Author: Zhoudi Tang, CPA
-
Connecticut Enacts New Personal Income Tax Cuts and Extending Corporate Surcharge
Connecticut Governor Ned Lamont has officially signed the state budget bill for fiscal years 2024 and 2025, introducing several significant changes to the tax landscape. The key provisions of the bill encompass a personal income tax cut, an extension of the corporate surcharge, revised regulations for pass-through entity tax, and the establishment of new tax…
-
House Ways and Means Republicans Introduce Tax Bill Package: Potential Tax Breaks in the Future
House Ways and Means Republicans have put forth a series of tax bills primarily focused on benefiting small businesses. The package includes an extension of expired business tax provisions, an additional standard deduction, and reductions in green energy provisions. Introduced on June 9, these three interconnected tax bills are seen as a starting point for…
-
Pass-Through Entity (PTE) Tax in Minnesota: Changes and Implications
Minnesota’s Pass-Through Entity (“PTE”) tax enables an entity to electively pay taxes on behalf of its partners, members, or shareholders. This election is available for tax years starting after December 31, 2020. With the introduction of H.F. 1938, effective for tax years beginning after December 31, 2022, there are several modifications to the PTE tax.…
-
Hawaii Allows Pass-Through Entities to Elect Entity-Level Taxation
Governor Josh Green, M.D. of Hawaii signed a bill on June 1, 2023, allowing partnerships and S corporations in the state to elect to pay income tax at the entity level. With this legislation, Hawaii aligns itself with the majority of states that already permit similar elections for pass-through entities. The law will be effective…