Global Scans · Tax · Weekly Summary

• [New] The SFY 2027 Illinois budget package includes an estimated $815 million to $1.4 billion in new revenue, generated through a combination of tax increases, new fees, and one-time fund transfers. ISACo
• [New] A new social media fee on large platforms is projected to generate $200 million annually, while a 0.2% tax on digital asset transactions and services is expected to raise $60 million. ISACo
• [New] Illinois will begin taxing capital gains from certain qualifying small-business stock sales by decoupling from a federal tax exemption, generating an estimated $50 million to $60 million, and will impose a 15% tax on fantasy sports contest revenues, projected to raise $5 million. ISACo
• [New] Other permanent safe harbours, such as the one allowing for a simplified calculation of effective tax rates, could be crucial for American firms aiming to comply. Eide Bailly LLP
• [New] China could face an extra $70bn a year in interest payments, while India could face an extra $49bn, equal to 2.4% of the media citizen's after-tax income every year. Heriot-Watt University
• [New] The combination of low BIK tax rates (4% in 2026-27), income tax and National Insurance savings, and included costs like insurance and maintenance means vehicles that appear expensive become affordable. / UK loveelectric
• [New] Others will leave UK residence entirely and re-base in a lower-tax jurisdiction such as the UAE. Ancova
• [New] The NYPA is soliciting requests for qualifications in building a 1 GW nuclear power plant with construction starting no later than 2032 to qualify for federal tax credits. National Conference of State Legislatures
• [New] Asset-related taxes are on track to reach about a tenth of total tax receipts by 2030. / UK Family Enterprise USA
• [New] A low-tax, near-zero-regulation environment that is the first to allow AI-owned companies will bring significant innovation and profits to Argentina. Latin America Risk Report
• [New] The Working Australians Tax Offset will be a permanent offset of up to $250 from the 2027-28 income year and is expected to apply to more than 12.5m Australians. The Guardian
• [New] Europe is moving toward the implementation of TPD3 (Tobacco Products Directive 3), which is expected to introduce a harmonized e-liquid tax across all member states. Knowledge Sourcing Intelligence
• [New] There's the potential for a global minimum tax that could have an adverse effect on equity pricing. Novogradac
• [New] Hawaii joined the race to the top of state income tax rates, and a new Bloomberg Economics analysis warns that UK wealth tax proposals risk undermining growth for little additional revenue-underscoring the global tension between taxing the wealthy and retaining the tax base. Family Enterprise USA
• [New] In Japan, a new tax category will be created for heat-not-burn tobacco products and the taxation system will be revised in consideration of the product characteristics. PubMed Central (PMC)
• [New] Lawmakers are set to hear testimony from industry and tax experts as they consider what could become one of the most significant overhauls of crypto taxation in the United States. Yahoo Finance
• [New] Corporate tax systems should seek to reduce unnecessary complexity, support entrepreneurial risk-taking and limit competitive distortions, while remaining aligned with broader tax policy objectives. Etaf
• [New] U.S. SAF Grand Challenge is aiming at an annual production level of 3 billion gallons by 2030, and 35 billion gallons by 2050, besides being backed by tax credits amounting to $1.75 per gallon under the Inflation Reduction Act. Yahoo Finance
• [New] Pharmaceutical manufacturers that choose not to comply with drug price negotiations will either face an excise tax of 65% to 95% of a product's sales or withdrawal of all products from both Medicare and Medicaid. PubMed Central (PMC)
• [New] Economists have predicted a slight fall in house prices in 2026 under the weight of interest rates, the federal budget's tax reforms and declining household confidence. The Guardian

Last updated: 22 June 2026