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“Changing a very uncompetitive, outdated tax structure has been a top priority of this administration right from the beginning,” Lt.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
10 Common Issues in Franchise Disputes
The most common franchise disputes involve breach of contract, franchise termination and non-renewal, intellectual property rights, territorial encroachment, royalty and fee payments, franchisor support obligations, and violations of state franchise laws such as the New Jersey Franchise Practices Act. Franchisors and franchisees can often resolve these conflicts by providing written notice detailing the dispute and […]
Author: Paul Grossman
Reputational Risk and Legal Exposure: Why New Jersey Businesses Must Manage Them Together
New Jersey businesses must manage legal and reputational risk together because modern disputes play out on two fronts at once: the legal proceeding itself and the court of public opinion, where customers, employees, investors, and business partners often reach conclusions long before a judge or jury has had the opportunity to evaluate the facts. Success […]
Author: Sean M. Pena
Eviction Is Not Always the End: Understanding Post-Possession Rent Claims in New Jersey and New York
No. An eviction does not automatically end a tenant’s obligation to pay rent. Post-eviction rent claims are common because recovering possession resolves who has the right to occupy the premises, but it does not extinguish the tenant’s contractual obligations under the lease. Whether unpaid or future rent remains owed depends on three factors: the lease’s […]
Author: Donald M. Pepe
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
Author: Jay McDaniel
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
Author: Donald M. Pepe
Business Law FAQs: What Companies Need to Know
Running a business in New Jersey and New York means operating within one of the most legally complex environments in the country. From the moment you form your company to the day you sell it, and every contract, hire, dispute, and transaction in between, business law is present in decisions that look, on the surface, […]
Author: Scarinci Hollenbeck, LLC
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.