Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- California’s Senate and Assembly Thursday passed an 11% excise tax on guns and ammunition to pay for security improvements at public schools and gun violence prevention programs. Governor Gavin Newsom, a Democrat, has until Oct. 14 to sign the text into law. If he does, it would be the first such tax for any state. (WSJ) (ABC News)
- Hit by a slowdown in its transaction work, law firm CMS is implementing a formal layoff process that could cut at least 19 associate jobs in its UK corporate practice, according to a report. (The Lawyer)
- Two tax credit schemes in the US Inflation Reduction Act are fueling an increase in investor and developer interest in solar and battery storage projects parked on sites of former coal mines or nearby land. (Reuters)
- France’s new budget minister, Thomas Cazenave, is set to visit the remains of a Bordeaux suburb tax authority branch office that was burned down in recent riots sparked by the police killing of a black teenager near Paris. (Actu.fr)
- A French decree published in July transposes EU country-by-country reporting directive 2021/2101 of Nov. 24, 2021 requiring multinational companies with EU parents and over 750 million euros ($803 million) in global revenues to issue public reports on their income tax information. The requirement, which also applies to certain non-EU multinational companies that have EU subsidiaries or branches, takes effect for fiscal years beginning on or after June 22, 2024. (Legifiscal)
- Mayer Brown launched a cross-disciplinary artificial intelligence task force. (Mayer Brown)
- Clark Hill added corporate attorney Vince Cangolosi as a member in Houston, Texas. He was at Egan Nelson LLP. (ClarkHill.com)
