State Tax Treatment of Corporate Capital Gains and Losses
Most states tax corporate capital gains and losses in the same manner as under federal law. But several states differ on the deductibility of capital…
read more
Can States Tax Income From Out-of-State Trusts?
The U.S. Supreme Court ruled in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust that states cannot tax the income…
read more
Back-to-School Shoppers Find Tax Relief in Sales Tax Holidays
Sales tax holidays are back!…in some states As summer winds down, parents across the country are shifting their thoughts from lazy summer days to the…
read more
Arizona Retroactively Conforms to Tax Cuts and Jobs Act
Arizona retroactively conformed to income tax changes made by the Tax Cuts and Jobs Act. A bill signed by the governor on May 31, 2019,…
read more
New York Directs Disclosure of State Returns to Congress
A new New York law directs the state tax commissioner to disclose state tax returns to certain U.S. Congressional Committees. The disclosure requirements apply to…
read more
Oregon Adopts Partnership Audit Procedures
Oregon adopted partnership audit procedures to bring Oregon into conformity with the federal centralized partnership audit regime. The federal partnership audit provisions were adopted in…
read more
Wyoming Corporate Income Tax Bill Fails
A bill introduced in the Wyoming 2019 legislative session that would have imposed a corporate income tax on specified business has failed. The bill would…
read more
How the SALT Deduction Limit Affects the Tax Benefit Rule
The state and local tax deduction limit (SALT) may affect treatment of tax refunds from years when SALT is in effect under the tax benefit…
read more
States Seek Workarounds to SALT Deduction Limitation
States continue to pursue workarounds to the federal Tax Cuts and Jobs Act $10,000 state and local tax (SALT) deduction limitation. State attempts at circumventing…
read more
What’s Happening to State Capital Stock and Net Worth Taxes?
Illinois joined a growing number of states that are phasing out and repealing taxes measured by capital stock or net worth. What Is a Capital…
read more