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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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NC Senate Proposes Reducing Corporate Income Tax

On March 18, North Carolina lawmakers introduced an economic development plan that aims to make the state more competitive through reducing corporate income tax rates and enacting other reforms. In addition to reducing corporate income tax rates, the proposal would simplify the method used to calculate their tax liability and provide incentives for manufacturers to invest in the […]

Author: Frank L. Brunetti

March 25, 2015

House Votes To Make Bonus Depreciation Tax Cut Permanent

The U.S. House of Representatives voted July 11 to make permanent a temporary tax cut that allows businesses to write off 50 percent of the cost of new equipment in the year that it is purchased, according to The Associated Press. Proponents of the break argue that it makes it easier for businesses to invest […]

Author: Frank L. Brunetti

July 25, 2014

New Jersey Gives $260 Million Tax Break To Holtec International

Making a surprising move amid the state’s budget crisis, New Jersey officials approved the third-largest economic subsidy in their state’s history on July 10, according to The Star-Ledger. The package of tax credits – worth $260 million over the course of the next 10 years – will go to energy company Holtec International, which plans […]

Author: Frank L. Brunetti

July 16, 2014

Some States Cut Taxes July 1

A number of states across the U.S. have elected to lower corporate tax rates and increase tax credits as of July 1, reversing the trend of increasing taxes in order to shore up deficits that began after the recession. According to Stateline, a nonpartisan new service of the Pew Charitable Trusts, Indiana and Rhode Island businesses […]

Author: Frank L. Brunetti

July 7, 2014

House Makes Small-Business Tax Break Permanent

The House voted to make a tax break that allows small businesses to write off up to $500,000 in equipment purchases permanent on June 19, amid a push to end the annual process of renewing tax extenders. Tax extenders are breaks for individuals and corporations that expire and are renewed on a regular basis. The vote […]

Author: Frank L. Brunetti

June 30, 2014

House GOP passes permanent R&D tax cut

Despite fierce opposition, House Republicans brought 62 Democrats over to their side to pass a bill that would make permanent R&D tax cut, according to MSNBC. The legislation passed in a 274-131 vote on the morning of May 9, amid significant lobbying and a threat from the White House to veto the bill. The bill […]

Author: Frank L. Brunetti

May 27, 2014

Business Tax Extenders May Be Made Permanent

Congress has allowed a number of tax credits to expire before renewing them every two years, in a process known as the “tax extenders.” Some of these tax breaks have been renewed regularly for over 30 years. After some wrangling in the House, the Ways and Means Committee voted to make six expired tax breaks permanent April […]

Author: James F. McDonough

May 9, 2014

Tax Breaks

Sen. Wyden to focus on restoring tax breaks

After announcements from both sides of the political line regarding an overhaul of corporate tax law, the U.S. Senate’s tax-writing committee chairman Sen. Ron Wyden has announced that the committee will not be focusing on such a change in the near future, according to Reuters. Wyden said that tax law reform would be nearly impossible in […]

Author: Frank L. Brunetti

March 31, 2014

Tax Breaks

4 Overlooked Tax Breaks

Many taxpayers rush to file their returns as soon as the Internal Revenue Service begins accepting them, but others take their time to ensure they are receiving all possible tax breaks. The following are some of the most overlooked breaks: 1. Charitable giftsGift tax law allows people to make monetary contributions to charity, which can […]

Author: Frank L. Brunetti

March 14, 2014

IRS Extends Estate Tax Break

When a person passes away, the assets left for his or her family is generally subject to the estate tax. However, there are certain breaks that can help these people reduce this tax bill. According to Forbes, the Internal Revenue Service recently announced it is extending the time to take advantage of a key estate tax […]

Author: Frank L. Brunetti

February 18, 2014

Bezos May Have Trouble Securing Tax Benefits With WaPo

Amazon.com founder and chief executive Jeff Bezos turned some heads when the billionaire decided to purchase the Washington Post for a reported $250 million. While it remains to be seen what direction Bezos will take the newspaper, one thing some experts agree on is that he will need to utilize a hands-on approach with it […]

Author: Frank L. Brunetti

August 21, 2013

Tax Breaks

Victoria's Secret Lawsuit May Have Tax Implications

The outcome of a Victoria’s Secret lawsuit may have significant tax law implications for companies that use U.S.-based contract manufacturers, according to a new Reuters analysis. L Brands Inc, owner of Victoria’s Secret and Bath & Body Works stores, is currently involved in a tax case surrounding whether $25.4 million in tax breaks are valid. A […]

Author: James F. McDonough

April 8, 2013

Tax Breaks

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