(This article was originally published by Law360.) California’s A.B. 2731 seeks to accomplish what the federal Tax Cuts and Jobs Act did not, namely, to close the carried interest “loophole.” Currently making its way through state assembly committees, AB 2731 would impose an additional 17 percent tax on interest income derived…
On April 27, Robert Merten presents on the “Current State Tax Developments in California and Other Western States” during Tax Executives Institute’s Denver Chapter Meeting.
In “California Seeks Input on Clean Energy Equipment Tax Exemption,” an article that originally appeared in Law360, Carley Roberts, Robert P. Merten III and Jessica N. Allen summarize the sales and use tax exemption’s scope and qualifying requirements, the 2017 legislative changes to it, the CDTFA’s proposed amendments and why…
TAKEAWAYS New initiative seeks to eliminate Proposition 13 protection for commercial and industrial property by requiring fair market value reassessments at least every three years Initiative seeks to add a $500,000 tangible personal property tax exemption for all taxpayers and a full exemption for taxpayers with less than 50 California…
TAKEAWAYS It is estimated that about $65 million annually would be collected from the commercial real estate industry under the Housing for All tax. It is estimated that about $150 million annually would be collected from the commercial real estate industry under the Universal Childcare for San Francisco Families tax.…
State and local real estate transfer taxes have become larger planning concerns for investors in U.S. real property, particularly in gateway cities like New York, Los Angeles and San Francisco. This article by colleagues Craig A. Becker, Richard E. Nielsen, Breann E. Robowski and Andrew J. Weiner describes a recent expansion…
(This article originally was published by Law360 on October 7, 2017.) On Sept. 16, 2017, California Governor Jerry Brown signed Assembly Bill (A.B.) 131 into law,[1] which takes effect immediately and makes various changes to the Taxpayer Transparency and Fairness Act of 2017 enacted on June 27, 2017.[2] The Act…
On September 16, 2017, California Governor Jerry Brown signed Assembly Bill (A.B.) 131 into law, making various changes to the Taxpayer Transparency and Fairness Act of 2017 (Act) enacted on June 27, 2017. The Act overhauled the California State Board of Equalization (BOE) and created two new tax agencies. To…
(This article originally was published by Law360 on September 7, 2017.) On Aug. 28, 2017, in California Cannabis Coalition v. City of Upland, the California Supreme Court held local taxes imposed by taxpayers via initiative are subject to less stringent requirements than taxes imposed by local governments pursuant to Proposition…
TAKEAWAYS The California Supreme Court’s Ardmore decision concludes counties and cities are permitted to impose transfer tax on entity transfers that result in R&TC §§ 64(c) or 64(d) changes in ownership. Litigation over how to implement this taxation is a certainty. In 926 North Ardmore Avenue LLC v. County of…