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NYC Tax Plan That Angered Rich Is Proving Difficult to Design

New York officials are trying to give shape to the pied-à-terre tax proposed by Governor Kathy Hochul, with significant questions about how the levy would work still unresolved amid broader Democratic discord over the state budget.

Ultra-Rich Decry Critics as They Strut and Mingle in NYC, LA

As the world’s wealthy gathered in displays of money and influence on both US coasts this week, an underlying tension simmered in the background: the anti-rich sentiment sweeping the country and the billionaires trying to fight against it.

Washington State Millionaires’ Tax Spared From Voter Referendum

Washington state’s new income tax on high earners won’t be put to voters, after the state high court ruled that it falls under an exception to the constitutional right to subject legislation to a popular referendum.

Mastercard’s Tax Position Scrutinized by South Carolina Panel

A panel of South Carolina appellate judges had tough questions at oral arguments Wednesday for Mastercard International Inc. in its case over how to determine what portion of its business is taxable in the state.

Broadway Shows Don’t Owe NYC Commercial Rent Tax on Billboards

Four Broadway productions aren’t required to pay New York City commercial rent tax on their billboard advertising because they contracted with third parties for advertising services, not the use of the billboards, a city tribunal ruled.

Practitioner Insights

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Five Questions With RSM Canada Corporate Tax Partner Clara Pham

Clara Pham

RSM Canada

High Court Pass on Oklahoma Tribal Tax Case Has Limited Impact

Pippa Browde

University of Montana School of Law

For the Wealthy, Relocation Must Be More Than a Tax Decision

Karin Christenson

Wilmington Trust

Tax Developments

Washington DOR Proposes Amendment to Forest Land Values, Timber Excise Tax Rules

The Washington Department of Revenue (DOR) proposed amendments to WAC 458-40-540 and 458-40-660 regarding forest land values and timber excise tax stumpage value tables. The proposed changes would update the ...

Idaho Tax Commission Publishes Revised Maximum Statutory Levy Rates

The Idaho State Tax Commission published a document containing revised maximum statutory levy rates for taxing districts within the state. [Idaho State Tax Comm’n, Maximum Statutory Levy Rates, 05/06/26]

Nebraska Review Commission Reverses Douglas County’s Valuation of Taxpayer’s Commercial Parcel

The Nebraska Tax Equalization and Review Commission reversed the Douglas County Board of Equalization’s valuation of a taxpayer’s vacant commercial parcel for tax years 2023 and 2024. The County Board ...

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New York’s Hochul to Back Trump’s Tax Credit for School Choice

New York Governor Kathy Hochul is planning to participate in President Donald Trump’s controversial federal school choice program, according to a statement Friday.

By Erin Hudson and Elizabeth Rembert

Oregon Family Gets Farm Property Tax Break for Pasturing Horses

An Oregon family’s property can be specially assessed as farm use land because the family received income in exchange for boarding horses, the state tax court ruled Friday.

Broadway Shows Don’t Owe NYC Commercial Rent Tax on Billboards

Illinois Swipe Fee Law Sent to Lower Court for Preemption Review

A federal district court must reconsider its ruling that Illinois can ban national banks from charging “swipe” fees on retail taxes and tips in the state.

Texas Residents Can Challenge Overlapping School District’s Tax

Taxpayers in a southeast Texas school district may sue an overlapping, specialized school district to challenge its constitutional authority to double tax them after the Texas Supreme Court revived their case Friday.

Texas Justices Expand Tobacco Tax, Revive Constitutional Claim

The Texas Supreme Court ruled Friday that RJR Vapor Co.'s VELO nicotine isolate products are taxable tobacco products under state law because they are tobacco substitutes, but revived RJR’s claim that the tax wasn’t applied uniformly.

NYC Tax Plan That Angered Rich Is Proving Difficult to Design

NY Judges Revive Affordable Housing Construction Tax Benefit

A New York law granting tax benefits for developers that build affordable housing isn’t unconstitutional despite the fact that it doesn’t explicitly authorize judicial review of application denials, a state appeals court ruled, reversing a trial court ruling.

Treasury Wants Input on Defining Property for Bonus Depreciation

The Treasury Department and the IRS want public comments on various aspects of the standards under which manufacturing and refining property will be newly eligible for the bonus depreciation tax break on capital spending, a Treasury official said.

