Federal

The House approved H.R. 1864, the "Mobile Workforce State Income Tax Simplification Act," on May 15. The law would limit state taxation of the wages or other remuneration of any employee who performs duties in more than one state to the state of the employee’s residence, and the state in which the employee is present and performing employment duties for more than 30 days, according to the bill’s official summary.

President Obama signed the Stop Trading on Congressional Knowledge (STOCK) Act into law today, ending the immunity from insider trading laws once enjoyed by members of Congress and their staff, according to CNN, less than two weeks after the measure was approved nearly unanimously by the Senate.

The United States Supreme Court has convened today to hear the first set of arguments over the Patient Protection and Affordable Care Act, specifically the individual mandate provision which requires that virtually all Americans purchase some form of health insurance, according to the Washington Post.

The U.S. Senate approved legislation banning inside trading by members of Congress on a 96-3 vote on Thursday, sending the STOCK Act to the president to now be signed into law, according to the New York Times.

A New York-based investment advisor has defrauded investors in five offshore funds and used some of their money to buy himself a multi-million dollar beach resort property on Long Island, said the SEC in March 6 charges.

The U.S. Government Accountability Office now offers a free app for Apple devices, such as iPhones and iPads, that lets users access new reports, testimonies, videos and podcasts.

The fate of R. Allen Stanford, the mustachioed billionaire arrested in 2009 for his alleged role in a $7 billion Ponzi scheme, is now in the hands of a 12-person jury after the defense and prosecution in his fraud trial finished their closing statements, according to the New York Times.

President Barack Obama has called for the corporate income tax to be lowered from its current statutory 35 percent rate to 28 percent, a shift that would be balanced by closing certain loopholes and ending certain subsidies, according to a Feb. 22 proposal outline released by the U.S. Treasury Department.

An article in the Washington Post said that the payroll tax cut, which would expire at the end of this month, has been extended for the rest of the year. Unemployment benefits were also extended.

Four days after the initial deadline, California and New York have finally agreed to sign on to the multi-billion dollar settlement with the nation’s five largest banks after being among the deal’s harshest critics as it was negotiated, according to Bloomberg. With these two large states in on the agreement, the settlement, which would go toward homeowner relief programs, could be valued as high as $39 billion, continued Bloomberg.