Tax Law

Moore Updates | Tax Policy Center

What are the key facts in Moore v United States? The Washington Post reports on the case that the US Supreme Court will begin hearing next week. Many tax experts (including TPC’s Steve Rosenthal) have detailed how an outcome favoring the plaintiffs, who invested in India-based KisanKraft, could destabilize the nation’s tax system. In court filings, the Moore’s attorneys say they had no role in KisanKraft’s management and never received a distribution, dividend, or other payment from the firm. But information reviewed by The Washington Post (and first reported by TaxNotes) shows that Charles Moore served on the KisanKraft board for five years and made a significant cash contribution to the company, earning 12 percent interest the following year.

Montana Supreme Court sides with the state in property tax dispute. The Montana Supreme Court last week ordered counties to collect the full amount of property taxes ordered by state policymakers. The Montana Association of Counties and the state Department of Revenue had petitioned the state Supreme Court to rule whether the state could mandate counties to collect the full amount; some Montana localities want to collect less from its constituents to offset the impact of fast-rising home values. The court’s unanimous decision states that the Department of Revenue has the sole authority to calculate the tax and that counties must collect the full amount as directed.

Ohio lawmaker wants to halve the state tax rate on gross receipts of sports betting operators. State Sen. Niraj Antani (R) introduced a bill to cut the gross receipts tax from 20 percent to 10 percent for sports betting operators. It could cost the state tens of millions of dollars in tax revenue. 

Around the globe… Denmark will delay its tax increases on electric vehicles in its new budget, allocating $30 million over 2024 and 2025 to maintain the current tax-free allowance for electric cars. The tax discount on electric vehicles will be phased out by 2030. New Zealand’s government will repeal legislation banning the sale of cigarettes to those of legal age born after January 2009. Revenue from the continued sale of cigarettes will fund other tax cuts.

 

For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].

Story originally seen here

Editorial Staff

The American Legal Journal Provides The Latest Legal News From Across The Country To Our Readership Of Attorneys And Other Legal Professionals. Our Mission Is To Keep Our Legal Professionals Up-To-Date, And Well Informed, So They Can Operate At Their Highest Levels.

The American Legal Journal Favicon

Leave a Reply