William A. Price, Attorney at Law
The US Securities and Exchange Commission has proposed rules for crowdfunding offerings and exchanges (“portals”). US based companies could raise up to $1 million per year with limited disclosures, of types defined by the new rules, and with amounts that could be sold to individual investors limited by the investor’s income. Crowdfunding portals would provide…
The Illinois Supreme Court ruled 6-1 that the US Constitution, which makes federal laws supreme over state law, and federal “Internet Tax Freedom Act”, 47 U.S.C. § 15 ff., prohibit new state Retailers Occupation Tax and Service Use tax sections (35 ILCS 105/2(1.1) and 35 ILCS 110/2(1.1). These changed the definition of what it meant to have a taxable physical presence in Illinois to…