Maryland’s New Tax – The Nation’s First State Tax On Digital Advertising

Maryland recently enacted the nation’s first tax on digital advertising.  The new tax, the Digital Advertising Gross Revenues Tax (the “Tax”), became law on February 12, 2021.

The Tax has been surrounded by controversy from the very moment it was introduced in the Maryland House of Delegates.  In fact, a lawsuit to prevent the Comptroller of the Treasury of Maryland from enforcing the Tax was recently filed by a group of affected taxpayers.
Background
Maryland House Bill […]

By | July 7th, 2021 ||

Tax Changes Under The Ohio Fiscal Year 2022-23 Budget Bill

Ohio Governor Mike DeWine recently signed the fiscal year 2022-23 budget bill, which contains several tax provisions and changes that will affect businesses and their owners. The bill’s general effective date is the 91st day after being filed with the Ohio Secretary of State. Some of the bill’s highlights are as follows:

An income tax deduction for investors in certified, Ohio-based venture capital operating companies (“VCOC”). The deduction will be 100% of the capital gain […]

By | June 28th, 2021 ||

The State Of Washington May No Longer Be A Tax Haven – A New Capital Gains Tax May Be On The Horizon

On April 25, 2021, the Washington State Legislature passed Senate Bill 5096 (SB 5096). The bill was immediately sent to Governor’s Inslee’s desk for signature. It brings a new tax regime to the state of Washington.

Before we go into the details surrounding the new tax, I have to mention that it was challenged even before the governor had the opportunity to sign it into law. A group of potentially affected taxpayers filed a lawsuit […]

By | June 23rd, 2021 ||