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Section 2.20 of FOIA expressly provides that settlement and severance agreements are public records subject to disclosure. [97] Prior to Public Act 96-542, public bodies often withheld settlement agreements under the privacy exemption, [98] or by incorporating restrictions into the agreements to evade disclosure.
QSBS is a tax exemption on a federal, and in some cases, a state level. [3] The tax benefit can exclude up to 100% of capital gains on the sale of QSBS held for five years. [ 4 ] The tax exemption allows for the exclusion from taxable income of capital gains up to the greater of $10 million or 10 times the shareholder's basis in their stock (i ...
Under the proposed amendment, transportation funds may be used by the State or local governments only for the following purposes: (1) costs related to administering transportation and vehicle laws, including public safety purposes and the payment of obligations such as bonds; (2) the State or local share necessary to secure federal funds or for ...
The first big push towards an equity crowdfunding exemption came in April 2010, when Paul Spinrad of Make magazine, Jenny Kassan of the Sustainable Economies Law Center (SELC), [5] and Danae Ringelmann of Indiegogo launched the Crowdfunding Campaign to Change Crowdfunding Law to fund the legal work to draft a petition to the U.S. Securities and Exchange Commission for a crowdfunding exemption.
The clause's application to state-sanctioned same-sex marriages, civil unions, and domestic partnerships is unresolved, although the case of marriage has been rendered moot. In 1996 the U.S. Congress enacted the Defense of Marriage Act (DOMA), a statute defining marriage as being between one man and one woman for federal purposes and allowed ...
- Allows the City of Chicago to impose a real estate transfer tax of up to $1.50 per $500 of value [Sec. 3–2.3(E)]. - Allows for a 0.25% increase in the sales tax in the Chicago metropolitan area [Sec. 4.03(e-g)]. - Outlines the distribution of tax revenues to various Service Boards (Sec. 4.03.3).
The Act also includes several revisions to federal securities law, including Section 76001 of the Act. This provision creates a new Section 4(a)(7) of the Securities Act of 1933, a new exemption from registration under that act intended to facilitate secondary trading of private company securities among accredited investors. By doing so ...
Under this exemption, securities could be sold to an unlimited number of "accredited investors" and up to 35 "unaccredited investors". [4] The Rule 505 exemption was phased out and its provisions integrated into the Rule 504 exemption. Rule 504's capital limit increased to $10 million and Rule 505's "Bad Actor" provision was added to Rule 504. [5]