At the end of every tax statute, there is language that specifies when the new tax rule is effective. Given the frequency with which Congress enacts new tax laws, often several times every year, one might think that there is no dispute as to the “effective date” language that it uses. One might think that…
Category: Tax Legislation
A Look at Tax Legislation: What’s On the Table
Tax laws play a crucial role in shaping the economic landscape of a country, and the United States is no exception. Currently, there are several tax laws being considered by Congress, each with the potential to impact millions of Americans. From addressing the taxation of cryptocurrency to implementing new tax credits, these measures can range…
Tax Aspect of the Bankruptcy Abuse Prevention & Consumer Protection Act
The Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) was enacted by Congress to address the perceived bankruptcy abuses. The law made significant changes to the bankruptcy code, including new eligibility requirements, mandatory credit counseling, and the creation of the means test. While BAPCPA was primarily aimed at addressing bankruptcy-related issues, it also had significant…
Lessons Learned from Colorado’s Taxpayer Bill of Rights
Taxpayers’ Bills of Rights (TABORs) prevent state governments from increasing taxes or spending revenue growth without first obtaining voter approval. Several states are poised to adopt state TABORs in the near future. The State of Colorado adopted a TABOR in 1992. There are a number of lessons that other states can learn from Colorado’s TABOR…