Tax publication

Financial Services State and Local Tax Newsletter July 2026, Vol 40

Publication
10 minute read
July 20, 2026

Welcome to our latest Financial Services State and Local Tax digest.

As we begin this edition of our Financial Services State and Local Tax newsletter, I am pleased to share a leadership transition within our practice. I am honored to assume leadership of PwC's Financial Services State and Local Tax practice, and I want to begin by thanking Caragh De Luca, whose vision, collaboration, and commitment to our clients and our people have defined this practice for many years. Under her leadership, our team established a strong reputation for delivering practical, connected state and local tax insights to the financial services marketplace, a standard we remain committed to upholding.

Caragh now moves into an expanded role as Managing Partner of PwC's Financial Services Tax Practice, where her guidance will continue to benefit our broader financial services clients. On behalf of the team, thank you, Caragh, for your steady leadership and for positioning us well for the future.

In this issue

State conformity to the One Big Beautiful Bill Act, including conformity, decoupling, retroactive effective dates, and related reporting considerations.
Reporting-season issues for bonus depreciation, domestic research expenditures, and business interest limitations.
Podcast discussion on millionaire surtaxes and wealth tax proposals affecting high-income and high-net-worth individuals.
Selected state legislative updates covering high-income surtaxes, corporate conformity, sourcing, credits, pass-through entity taxes, and other planning and compliance developments.

We hope you find this issue useful, and please reach out to me or your local PwC Financial Services State and Local Tax contact with any questions about how these developments may affect your organization.

Best regards,
Joel Bencosme