Tag Archives: state

Banking Crisis, State Aids and Commission Guidance

As we announced a few days ago, the Commission has now issued its new guidance on how governments of member States can spend vast sums to try to save all those bankrupt banks in the EU. And get away with… … Continue reading

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Charitable Contributions, State Tax Credits, and Return Benefits: IRS Proposed Regs, IRS Announcement, and Much Commentary

The Treasury and IRS proposed regulations to address the attempts by states to create a way for their residents to get around the cap on the state and local tax (SALT) deductions by facilitating charitable contributions that would qualify the… … Continue reading

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State Department Terminates BIT with Ecuador

The U.S. Department of State recently announced the termination of a bilateral investment treaty (BIT) between the U.S. and Ecuador. This announcement was a follow-up to Ecuador’s notice given on May 18, 2017, that it was terminating its BIT with … Continue reading

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Seventh Circuit Upholds Illinois’ ZEC Program and Leaves the Door Open for State Subsidization of Generation

On September 13, 2018, in Electric Power Supply Association v. Star (Case No. 17-2433 and 17-2445), the Seventh Circuit upheld a district court decision finding that Illinois’ zero emissions credit (ZEC) program (i.e., its nuclear subsidy) was not preempted by … Continue reading

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IRS Provides Clarification for Business Taxpayers That Make Payments To State or Local Tax Credit Programs

We recently wrote on the new proposed regulations addressing the availability of charitable deductions when taxpayers receive or expect to receive corresponding state or local tax credits for contributions.  The proposed regulations require a taxpayer who makes a contribution to … Continue reading

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