Category: Tax Insights
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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…
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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.…
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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…
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Tennessee’s Depreciation Treatment for Assets Pre- and Post-2023
Effective from January 1, 2023, Tennessee has adopted the provisions of IRC Section 168 as they were established by the 2017 tax reform legislation for assets purchased during that period. This means that bonus depreciation, previously not conforming with Tennessee tax laws, is now applicable. As a result, taxable income no longer requires a modification…