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February 18, 2021
2021-0373

Wednesday, March 3 | State & local tax developments in the real estate industry (1 pm ET)

COVID-19 pandemic-related tax measures, remote workforce issues, SALT cap workarounds, and other state updates

The COVID-19 global pandemic has significantly affected us all, including the real estate, hospitality and construction industry. It has also resulted in a number of state and local tax (SALT) developments. The Consolidated Appropriations Act, 2021, extended and enhanced certain provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act legislation, offering much relief to the industry from a US federal income tax perspective, though many state and local tax jurisdictions continue to decouple from such measures.

The pandemic-fueled widespread movement of the workforce continues to bring to the forefront new state and local tax implications. Projected state revenue losses due to the pandemic are massive, and many states have recently enacted or introduced tax proposals to raise revenues. The limitation on SALT deductibility for US federal income tax purposes has also reemerged as a focal point as states continue to introduce legislation to enact partnership entity-level tax regimes.

Join our panel of experienced SALT professionals for a discussion of these topics, including:

  • Tax relief measures under the Consolidated Appropriations Act, 2021
  • Remote workforce issues, including wage withholding, business tax and individual income tax
  • SALT deduction cap workarounds, including New York State and California partnership tax proposals
  • Other recent SALT legislative activity, including various states' budget proposals

Date: Wednesday, 3 March 2021

Time: 1:00-2:00 p.m. EST New York; 10:00-11:00 a.m. PST Los Angeles

Registration: View Archive here.

Panelists

Amy McLocklin, Senior Manager, State & Local Tax, Ernst & Young LLP

Douglas J. Upton, Senior Manager, State & Local Tax, Ernst & Young LLP

Spencer B. Kasner, Senior Manager, State & Local Tax, Ernst & Young LLP

Moderator

Dale Y. Kim, Partner, State & Local Tax, Ernst & Young LLP

CPE credit offered: up to 1.2 depending on duration. Recommended field of study: Taxes. Learning objective: Describe the latest state and local tax updates affecting real estate industry participants and how the changes may impact businesses and investors. This intermediate level, group internet-based course has no prerequisites or advanced preparation. Final CPE award to be based on content, polling and length of participation. See CPE FAQ for more information.

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