Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Indiana, Michigan Changing Business Tax Laws
Author: Scarinci Hollenbeck, LLC
Date: March 5, 2014
Key Contacts
Back
Businesses face many taxes, but a Senate-approved plan in the Indiana House could provide some relief to companies in the state. According to Bloomberg Businessweek, lawmakers are considering amendments that would overhaul the plan for cutting the property tax on business equipment.
The biggest challenge facing Indiana lawmakers is finding a happy medium between cutting the personal property tax without hurting local budgets. One proposal outlines a plan that would cut the corporate income tax from 6.5 percent to 4.9 percent, and eliminate tax credits. Another proposal would allow counties to decide whether or not to cut taxes.
Michigan lawmakers recently announced a plan similar to the one proposed in Indiana. According to MLive, the plan is aimed at personal property tax reform, which is considered to be a win-win for businesses and local governments.
“Changing a very uncompetitive, outdated tax structure has been a top priority of this administration right from the beginning,” Lt. Gov. Brian Calley, who spearheaded negotiations on the new proposal, said following a morning press conference. “And so this package accomplishes that, but the other thing it does is help stabilize, and I think long-term improve, local government revenue streams as well.”
The Senate is expected to vote on the legislation within a week’s time, with the House following suit in March. Should it make it to the ballot, there is expected to be widespread support. States such as Indiana and Michigan are smart to introduce favorable business tax laws, as keeping companies in-state can help boost the state economy. This is important, as some areas are still struggling from the recession experienced in 2007 and 2008.
- Practices: Tax and Trusts & Estates, Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Before You Buy: Managing Real Estate and Permitting Risk for BESS Projects in New York and New Jersey
For developers pursuing battery energy storage system (BESS) projects, finding the right property is only the beginning. BESS site selection is as much a legal and transactional exercise as a real estate decision, with risk analysis central to the project’s ultimate success. Key Takeaways The core questions for BESS site selection in New York and […]
Author: Nicholas Wall
What Business Owners Get Wrong Before Meeting a Litigation Attorney
What should you expect when meeting a litigation attorney about a business dispute? You should expect to describe the dispute in your own words, hand over the most important documents, flag any deadlines or immediate threats, and leave with a clearer picture of the problem, what information is still needed, and the likely next steps. […]
Author: Michael Mietlicki
Arbitration vs. Litigation vs. Mediation: What New Jersey Businesses Should Know Before Signing a Contract
Arbitration resolves disputes privately before an arbitrator whose decision is usually final, while litigation resolves them in court with full rights of appeal. Whether a business ends up in arbitration or litigation is often decided when it signs the contract, long before any dispute arises. Key Takeaways When facing a contract dispute, carefully consider your […]
Author: Graham Staton
Can You Own Part of a New Jersey Business Without a Written Agreement?
Can you own part of a business in New Jersey without a written agreement? Yes, it is possible. Under New Jersey’s Uniform Partnership Act, a partnership can arise when two or more people carry on a business as co-owners for profit, whether or not they ever intended to form one. Ownership doesn’t necessarily depend on […]
Author: Michael Mietlicki
Crisis-Proofing Your New Jersey Business: Building a Crisis Response Plan Before You Need One
For New Jersey businesses, crisis preparedness should be viewed as a legal and operational function, not simply an emergency-management exercise. A well-designed crisis response plan can help preserve evidence, protect confidential communications, meet reporting obligations, limit unnecessary exposure, and prevent an already difficult situation from becoming a larger legal problem. Key Takeaways A serious crisis […]
Author: Sean M. Pena
Monmouth County's Next Development Wave: What Developers and Investors Need to Know
Monmouth County is entering a significant new phase of development. For those looking to acquire property or undertake a new project, understanding the market opportunity is only the beginning. The more important question is whether a particular property can actually be developed as contemplated and what approvals, agreements, and other conditions will be required to […]
Author: Donald M. Pepe
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.