Tax Headlines

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North Dakota ~ Property Tax: Urban Renewal Law Constitutional, Tax Applied Uniformly

The North Dakota Urban Renewal Law (Act), allowing in part for the use of North Dakota property taxes for blighted areas, was found constitutional because, among other reasons, the property tax assessed was uniform on the same class of property, and the Act only authorized the diversion of tax increment funds to a municipality to pay for renewal projects.

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FinCEN Announces Public Hearings on Customer Due Diligence Requirements for Financial Institutions (FinCEN Notice)

The Financial Crimes Enforcement Network (FinCEN) has announced the first in an intended series of public hearings to continue gathering information on its proposed rules on Customer Due Diligence (CDD) requirements for financial institutions. FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM RIN 1506-AB15) on CDD requirements on March 5, 2012 (TAXDAY, 2012/03/05, T.1 ).

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Senate Advances Small Business Tax Credit Bill

The Senate on July 10 approved a motion to take-up a $28.5-billion small business tax break measure that would provide a one-year extension of 100-percent bonus depreciation and a tax credit for new hires. Under Senate rules, the motion to begin debate on the Small Business Jobs and Tax Relief Bill (Sen 2237 ), required a 60-vote threshold, which was easily reached by an 80-to-14 margin.

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Massachusetts ~ Multiple Taxes: Governor Signs FY 2013 Budget

On July 8, 2011, Massachusetts Gov. Deval Patrick signed the $32.5 billion budget for Fiscal Year 2013, which contains no new taxes or fees, amends combined group deduction provisions for corporate income tax purposes, amends certain domicile provisions for personal income tax purposes, requires the Department of Revenue to study the possible implementation of a sales tax exemption for certain medical equipment, provides funding for a sales tax holiday, amends notice requirements regarding the motor vehicle excise tax, and provides for the issuance of electronic bill or tax notifications.

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