Regulatory Analysis
Louisiana House Bill 1256 was enacted on June 9, 2026. The bill provides the criteria for the escheatment of digital asset accounts as follows: Escheatment of Digital Asset Accounts Digital assets are presumed abandoned three years after the owner’s last indication of interest. However, if a first-class mailing from the holder to the owner is […]
On June 26, 2026, Florida Governor Ron DeSantis signed Senate Bill 1452 into law, enacting sweeping changes to the Florida Disposition of Unclaimed Property Act. The law takes effect immediately. Interestingly, many of the changes are to provisions either added or amended in 2024. The notable changes are as follows: Definitions and Terminology Changes The […]
The IRS has released its 2026 instructions for forms 1099-MISC and 1099-NEC. The agency has made a number of changes. Most prominently, there are several changes resulting from the 2025 budget reconciliation. The instructions now reflect a general reporting threshold of $2000 or more, up from $600 in 2025; the new threshold will be inflation-adjusted […]
Mississippi recently passed HB 4060 providing an exemption for the retail sale of lime used for agricultural purposes. Additionally, the legislation stipulates fencing materials for livestock are now taxed at a reduced rate of 1.5%. The bill in its entirety can be seen here.
Colorado recently released GIL 26-001, providing that the Multistate Tax Commission resale certificate, may not be used by a wholesaler in the state without a state-issued sales tax license to claim an exemption. Reasoning that due to the attestation on the form, a business is attesting that they hold a valid sales tax license in […]
The IRS has released updated versions of Form 1099-R, Form 5498, and the accompanying Instructions for Forms 1099-R and 5498 for tax year 2026. This year’s release reflects some of the most significant structural and substantive changes to these forms in recent memory, driven in large part by new legislation establishing Trump accounts as a […]
Minnesota House Bill 4188 was enacted on May 27, 2026, after being amended on April 7, 2026. The newly enacted bill addresses virtual currency, prepaid funeral funds and 529 Plans. The changes are as follows: Virtual Currency Virtual currency is presumed abandoned three years after last indication of owner interest. Owner interest in virtual currency […]
Georgia Senate Bill 403 was enacted on May 5, 2026. The introduced version of this bill addressed virtual currency. However, the final enacted version of the bill removed the virtual currency provisions. What remains are changes to due diligence as follows: In addition to written due diligence, email due diligence is now required for property […]
Effective July 1, 2026, the sale of alternative fuels taxed under W.S. 39-17-301 through 39-17-311 are exempt from sales tax in Wyoming. Additionally, the definition of alternative fuels was adjusted to include electricity sold at a DC (direct current) fast charging station. Find more information here.
Kansas enacted K.S.A. 79-3606h, which created a sales tax exemption beginning July 1, 2026 for disabled veterans who meet certain qualifications. Veterans are exempt from state sales tax on up to $24,000 of purchases per year. Purchases of motor vehicles, alcohol, tobacco, and e-cigarettes are excluded. More information regarding this change can be found here.
Effective August 1, 2026, the Northern Illinois Transit Authority (NITA) occupation and use tax rate will increase by 0.25% in Cook, DuPage, Kane, Lake, McHenry, and Will counties. This tax is formerly known as the Regional Transportation Authority (RTA) tax. Find more information here.
Governor DeSantis of Florida signed HB 7031e on June 29, 2026, which contained the following changes: Propane tanks with of weigh of 20 lbs. or less are now permanently exempt, effective July 1, 2026. The Back to School Sales Tax Holiday will now occur from July 20 – August 20, 2026. The tax holiday was […]
Utah enacted Senate Bill 162, which expands and clarifies the sales and use tax treatment of streaming and digital transactions beginning July 1, 2026. Under the new law, taxability is based on payment for access to digital content, rather than ownership or download, meaning streaming subscriptions for audio, video, gaming, and e-books are now included […]
Under VA § 58.1-609.1(19), gold, silver, or platinum bullion, as well as legal tender coins, are exempt from sales tax. Under VA HB 1600 (2025) the exemption was set to expire June 30, 2026. However, as part of VA HB 30, Virginia has now extended the exemption to expire June 30, 2028.
On June 24, 2026, the Governor of Ohio signed House Bill 479, which expands the state’s sales tax holiday to fifteen days beginning in August 2027. Under the expanded holiday, retail sales of qualifying tangible personal property priced at $500 or less are exempt. For August 2026, however, the holiday takes a narrower form, applying […]
Effective October 1, 2026, Arizona HB 2786 exempts rentals of textbooks from state universities or community colleges from transactions privilege tax.More information may be found here.
Colorado House Bill 1223, signed in to law on June 2, 2026, repeals the sales and use tax exemption for downloaded software beginning January 1, 2027. The legislation, however, provides a narrow exemption for downloaded software governed by a negotiable license agreement or developed for an individual user. More information may be found here.
In Connecticut, a surcharge is assessed by the Public Utilities Regulatory Authority on all phone lines, including prepaid wireless services, in order to fund E911 services. Each fiscal year the amount of the surcharge is reviewed. Pursuant to Public Utilities Regulatory Authority Docket No. 26-01-05, the surcharge has been increased for prepaid wireless services from $0.69 […]