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The Latest Breaking News from Tax Exemption

Do You Still Need a Trust? Why the Permanent $15 Million Estate Exemption Changes the Math

The new permanent $15 million federal estate tax exemption means far fewer families will ever owe federal estate tax. In fact, experts estimate that only a tiny fraction of estates will be large enough to face the tax under the new law. But that doesn’t necessarily mean trusts have become…

The Free Financial Advisor

Senior citizen mistakenly paid tax on tax-free VRS compensation; wins complete relief from ITAT Chennai on this ground

A senior citizen wrongly paid tax on Rs 24 lakh retrenchment compensation received under a BSNL Voluntary Retirement Scheme. Despite a significant delay, the Income Tax Appellate Tribunal (ITAT) in Chennai granted him full tax exemption, recognizing the compensation as tax-free under Section 10(10B). This ruling offers relief and highlights…

The Economic Times

Virginia Approves First-of-Its-Kind Data Center Power Consumption Tax

The first statewide tax in the United States specifically tied to data center electricity consumption comes with a bit of a catch.

Kiplinger

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Can me and my wife claim LTCG tax exemption on gains from residential property sold in 2025?

ET Wealth Reader's Query: In 2025, I sold a residential property, which was purchased in 2008 in the joint names of my wife and I. However, my wife did not contribute financially to the purchase. I would like to know if both of us can claim long-term capital gains tax…

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

The Economic Times

Florida Voters to Decide on $250,000 Property Tax Exemption This Fall

The proposed exemption is designed to lower annual tax bills for primary residences, but critics warn cities could hike local service fees to offset revenue losses.

Kiplinger

Abbott recommends sweeping data center regulation, including eliminating sales tax exemption

The recommendations for legislative action amount to a striking call for industry regulation by the Republican governor in a state that has long prided itself on being a favorable environment for business.

The Texas Tribune

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From tax exemption to FCNR(B) deposits: How India is trying to attract foreign capital

India is taking steps to attract foreign investment and boost its economy. The Reserve Bank of India and the government have introduced new measures. These aim to bring in more dollars and stabilize the rupee. The initiatives include special swap facilities and tax exemptions for foreign investors. These actions are…

The Economic Times

FPI inflows into FAR securities rise by Rs 8,795 cr after govt tax exemption move

Foreign investors are pouring money into Indian government bonds. This follows a tax exemption on interest and capital gains for investments in Fully Accessible Route securities. The government's move aims to attract foreign capital and support the rupee. These measures are opening up India's bond market to global investors. This…

The Economic Times

Florida voters to decide expanded homestead tax exemption amendment in November

The Florida State Legislature voted to place a constitutional amendment on the general election ballot on June 2, 2026. The amendment would expand the homestead exemption for non-school property taxes, reduce the cap on assessment increases for non-homestead properties, and limit how local governments can spend property tax revenue.

Ballotpedia

Ohio suspends data center tax breaks after losing $1.5 billion in revenue – but ongoing projects will still get the benefits

Ohio State Governor puts a pause on data center tax exemptions as lawmakers review the losses, which were higher than projected.

TechRadar

Leave encashment tax rules for AY 2026-27: How much exemption salaried employees can claim

ITR Filing 2026-27: Salaried employees can claim tax exemption on leave encashment at retirement. While government employees enjoy full exemption, private sector employees have a limit of Rs 25 lakh, subject to specific calculations based on earned leave and salary. This income is reported under 'Income from Salary' in the…

The Economic Times

Australia needs thousands more kerbside EV chargers. Here’s how to roll them out fast and fairly

Electric vehicles (EVs) are no longer a niche technology. Australians are buying them in growing numbers as petrol prices bite and the federal government continues its tax exemption until 2029.

The Conversation

Washington State Lets Low-Income Seniors Exempt up to 60% of Their Home Value or $60K — Are You Eligible?

Rising property taxes are quietly pushing many retirees to the financial breaking point, especially in areas where home values have surged over the past few...

Saving Advice

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The Economic Times

Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason

A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds…

International Business Times UK

Jeff Bezos Calls for a Total Federal Income Tax Exemption to Lift the Burden Off Struggling American Workers

Jeff Bezos proposes exempting low-earning Americans from income tax, arguing their contributions are minimal. His stance sparks debate with New York politicians over economic inequality and taxation policies.

The Economic Times

Missed the Enhanced STAR deadline? Thousands of New York seniors could still recover $1,000 property tax relief through a hidden late-filing opportunity many homeowners never realized existed

Thousands of New York seniors may still qualify for Enhanced STAR property tax relief worth more than $1,000 despite missing earlier filing deadlines. Rising property taxes and inflation have pushed retirees into financial stress. Now, late-filing options and updated exemption rules are drawing fresh attention across New York. Many homeowners…

Saving Advice

Connecticut Seniors: The 100% Social Security Tax Exemption Now Applies to Most Retirees

If you’re retired in Connecticut, there’s some good news that could directly impact your wallet. Many seniors are now paying little to no state tax...

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Saving Advice

Colorado Update: The Senior Property Tax Exemption Saves Homeowners an Average of $600+ Annually

Property taxes may not get as much attention as mortgage payments, but for retirees, they can quietly eat into a fixed income year after year....

The Guardian - UK

All World Cup teams poised for tax exemption after Fifa talks with US treasury

Fifa is poised to secure a last-minute tax exemption for all 48 World Cup qualifiers after intensive negotiations with the US treasury

Reason

Virginia's Unconstitutional Effort to Strip Property Tax Exemptions From Pro-Confederate Groups

The groups and their ideology are awful. But Virginia's policy violates the First Amendment. Allowing it to stand could set a dangerous precedent.

TechRadar

'A self-inflicted hit': Washington state just rolled back sales tax exemptions for AI data centers worth hundreds of millions

Washington narrowed a key data center tax break, reflecting broader tensions as states reconsider incentives amid industry resistance and rising public concerns.

The Guardian - UK

More than half of World Cup countries face extra costs as Fifa fails to agree US tax deal

Failure to agree tax exemption means additional costs for countries with the burden to fall disproportionately on smaller nations

AAP

Postcode where more drivers plug into electric car cuts

More than 100,000 Australians have taken advantage of the federal government's tax exemption for electric vehicles but households in one location are most keen.

GOBankingRates

Avoid These Estate Tax Errors That Could Ruin Your Legacy Plans

No parent wants to leave half their estate to Uncle Sam rather than their children or grandchildren.

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