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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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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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Arizona ~ Insurance Tax: Scheduled Tax Rate Reductions Adjusted

The scheduled Arizona insurance premium tax rate reductions for insurance other than fire, disability, and health care service plans are adjusted. The tax rates for…

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Weekly Report from Washington, D.C.

The week of May 16 saw the introduction of a House resolution to censure IRS Commissioner John Koskinen. In addition, lawmakers presented a number of…

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Vermont ~ Personal Income Tax: Information Regarding Impact of Commercial Software Errors Discussed

The Vermont Department of Taxes has issued a press release informing taxpayers that errors in the coding of certain commercial software packages for tax year…

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Colorado ~ Corporate Income Tax: Insufficient Evidence Provided for Nexus Determination

The Colorado Department of Revenue has issued a general information letter in response to a taxpayer’s request for guidance as to whether any corporate income…

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Arizona ~ Personal Income Tax: Charitable Contributions Credit Provisions Amended

Provisions allowing an Arizona personal income tax credit for cash contributions to qualifying charitable organizations have been amended to allow contributions made on or before…

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Organizations Express Concerns with Proposed Nondiscrimination Relief Regulations

At a May 19 hearing before IRS and Treasury officials, practitioners representing the interests of benefits organizations or employers testified on proposed regulations that modify…

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