Archive for June, 2011

In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.  Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.

Bonus Depreciation

If a qualified property was purchased after 2007 and is placed in service before 2013, additional depreciation equal to 50% of the cost of the property can be depreciated in the first year that the property is placed in service.  A bonus depreciation of 100% is available to taxpayers if the property was acquired after September 8, 2010, and placed in service before 2012.

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In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.  Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.

New Markets Tax Credit

This credit has been extended to 2010 and 2011, allowing taxpayers a credit for investments in qualified community development entities.  The credit is 5% of the investment for the first 3 years, and 6% of the investment for the subsequent four years.   This credit is subject to a national limitation amount of $3.5 billion for 2010 and 2011.  Unused amounts may be carried forward until 2016.

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On June 28, 2011 Governor Corbett signed Act 2011-11 which amends the Pennsylvania Liquor Code in ways which add considerable flexibility to various alcohol purveyors. Restaurants, bars, caterers, breweries, and wineries will see increased freedom to operate with the changes to the Code.  Licensees, retail customers, and local economies will all enjoy the benefits of these changes.

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Today marks a significant step toward comprehensive tort reform.  Governor Tom Corbett signed the Fair Share Act after it was adopted by the Pennsylvania House of Representatives by a 116-83 vote.  Under the previous law, a defendant who bore any responsibility – no matter how small – was held liable for 100 percent of the damages owed to a plaintiff.  Therefore, multiple defendants were “jointly” liable to the plaintiff.  A defendant who paid a larger share than he was liable for had the burden of pursuing the remaining defendants for their share. 

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House Bill 148 passed the Senate on a 50-0 vote today.  This bill, which amends the Pennsylvania Liquor Code, could be passed by the House and signed by the Governor by the end of the week. Read the rest of this entry »

In 2009, the Internal Revenue Service allowed taxpayers to disclose their interests in foreign financial accounts and avoid potentially large civil and criminal penalties.  More than 15,000 taxpayers participated in the 2009 disclosure program.  Since that disclosure program ended on October 15, 2009, more than 3,000 additional taxpayers have voluntarily come forward to disclose interests in foreign financial accounts. 

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On May 25, 2011, the United States Court of Appeals for the Federal Circuit (“Federal Circuit”) issued a long anticipated opinion in Therasense, Inc. v. Becton, Dickinson and Co.  Sitting en banc, the Federal Circuit, with Chief Judge Randall Rader writing for the 6-1-4 majority, set forth a new framework for considering inequitable conduct claims, one that stresses separate determinations as to intent and materiality, and substitutes a “but-for” materiality standard for the existing materiality standard as embodied in the PTO’s Rule 56. Applying the new standard to the facts of the case, the court concluded that inequitable conduct had not been proven, and remanded the case to the district court for further proceedings consistent with the Federal Circuit’s opinion.

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