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As spring begins, most state legislatures are in full swing, and tax changes are being considered at both federal and state levels that could have a significant impact on the asset management industry. Corporate and individual rate changes, pass-through entity tax proposals, capital gains surcharges, and wealth taxes are among the many bills under consideration. Also, on April 7, the New York legislature passed significant changes that include a pass-through entity tax and temporary increases of the corporate and individual tax rates, which are now ready for signature by Governor Cuomo. Each of these changes uniquely impacts the asset management industry, and we explore them and other developments below.
The upcoming transition out of the spring busy season provides tax departments an opportunity to step back and take a broader view of their tax landscapes. As teams reflect, consideration should be given to the current remote locations of their organization’s employees, plans for permanently adjusting remote working protocols, and how that may impact their filing requirements in the future. Several states have provided temporary tax-focused relief while states of emergency are in effect, but these reprieves likely will not last after the states of emergency are lifted. Examining where remote employees currently are working and participating in conversations about possible adjustments to your organization’s back-to-work plan will assist in understanding the state tax impact of any changes.
From federal and state tax changes to transitions to new, permanent work locations, the current year will present both challenges and opportunities for tax and finance professionals. I and members of our SALT AWM team look forward to discussing these with you.
Caragh DeLuca, Partner
SALT Asset and Wealth Management Leader
Partner, PwC US