Welcome to the US State Income Tax Digest. We highlight significant income and business tax legislation, regulatory adoptions, judicial decisions, and administrative guidance. We hope that you find the digest valuable and look forward to your feedback. Featured article: Louisiana enacts major tax changes in special session A package of bills approved by the Louisiana State Legislature in special session and signed by Governor Jeff Landry (R) on December 5 includes significant tax changes, including for income, franchise, and sales and...

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Beginning January 1, 2025, Illinois, Minnesota, New Jersey, Vermont and Massachusetts joined the growing list of states and municipalities across the country that have enacted pay transparency legislation imposing compensation disclosure obligations on employers. These new laws, which take effect at various points in 2025, will require employers in these jurisdictions to update their job postings and internal procedures to comply with each state’s pay transparency requirements. Following are the key requirements of each new law.   ILLINOIS Illinois’ pay transparency law, which...

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USA California: Wildfires - how homeowners can receive financial help Property owners whose homes or buildings were damaged or destroyed by the extreme windstorms and wildfires may qualify for temporary tax relief, L.A. County officials announced. Under the Misfortune and Calamity Property Tax Relief program, property owners can receive temporary tax relief with adjustments made to reflect the reduced value of the property until repairs or rebuilding are completed, according to the County Assessor's Office. The damage must exceed $10,000 in the current...

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Welcome to the 119th Congress. Even before President-elect Donald Trump is sworn in on January 20, 2025, change has come to Washington, D.C., as the 119th Congress gaveled in late last week. Here is what the Buzz is watching as the new Congress kicks off: A Trifecta? Yes, but … Republicans control the White House, as well as the U.S. Senate and U.S. House of Representatives, but that doesn’t mean that getting legislation to President-elect Trump’s desk is going to be easy. In...

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Eurozone confronts renewed inflationary pressures, challenging ECB’s strategy The eurozone is facing renewed inflationary pressures as 2025 begins, with consumer prices climbing to 2.4% in December – the highest rate since July.  This increase marks the third consecutive month of accelerating inflation, exceeding the European Central Bank’s (ECB) 2% target, and adds pressure on the ECB to stabilise prices while supporting the region’s faltering economy. December’s inflation increase, up from 2.2% in November, reflects a combination of surging energy costs and persistent price increases...

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Firm elevates several individuals to new roles, igniting the next generation of innovation and growth Minneapolis, MN – Jan. 7, 2025 – Today, CLA (CliftonLarsonAllen LLP) announced several updates to its national and regional leadership teams. The appointments and new roles underscore CLA’s commitment to innovation, growth, and strategic succession, as it accelerates into 2025 and beyond. Among the developments are two additions to the firm’s executive leadership team. CEO Jen Leary has appointed James Watson as Chief Solutions Officer and Paul...

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On December 18, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 1B (Authorizing Certain Activities Involving Federal State Budgetary Institution Marine Rescue Service) and GL 115 (Authorizing Transactions Involving Gazprombank Related to Civil Nuclear Energy) related to the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587 (RuHSR). OFAC simultaneously issued one amended Russia-related Frequently Asked Question (FAQ) 894 and related FAQ 1203. Subsequently, on December 27, 2024, OFAC issued GL 116 (Authorizing Transactions Involving Entities Owned by Bidzina Ivanishvili)...

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