Weekly Round-Up: Maine, Massachusetts Mulling 20 Percent Tax on Marijuana; Millions in Tax Credits for Captain Marvel


 Highlights from the 7/24/17 through 7/28/17 issues of the Daily Tax Report: State:

  • Airbnb Free of New Jersey Sales, Hotel Tax
    Short-term rentals through Airbnb Inc. and other home-sharing companies will continue to be excluded from New Jersey's sales and use and hotel occupancy taxes.
  • Marvel Nabs $21M in California Tax Credits for ‘Captain Marvel’
    Marvel is on track to receive almost $21 million in tax credits for production of “Captain Marvel”—one of three big-budget films to be added to the California Film Commission's tax credit program, the commission announced July 24.
  • Detroit's Little Caesars Arena Tastes Victory in Taxpayer Tiff
    A federal court dismissed the latest legal attack on taxpayer funding of downtown Detroit's Little Caesars Arena that will house both the Red Wings and the Pistons.
  • Maine, Massachusetts Mulling 20 Percent Tax on Marijuana
    A Maine legislative committee has proposed raising the tax on recreational marijuana to 20 percent—double the rate voters approved at the ballot last year.
  • New Partnership Push-Out Rule May Lead to Litigation: Attorneys
    A provision in the IRS's proposed partnership audit rules that permits partnerships to push out tax adjustments to “reviewed-year partners” is likely to lead to litigation down the road, practitioners said.
  • Louisiana Tax Reform Likely Shelved Amid Political Standoff
    Louisiana tax practitioners expect that a temporary 1 percent sales increase may not be so temporary as the state faces more than $1 billion budget deficit.

Some notable developments from the State Tax Developments Tracker —Bloomberg BNA’s tool for monitoring important developments in all the states:

  • Maine Legislature Creates Tax Credit for Construction, Expansion of Major Business Headquarters
  • Maryland Comptroller Issues Temporary Waiver for Motor Fuel Tax Licensees, Emergency Responders
  • New York Department of Taxation and Finance: How Changes in Life Affect Taxes
  • Rhode Island Provides Property Tax Exemption to Contemporary Theatre Company
  • Arkansas: Taxpayers Not Entitled to Trade-in-Credit for Vehicle Sold by Family Trust

Get a free trial to Bloomberg BNA Tax & Accounting's State Tax solution , a comprehensive research service that provides deep analysis and time-saving practice tools to help practitioners make well-informed decisions.

In other developments …  

Testimony: The Role of Congress in State Taxation by the Tax Foundation

California Supreme Court Increases the Cost of M&A Deals in Expansive Real Estate Transfer Tax Decision by Crowell & Moring LLP