Wyoming Bill That Would Impose Corporate Income Tax on Specified Businesses Passes House
The Wyoming House of Representative passed a bill that would, beginning in tax year 2020, impose a corporate income tax at the rate of 7%…
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Virginia Enacts IRC Conformity Legislation
Recent Virginia legislation advances the state’s IRC conformity date to December 31, 2018. As a result, Virginia now generally conforms to the Tax Cuts and…
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Arkansas Bill That Would Modify Tax Brackets, Lower Top Rate Passes House
The Arkansas House of Representatives has passed a bill that would modify tax brackets to provide reductions for individual, trust, and estate taxpayers. In addition,…
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Opportunity Zone’s Tax Writers, Stakeholders Criticize IRS’s 50-Percent Locational Rule
The IRS’s proposed 50-percent gross income locational rule on the active conduct of Opportunity Zone businesses is garnering criticism from stakeholders and lawmakers alike. The…
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Market-Based Sourcing Introduced in New Mexico Tax Reform Bill
Tax reform legislation introduced in New Mexico would adopt market-based sourcing and enact a new personal income tax deduction. The tax reform also extends to…
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New Hampshire Governor Presents Recommended Budget
Gov. Chris Sununu presented his recommended budget for Fiscal Years 2020 and 2021 on February 14. The governor noted that his budget has no new…
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New Mexico Gross Receipts Tax Reform Legislation Introduced
Tax reform legislation introduced in New Mexico would make important changes to the state’s gross receipts and compensating taxes. The House bill would raise rates…
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Tax Reform Benefits Seen in Larger Paychecks, Not Refunds, Treasury Spokesperson Says
The average refund amount at the beginning of the 2019 tax filing season was smaller than this time period last year, a new IRS report…
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Weekly Report from Washington, D.C.
During the week of February 11, President Donald Trump was unhappy with a new bipartisan, bicameral spending package drafted to avert another government shutdown. The…
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Indiana Issues Personal Exemption Guidance
Indiana does not conform to the Tax Cut and Jobs Act changes to personal income tax exemptions. Indiana ties its dependent and certain other exemptions…
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