Insights

The U.S. House of Representatives bill released last month proposes several changes to the current rules governing trusts where the grantor pays the income tax, but the value of which is not included in the grantor’s estate for federal estate tax purposes. These trusts commonly are referred to as “grantor trusts.”

UPDATE: Many of the proposals from the previous tax bill have been removed. However, the limitation on the exclusion of gain from the sale of 1202 stock has remained in the current proposed tax bill. For the most part, the limitation has not changed. However, there are two minor changes:

The Biden administration announced this week that it would mandate COVID-19 vaccinations (with exceptions for disabilities and sincerely held religious beliefs) for a staggering number of Americans. The latest mandate –  covering federal workers, federal contractors, and healthcare workers at hospitals and other health institutions that participate in Medicare and Medicaid social programs – is the boldest attempt yet to curb the vaccine hesitancy and resistance that has contributed to the recent increase in cases, hospitalizations and deaths as the Delta variant continues to spread.

One of the issues contributing to an increasingly volatile construction space for owners and developers is the cost and availability of insurance during and after construction of a project. As a result of accelerated climate change, projects in areas prone to wildfires, storms and flooding are becoming particularly difficult and expensive to insure.

Chicago and Illinois employers should be aware of three recent changes affecting mandated sick leave benefits for employees. In April, Gov. J.B. Pritzker signed into law an amendment to the Employee Sick Leave Act. The amendment, which took effect immediately, expanded coverage for employees. Additionally, as of July, Chicago’s Paid Sick Leave Ordinance now includes an action for wage theft. Finally, on August 1, coverage for employees expanded under Chicago’s Paid Sick Leave Ordinance.

UPDATE – Wednesday, August 11, 2021