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Washington Millionaires Tax Dampens Take-Home for Smith-Njigba's Big Deal
sports17 days ago

Washington Millionaires Tax Dampens Take-Home for Smith-Njigba's Big Deal

Washington’s proposed 9.9% “millionaires’ tax” starting in 2028 would cost Jaxon Smith-Njigba roughly $12.3M in state taxes on his $168.6M extension, while Ja’Marr Chase would pay about $4.46M under Ohio’s tax changes; after state taxes, Chase would take home about $156.54M and Smith-Njigba about $156.30M, meaning the tax geography narrows the gap despite the bigger contract and highlights how blue states tax athletes more than red states like Ohio.

via OutKick|
#jamarr-chase#jaxon-smith-njigba#nfl
Treasury and IRS issue interim guidance on foreign-entity rules for clean energy tax credits
policy1 month ago

Treasury and IRS issue interim guidance on foreign-entity rules for clean energy tax credits

Treasury and the IRS issued Notice 2026-15 to guide when electricity-producing facilities, energy storage technologies, or 45X components receive material assistance from a prohibited foreign entity, which could render them ineligible for clean energy credits under Sections 45Y, 48E, and 45X. The notice outlines interim safe harbors, how to calculate the material assistance cost ratio, and notes that forthcoming regulations and additional guidance will define PFE and update safe harbors. Taxpayers may rely on these rules for projects begun after 12/31/2025 through 60 days after the forthcoming safe harbor tables, and for 45X components sold in taxable years after 7/4/2025 until those tables are published. Comments on definitional, anti-circumvention, and related issues are due within 45 days.

via IRS (.gov)|
#energy#foreign-entity#irs
Washington lawmakers push 9.9% tax on $1M+ earners to fund services
politics2 months ago

Washington lawmakers push 9.9% tax on $1M+ earners to fund services

Democrats in Olympia unveiled Senate Bill 6346 proposing a 9.9% tax on household incomes above $1 million to raise about $3.7 billion annually for public education, early learning, childcare, healthcare and other services. The plan would also eliminate the sales tax on grooming products, create a small-business gross-revenue threshold exemption, expand the Working Families Tax Credit and direct 5% of revenue to counties for public safety. Gov. Jay Inslee’s office notes the proposal doesn’t go far enough for Washingtonians, while Republicans call it unconstitutional and warn of potential court challenges or voter referendum.

via king5.com|
#education-funding#income-tax#millionaires-tax
US tax tweaks could upend SWFs' US investments
business2 months ago

US tax tweaks could upend SWFs' US investments

US IRS proposals to tighten Section 892 could strip tax-exempt status from sovereign wealth funds and some public pensions that engage in US investments, by redefining when debt purchases and other activities count as 'commercial activity' and by widening 'effective control' tests. The changes would affect private credit, private equity co-investments and real assets, potentially costing SWFs billions in avoided taxes and prompting restructurings or shifts to more passive strategies; final rules are not settled yet, with comments due Feb 13.

via Financial Times|
#blockers#business#privatecredit