Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comThe Firm
201-896-4100 info@sh-law.comAccording to Stateline a nonpartisan new service of the Pew Charitable Trusts, Indiana and Rhode Island businesses saw a drop in their corporate tax rates July 1. Maryland increased its tax credits for companies working on cybersecurity, biotechnology and research and development. Idaho eliminated its sales tax on people and companies purchasing software through the cloud.
Governors and legislators are taking advantage of their states’ improved revenue, hoping that tax breaks will encourage businesses to move to and expand hiring within their states, the news source explained. Considering the upcoming election, it is also possible that politicians are banking on tax breaks to curry public favor ahead of this November.
“In 2010, we really saw a lot of tax and fee increases to bring revenues into cash-strapped state coffers,” Brian Sigritz, director of state fiscal studies at the National Association of State Budget Officers, told Stateline. “This year was the first year (since then) governors actually proposed tax and fee decreases. We’ve definitely seen a movement to try to reduce taxes and fees and encourage job growth.”
Not all analysts agree that cutting taxes is a wise move for encouraging growth, however. Joshua Smith, senior policy analyst at the Economic Policy Institute, explained to the news source that most states have no way of knowing whether a tax cut is having an effect on hiring. In any case, Smith said one state’s gain is another’s loss. He advocates using the extra money to fund infrastructure building and repair to create jobs and make states more appealing to employers.
In a July 1 speech from the Georgetown Waterfront, President Obama echoed Smith’s sentiments, calling for more investments in infrastructure and fewer tax cuts.
If you have any questions about this post or would like to discuss your company’s tax,trust, and estate matters , please contact me, Frank L. Brunetti at ScarinciHollenbeck.com.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!