The New York City (“City”) Department of Finance (“DOF”) has taken a significant step forward in implementing its corporate tax reform provisions enacted in 2015 by proposing the first installment of its regulations under a new Chapter 11A of Title 19 of the Rules of the City of New York (“Proposed Rules”). These Proposed Rules come nearly two years after the New York State (“State”) Department of Taxation and Finance (“DTF”) adopted its final regulations…
Artificial intelligence, or more commonly AI, seems to be what everyone is talking about nowadays. Businesses are investing hundreds of billions into AI research and, in parallel, integrating AI products into their day-to-day operations in order to maximize business savings and obtain a competitive advantage over their competitors. It is no secret the tax treatment of AI could have profound consequences for businesses. However, most states have not made their position on the taxability of…
On July 4, 2025, President Donald Trump signed the One Big, Beautiful Bill Act (hereinafter, “OBBBA” or “the Act”) into law. OBBBA enacts sweeping changes to the Internal Revenue Code (“Code”), many of which will impact taxpayers at the state level, including reforms to the federal state and local tax (“SALT”) deduction, Global Intangible Low-Taxed Income (“GILTI”), Foreign-Derived Intangible Income (“FDII”), section 174 research and development expensing, and section 163(j) business interest deduction limitations. Notably,…
On June 16, 2025, Illinois Governor J.B. Pritzker signed House Bill 2755 (“H.B. 2755”) into law, which includes comprehensive amnesty programs covering taxes administered by both the Illinois Department of Revenue (the “Department”) and the Office of the Secretary of State of Illinois (the “Secretary of State”). The legislation also introduces a new amnesty program for remote retailers under the state’s Remote Retailer Occupation Tax. Under each program, in exchange for payment of any outstanding…