California Governor Signs Bill Exempting Green Manufacturing Equipment from Tax

SACRAMENTO, Calif.—Gov. Arnold Schwarzenegger (R) signed a bill March 24 exempting purchases of equipment used to manufacture products that generate alternative energy from the state sales and use tax.

Seventh Circuit Overturns Tax Court Ruling on Exempt Interest Expenses of Qualified Subchapter S Subsidiary Bank

The U.S. Court of Appeals for the Seventh Circuit March 17 found that shareholders in an S corporation—which is the sole shareholder of a tax code Section 1361(b)(3)(B) qualified…