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Presented by The Supreme Court sent shockwaves throughout the country Monday morning with the announcement that it plans to hear a case next year that directly challenges
Roe vs. Wade. | J. Scott Applewhite/AP Photo
POLITICO health care reporter
Alice Miranda Ollstein writes in about today’s big news out of the Supreme Court:
Kansas chamber cuts ties with US group for endorsing Davids
May 17, 2021
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TOPEKA, Kan. (AP) The Kansas Chamber of Commerce has cut ties with its national counterpart over the national group s support last year for reelecting the only Democrat in the state s congressional delegation.
The U.S. Chamber of Commerce s endorsement of Rep. Sharice Davids over Republican challenger Amanda Adkins in their Kansas City-area district prompted the state chamber to not renew its membership in the national group, The Kansas City Star reports.
The national group s endorsement caught Kansas business leaders by surprise, and Alan Cobb, the state chamber s president and CEO, said some of the state group s members were frustrated.
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Yesterday afternoon the Kansas legislature overrode Governor Laura Kelly’s veto of Senate Bill (SB) 50, effectively enacting the provisions of the bill into law. Among those are provisions decoupling from certain Tax Cuts and Jobs Act (TCJA) provisions that taxpayers have been advocating for since 2018.
Under the new law, for tax years beginning after December 31, 2020, taxpayers receive a 100% deduction for global intangible low-taxed income (GILTI) included in federal income. Furthermore, the new law is explicit that foreign earnings deemed repatriated and included in federal income under IRC § 965 are considered dividend income and eligible for the state’s 80% dividend-received deduction. The new law also decouples from the interest expense deduction limitation in IRC § 163(j), enacted as part of the TCJA for tax years beginning after December 31, 2020.