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Vermont ~ Sales and Use Tax: Exemption on Sales of Agricultural Machinery Amended

Vermont’s sales and use tax exemption for agricultural machinery and equipment has been amended by changing the term “directly and exclusively” to “predominately” for the…

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Tennessee ~ Personal Income Tax: Hall Income Rates Reduced

Effective for tax years beginning on or after January 1, 2016, the Tennessee personal income tax (Hall Income) rate on income received from stock dividends…

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Maryland ~ Corporate Income Tax: Filing Due Date Amended

Legislation has been enacted that extends the Maryland corporation income tax return due date from March 15 to April 15 or the fourth month after…

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Arizona ~ Property, Sales and Use Taxes: Online Lodging Classification Enacted and Other Provisions

Newly enacted legislation provides for a new Online Lodging Marketplace Classification, property manager tax return provisions, and other changes relating to Arizona Transaction Privilege Tax…

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Koskinen Will Not Appear at Judiciary Committee Impeachment Hearing

An IRS spokesperson told Wolters Kluwer on May 23 that IRS Commissioner John Koskinen will not testify at the May 24 House Judiciary Committee (HJC)…

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Tax Code Favors Corporate Debt Financing, JCT Concludes; Releases Debt- Equity Overview for Senate Finance Corporate Integration Hearing

According to a Joint Committee on Taxation (JCT) report released on May 20 (JCX-45-16 ), under the current U.S. tax code, “the after-tax effect of…

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post election tax policy

President Signs Manufacturing Bill Designed To Cut Certain Import Taxes

President Obama signed into law the American Manufacturing and Competitiveness Act of 2016 (HR 4923 ) on May 20. The bill was approved by the…

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Michigan ~ Corporate Income Tax: Guidance Updated on LaBelle Management, Inc. Case on Unitary Business Groups

The Michigan Department of Treasury has issued updated guidance on the impact of the May 4, 2016 opinion in LaBelle Management, Inc. v. Department of…

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Massachusetts ~ Personal Income Tax: Legislature Approves Proposed Constitutional Amendment on Millionaire Tax

A joint session of the Massachusetts General Assembly approved a proposed amendment to the state constitution that would impose an additional income tax of 4%…

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