Sunlight In Your Pocket: Solar Energy Tax Incentives
Dean Mead Tax law Blog
by Julia Thomas
6M ago
Published: October 10, 2023 For a number of years, certain Federal, state and local tax incentives have been available to promote, among other things, the importance of renewable energy like solar power. These incentives benefit Florida’s business owners and residents who choose to implement solar energy systems on their property. How these incentives are applied, and how long they are available, have been changed by the recent adoption of the Inflation Reduction Act of 2022. Although this article focuses on opportunities for solar power, similar or comparable incentives are available for othe ..read more
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Final Legislative State Tax Report for 2023 Regular Session
Dean Mead Tax law Blog
by deanmead
11M ago
The 2023 Florida Regular Legislative Session concluded May 5, 2023. In total, 320 general bills passed both Chambers. Please Note: The full text of each bill and any amendments can be found on the legislative web sites: www.flsenate.gov; www.myfloridahouse.com; www.leg.state.fl.us.   Passed Legislation TAXATION – HB 7063 is the annual legislative tax packages. HB 7063 was approved unanimously by the House and Senate. Sales Tax Reduces the business rent tax from 5.5% to 4.5% effective December 1, 2023. The business rent tax is still scheduled to be further reduced to 2.0% in Fall 2024 due ..read more
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Florida Legislature Will Consider Major Corporate Tax Changes in 2022 Session
Dean Mead Tax law Blog
by Lauren Blackwelder
2y ago
Each year, the Florida Legislature updates state tax laws to conform or “piggyback” on changes in the federal tax code contained in new laws passed by Congress. In effect, we adopt a current version of the U.S. tax code each year. In a few instances, the state will “decouple,” or explicitly depart from the federal code. Either way, the state legislative action brings clarity to tax laws, usually makes it easier for businesses to calculate their taxes in a way that conforms to both state and federal tax codes, and allows businesses to more accurately make financial projections. This annual upda ..read more
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Urgent Client Alert: Build Back Better Act Proposes Changes to Irrevocable Grantor Trusts
Dean Mead Tax law Blog
by Lauren Blackwelder
2y ago
Last month we sent a Client Alert about the “Build Back Better Act” (the “Proposed Act”) which contains tax law changes that would negatively impact numerous estate planning initiatives.  The Proposed Act includes a couple of proposals that would eliminate many of the benefits of irrevocable grantor trusts (i.e., an irrevocable trust where the grantor is treated as owning the assets of the trust for income tax purposes but not for estate tax purposes). One proposal would subject distributions from the grantor trust (other than distributions to the grantor or the grantor’s spouse) during t ..read more
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Stephen Looney Featured in The American Law Institutes’ The Practical Tax Lawyer
Dean Mead Tax law Blog
by Lauren Blackwelder
2y ago
Dean Mead attorney, Stephen R. Looney, was recently featured in the September issue of ALI CLE’s The Practical Tax Lawyer. The article titled, “Demystifying the 20 Percent Deduction for Qualified Business Income Under Section 199A” broadly covers the Code section 199A final regulations and operational rules and definitions. Stephen R. Looney practices in Dean Mead’s Orlando office in the areas of tax, corporate, partnership, business and health care law. To read the full article, you can view it in its entirety by clicking the link below. The American Law Institute is a non-profit organiz ..read more
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Updated General Revenue Forecast to Include Additional $2.6 Billion for State: What Does that Mean for Corporate Income Taxes?
Dean Mead Tax law Blog
by Findsome Winmore
2y ago
Earlier this week, the Revenue Estimating Conference updated its general revenue forecast to include an additional $2.6 billion for state fiscal years 2021-22 & 2022-23.  The addition of these revenues imply that the general revenues are now exceeding the State’s pre-COVID revenue forecasts; suggesting that Florida’s economy has recovered from the pandemic-related revenue losses seen between April and June 2020.  A copy of the REC’s summary may be found here – http://edr.state.fl.us/Content/conferences/generalrevenue/grsummary.pdf Most of the increased revenues are due to signifi ..read more
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Commercial Landlord and Property Manager Alert: Hillsborough County Tax Rate Reduced by Court Action
Dean Mead Tax law Blog
by KKeene
2y ago
The Florida Supreme Court recently invalidated the 1% transportation discretionary sales surtax approved by Hillsborough County voters in November 2018.[1] As a result, the Florida Department of Revenue advises that dealers cease collecting this 1% Hillsborough County surtax, effective immediately.[2] Commercial landlords and property managers should promptly reduce the tax rate charged in Hillsborough County by 1%. Any previously collected surtax should be remitted to the Department of Revenue on or before the next return due date. Due to the lower state tax rate imposed on commercial rent, t ..read more
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Florida Legislature Will Consider Major Corporate Tax Changes in 2022 Session
Dean Mead Tax law Blog
by Margo Walters
2y ago
Each year, the Florida Legislature updates state tax laws to conform or “piggyback” on changes in the federal tax code contained in new laws passed by Congress. In effect, we adopt a current version of the U.S. tax code each year. In a few instances, the state will “decouple,” or explicitly depart from the federal code. Either way, the state legislative action brings clarity to tax laws, usually makes it easier for businesses to calculate their taxes in a way that conforms to both state and federal tax codes, and allows businesses to more accurately make financial projections. This annual upda ..read more
Visit website
Urgent Client Alert: Build Back Better Act Proposes Changes to Irrevocable Grantor Trusts
Dean Mead Tax law Blog
by Lauren Blackwelder
2y ago
Last month we sent a Client Alert about the “Build Back Better Act” (the “Proposed Act”) which contains tax law changes that would negatively impact numerous estate planning initiatives.  The Proposed Act includes a couple of proposals that would eliminate many of the benefits of irrevocable grantor trusts (i.e., an irrevocable trust where the grantor is treated as owning the assets of the trust for income tax purposes but not for estate tax purposes). One proposal would subject distributions from the grantor trust (other than distributions to the grantor or the grantor’s spouse) during t ..read more
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Stephen Looney Featured in The American Law Institutes’ The Practical Tax Lawyer
Dean Mead Tax law Blog
by Lauren Blackwelder
2y ago
Dean Mead attorney, Stephen R. Looney, was recently featured in the September issue of ALI CLE’s The Practical Tax Lawyer. The article titled, “Demystifying the 20 Percent Deduction for Qualified Business Income Under Section 199A” broadly covers the Code section 199A final regulations and operational rules and definitions. Stephen R. Looney practices in Dean Mead’s Orlando office in the areas of tax, corporate, partnership, business and health care law. To read the full article, you can view it in its entirety by clicking the link below.  The American Law Institute is a non-profit o ..read more
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