National – The House Republicans’ Tax Cuts and Jobs Bill (HR1) is designed to eliminate the deduction for state and local income and sales taxes for individuals. However, there would be deductions allowed for Property Taxes, up to $10,000 annually. The SALT deductions for businesses will remain in place. The House Democrats have expressed their opposition…
MULTISTATE: According to the 2017 COST State and Local Business Tax Burden Study, more than $724 billion was paid in state and local taxes signifying a .9% increase from the previous year. This growth is attributable to property and sales taxes paid by businesses. Businesses pay more in property and sales tax than any other…
TEXAS – Keene, Texas will be home to a new Louis Vuitton manufacturing facility. Louis Vuitton is a multi-billion dollar French company, part of the Paris-based LVMH Moët Hennessy Louis Vuitton SE conglomerate. Johnson County Commissioners Court has authorized a ten-year property tax abatement with 45 percent in the first year and 75 percent in…
Connecticut- Governor Dannel P. Malloy announced earlier this year a voluntary “Fresh Start” program targeting unreported and underreported tax obligations due by 12/31/16. The program began 7/1/17 and will end 10/31/18. Delinquents would be eligible for reductions in interest and penalties but could forfeit any of the breaks if they fail to comply for the…
September 7, 2017, Davis & Davis LLC came together with donors and community partners for a Champagne Toast and Happy Hour to celebrate the success of our 7th annual suit drive. Thank you to GS Wealth Management, YES Symposium, and Palter Stokely Sims for hosting two additional drop-off locations for this year’s suit drive. Special…
Texas – The new billion-dollar, climate controlled stadium will keep the Rangers in Arlington, at least through 2054. The city of Arlington will be responsible for half of the of the $1billon price-tag, and the Rangers will be responsible for the other half. Recently, the residents of the city of Arlington voted to approve the…
Texas– Suspensions for state and local hotel occupancy taxes for Hurricane Harvey victims and relief workers have now been extended through October 23, 2017. Previously, the suspension issued by Governor Abbot was applied from September 7 through September 22, 2017. To qualify, victims and relief workers must: Complete Form 12-302, Texas Hotel Occupancy Tax Exemption…
Texas– Effective September 1, 2017, Senate Bill 1095 amends Texas Tax Code Sections 111.009 and 111.105. The amendment will allow the filing deadline for a petition for redetermination of taxes from the Comptroller of Public Accounts from “30 days after the date that the service of notice of redetermination is completed” to “before the expiration…
Texas – Most businesses have websites or apps that can be used on your phone, which usually has options to purchase online, to contact the company to ask questions, or just to send messages. For the message to get to the service provider, it is uploaded to a cloud-based software. Effective May 30, 2017, these…
Massachusetts – Legislation has now increased excise and sales tax on recreational marijuana. Excise tax for recreational marijuana will increase from 3.75% to 10.75% and sales tax will increase from 2% to 3%. The excise and sales tax will be in addition to the state sales tax rate of 6.25% for recreational marijuana. The bill…
