Tax publication

Financial Services State and Local Tax Newsletter May 2026 / Vol 39

Publication
9 minute read
May 06, 2026

In this issue

Welcome to the latest edition of our Financial Services SALT newsletter. There's no shortage of activity at the state level right now, and Washington is taking center stage for this newsletter. This quarter, we take a closer look at the B&O rate increases, new surcharges, and the repeal of some long-held preferences, all with an eye toward what they actually mean for financial services companies. And, on the individual side, there’s a new millionaires income tax and capital gains surcharge that should be considered.

Beyond Washington, we cover the federal court ruling striking down Illinois' interchange fee ban, how the One Big Beautiful Bill Act could reshape state income tax compliance, pass-through entity tax updates from several states, and a change to USPS postmark rules that you should keep on your radar.

There's plenty to examine, so we hope you find this edition valuable. As always, don't hesitate to reach out to discuss how these developments apply to your organization.

Best regards,

Caragh DeLuca