Dozens of States Opt Into New Private School Tax Credit Program

Over two dozen states have opted into a program for a new federal tax credit for donations to private school scholarships, a Treasury official said Friday,

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Fannie, Freddie’s Latest Bull Says Traders Underpricing IPO Odds

Fannie Mae and Freddie Mac investors are underestimating the chances of a public market re-entry from the mortgage giants after a lull in chatter around the names, according to Mizuho’s Dan Dolev.

AI Chipmaker Cerebras Is Said to Plan Raising IPO Price Range

Cerebras Systems Inc. is set to increase the price range of its initial public offering as soon as Monday, according to people familiar with the matter, as demand for the artificial intelligence chipmaker’s shares continues to build.

Coinbase Judge Tears Apart Token Holders’ Securities Fraud Case

Coinbase Global Inc. customers who held tokens allegedly pegged to Terraform Labs’ LUNA coin can’t proceed with their lawsuit for a host of reasons, a federal judge in Manhattan said, explaining his earlier ruling tossing their case.

Coinbase Sued Over Financial Systems in Blockchain Patent Claims

Coinbase Global Inc. was accused of infringing blockchain network methods with financial mobile apps and systems.

Bitcoin Campaign to Force SNB Holdings Has Failed, Reuters Says

Swiss crypto campaigners have abandoned a bid to require the central bank to hold Bitcoin after failing to collect enough signatures to trigger a plebiscite, Reuters reported.

Coinbase Resumes Trading After Seven-Hour Exchange Outage

Crypto exchange Coinbase Global Inc. said trading services had resumed after a significant outage left customers unable to transact on its platform for almost seven hours on Friday, rounding off a difficult week at the company.

Trump’s Anger at Germany Hangs Over EU Trade Deal Push (1)

Donald Trump’s rift with Friedrich Merz is complicating the European Union’s push to finish its US trade deal before fresh tariffs arrive.

Canada Proposes Global Minimum Tax Changes, Including US Exemption

Canada’s government introduced legislation Thursday to apply the so-called side-by-side deal struck at the OECD that exempts US companies from parts of the global minimum tax framework.

Dubai’s Bankers, Traders Return to City Contending With War (2)

The lunch crowds had returned to the exclusive Arts Club in Dubai’s financial hub, and roads were starting to fill up again in the area. Many bankers, traders and executives who had temporarily relocated out of the United Arab Emirates after Iranian missiles targeted the country were beginning to stream back into offices.

U.S. Tax Court Sustains 40 Percent Accuracy-Related Penalties in Microcaptive Insurance Case

The U.S. Tax Court held that a taxpayer’s microcaptive insurance arrangement lacked economic substance under section 7701(o) and upheld the imposition of 40 percent accuracy-related penalties under section 6662(b)(6) and ...

Billions in Covid-Era Tax Refunds Could Be Paid, Watchdog Says

Potentially billions of dollars are at stake if tens of millions of Americans claim pandemic-era refunds after a recent court ruling, the National Taxpayer Advocate Erin Collins said.

Treasury Plans Burst of Guidance on Big Beautiful Bill Features

The Treasury Department is “working diligently to get guidance out” on various provisions of the Republican tax-and-spending bill that was enacted last year, an agency official said at a tax law conference Friday.

OECD Posts Updated List of Signatories for GIR MCAA

The Organization for Economic Cooperation and Development (OECD) May 5 posted an updated list of signatories, with signing dates, to the Multilateral Competent Authority Agreement on the Exchange of Global ...

OECD Updates List of Signatories to MCAA-CRS Addendum

The Organization for Economic Cooperation and Development (OECD) May 5 posted an updated list of signatories, with signing dates, to the addendum to the Multilateral Competent Authority Agreement (MCAA) on ...

Bahamas Announces FATCA Reporting Period for Financial Institutions

The Bahamian Government May 6 announced that the reporting period for financial institutions subject to the U.S. Foreign Account Tax Compliance Act (FATCA) is scheduled from May 1 to June ...

Dominican Republic Tax Agency Announces Extension to E-Invoicing Implementation Deadline for MSMEs, Unclassified Taxpayers

The Dominican General Directorate of Internal Revenue May 6 announced a six-month extension, to May 15, to the deadline for micro, small, and medium-sized enterprises (MSMEs) and unclassified taxpayers to ...