT In Review

  

  From Connecticut reducing its beer tax to Louisiana retaining its franchise tax, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.

• Review Of Repatriation Tax Sets Justices On Slippery Slope

  

  The U.S. Supreme Court’s recent decision to review the constitutionality of the repatriation tax in Moore v. U.S. has implications for many tax rules involving unrealized amounts and could leave the court on the brink of invalidating large swaths of the Internal Revenue Code, say attorneys at Eversheds Sutherland.

• How To Avoid A Zombie Office Building Apocalypse

  

  With national office vacancy rates approaching 20%, policymakers, investors and developers will need to come together in order to prevent this troubling trend from sucking the life out of business districts or contaminating the broader real estate market, say Ryan Sommers and Robyn Minter Smyers at Thompson Hine.

• Ohio Tax Talk: Building On Federal Affordable Housing Credit

  

  Ohio's soon-to-be-implemented low-income housing tax credit could significantly affect the state's affordable housing landscape and influence tax-credit deal financing for these projects, though Senate changes may have dampened the new credit's immense potential, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.

• Holding These Truths Incontrovertible: SALT In Review

  

  RSM's David Brunori offers his thoughts on noteworthy state and local tax news, beginning with "almost irrefutable" observations delivered at a recent tax seminar.

• LA's High-Value Real Estate Transfer Tax Should Be Scrapped

  

  Los Angeles’ recently implemented high-value property transfer tax has chilled the real estate market, is failing to meet revenue expectations and raises significant constitutional concerns, making it a flawed piece of legislation that should be invalidated, says attorney Paul Weinberg.

• Avoiding Negative Tax Consequences In Loan Modifications

  

  Borrowers who may be caught in the dramatic uptick in nonperforming commercial real estate loans should consider strategies to avoid income and capital gains tax that may be triggered by loan modifications, says Aman Badyal at Glaser Weil.

• Chapter 100 Incentives Can Offer Relief For Mo. Solar Projects

  

  Although the Missouri Supreme Court's decision last year in Johnson v. Springfield Solar 1 overturned the state's tax exemption for solar energy systems, solar developers may still be able to use other mechanisms, like Chapter 100 incentives, to offset project costs, say Lizzy McEntire and Anna Kimbrell at Husch Blackwell.

• Now Is The Time For State And Local Sales Tax Simplification

  

  In the five years since the U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair, state and local governments increasingly rely on sales tax, but simple changes are needed to make compliance more manageable for taxpayers, wherever located, without unduly burdening interstate commerce, says Charles Maniace at Sovos.