Financial Services State and Local Tax Newsletter Vol 35
This quarterly newsletter provides updates on recent state tax developments possibly affecting the asset management industry.
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US state income tax digest April 2025
The US state income tax digest highlights significant income and business tax legislation, regulatory adoptions, judicial decisions, and administrative guidance.
First quarter 2025 state and local tax developments
Welcome to the State Tax Quarterly Insights. We highlight significant current state legislative, regulatory, judicial, and administrative developments.
Pillar Two administrative guidance: Compounding compliance challenges
OECD’s new Pillar Two guidance adds GIR reporting rules, highlights data gaps, and raises global tax compliance burdens for multinationals amid rising dual reporting.
Payments and underlying agreements disregarded for REIT test
PLR rules that intercompany payments and underlying agreements are disregarded for REIT test purposes.
Indirect Tax Digest
The US Indirect Tax Digest highlights significant sales and use tax legislative enactments, regulatory adoptions, judicial decisions, and administrative guidance.
House vote clears way for reconciliation bill action
The House on April 9 gave final approval to the FY 2025 budget resolution, as amended on April 5 by the Senate.
Maryland budget includes services tax, individual tax increases
Maryland H.B. 352 applies a 3% sales tax to certain technology-related services, increases individual income tax rates, and imposes a capital gains surcharge.
Michigan addresses unclaimed property statute of limitations
The Michigan Supreme Court on March 24, 2025, found that commencing an unclaimed property examination does not toll the statute of limitations.
Seattle adopts tax on certain compensation exceeding $1 million
Seattle voters approved a 5% tax on 2025 pay over $1M for Seattle-based employees to fund affordable housing, effective January 1, 2025.
Senate approves amendments to Housepassed budget plan for tax
Senate approves amendments to House-passed budget plan for tax and spending reform legislation.
Trump unveils plan for imposing reciprocal tariffs on trade partners
Trump's April 2 order imposes 10% base tariffs and higher reciprocal rates on imports from select countries, targeting unfair trade practices.
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