The measure taxes residents as of January 1, 2026, values their wealth at year-end and lets payers stretch the bill over five years, at a price that reaches deep into illiquid founder stock.
Gov. Dan McKee signed a $15.2 billion budget that adds one percentage point a year for three years on income above $1 million, taking the top rate from 5.99% to an effective 8.99%.
SpaceX priced the largest IPO in history at $135 a share, but the flat 22% withholding on employee RSUs falls well short of what many will actually owe.
The IRS said 27 states have elected into the new Section 25F credit for gifts to scholarship granting organizations, a dollar-for-dollar option that compares favorably with a normal charitable deduction.
In Estate of Fields, the court upheld a $1.8 million estate tax deficiency and a negligence penalty, finding a Texas family limited partnership had no real purpose beyond an estate tax discount.
A federal judge vacated IRS Notice 2025-42 on June 6, restoring a bright-line path to begin construction, but an expected appeal leaves project owners and tax-equity investors weighing real risk.
A new notice extends the 21% excise tax on excess pay at tax-exempt organizations beyond the top five earners, a change that touches board members and major donors as much as executives.
Lawmakers sent voters HJR 1-F, which would lift the non-school homestead exemption to $250,000 by 2028, cap non-homestead assessment growth at 5% and make new residents wait four years.
Rev. Proc. 2026-24 lifts health savings account contribution caps by $100 and $250 for 2027 and confirms that small direct primary care fees no longer block eligibility.
Treasury's new app and a matching IRS online election tool let parents activate a child's Trump Account weeks before contributions and the $1,000 federal deposit begin.
Albany's late budget creates a five-year surcharge on luxury New York City second homes, extends a higher corporate tax rate through 2029 and leaves personal income tax rates unchanged.
CNBC reported OpenAI could confidentially file IPO paperwork within days, giving staff and alumni a narrowing window to settle basis records, QSBS eligibility, 83(b) history and residency before shares become tradable.
Partnerships in more than 1,100 disputed conservation easement cases get a time-limited settlement. The penalty doubles after 90 days, and litigated cases have recovered about 6% of claimed deductions.
The AI chipmaker sold 30 million shares ahead of its Nasdaq debut. For employees holding restricted stock units and incentive options, the listing turns paper wealth into taxable income and hard timing choices.
The IRS announced a way for business owners facing an Employee Retention Credit disallowance to extend the two-year deadline for administrative appeal or a refund lawsuit, but only if they act before six months remain.
The Howard Jarvis Taxpayers Association's Local Taxpayer Protection Act qualified for California's November 2026 ballot, threatening to cap city transfer taxes like LA's Measure ULA at a fraction of their current rate.
Governor Hochul's April 15 proposal would charge non-resident owners of vacant luxury NYC homes an annual surcharge, projected to raise at least $500 million a year, with an exemption for rented units.
Guidance issued April 6 opens a nomination window this summer for a renewed Opportunity Zone map, giving investors with large capital gains a new, recurring vehicle to defer and reduce tax on reinvested profits.
House Bill 463, passed on the final day of Georgia's session, speeds rate cuts toward 3.99%, raises standard deductions and drops several credits, reshaping the math for high earners weighing a Southeast move.
The IRS says a quarter of enrollees qualify for the $1,000 federal seed deposit, giving affluent families a new window to layer Trump Accounts with 529 plans and gifting strategies.
A new Labor Department rule would shield plan sponsors who evaluate private equity, real estate and digital assets under a defined process, opening the door to more alternatives in workplace retirement plans.
The House committee unanimously approved bills extending casualty-loss deductions through 2027, upgrading IRS service, and raising the stakes for whistleblower awards.
Invest in MI Kids suspended its petition drive for a 5% income-tax surtax above $500,000, but the group says it plans to try again for 2028, keeping the proposal on affluent Michigan households' radar.
A constitutional amendment would phase out Missouri's income tax using revenue-triggered cuts and a broader sales tax, one year after the state exempted capital gains entirely.