Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
Illinois fiscal year 2026 budget tax highlights
On June 16, 2025, Illinois House Bill 2755 (Public Act 104-0006) (the “Budget Act”) was enacted into law. The Budget Act’s tax related provisions include, among other things, the establishment of several tax amnesty programs; a shift from the Joyce to the Finnigan method for combined apportionment; the removal of certain exemptions under the intercompany interest and intangible expense addback rules; the partial inclusion of Global Intangible Low-Taxed Income in the Illinois tax base; modification to the sourcing rules for gains from the sale of passthrough entity interests; changes to the sports wagering tax; changes to the sales and use tax nexus requirements for remote sellers and marketplace facilitators; and several developments related to credits and incentives.
This Multistate Tax Alert summarizes certain provisions included in the Budget Act.
On May 9, 2025, New York’s FY 2026 Budget A3009C/S3009C (the “Budget Bill”) was enacted into law, extending the top personal income tax rates through 2032 and increasing the top Metropolitan Commuter Transportation Mobility Tax payroll tax rate, among other provisions. The Budget Bill omits personal income tax rate increases that were proposed by the New York State Legislature and the proposal to extend the New York State and New York City pass through entity tax election deadline to September 15th of the applicable tax year.
This Multistate Tax Alert summarizes certain provisions enacted in the Budget Bill, including notable changes to credit programs. Please refer to Multistate Tax Alert (May 16, 2025) for additional details related to newly enacted New York State and New York City reporting and payment requirements for federal partnership audit adjustments.
[Issued: June 16, 2025] More
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