Do States Conform to the CARES Act NOL Carryback Periods?
Most states with a corporate income tax do not conform to the net operating loss (NOL) carryback periods added by the Coronavirus Aid, Relief, and…
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Maryland Amends Opportunity Zone Enhancement Program
Maryland recently amended its Opportunity Zone Enhancement program by: limiting the enhanced benefits to certain tax years;restricting eligibility under the biotechnology investment and cyber security…
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State Responses to the CARES Act Business Interest Deduction Limit
The Coronavirus Aid, Relief, and Economic Security (CARES) Act increased the limit on the business interest expense deduction. The deduction limit under IRC Sec. 163(j)…
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Does the CARES Act NOL Limit Change Impact State Taxpayers?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act suspended the 80% limit on federal net operating loss (NOL) deductions. The 80% taxable income limit…
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State Legislation and Guidance on CARES Act Charitable Deduction Changes
A few states have enacted legislation or issued guidance on changes by the Coronavirus Aid, Relief, and Economic Security (CARES) Act that: increased charitable deduction…
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Back-to-School Sales Tax Holidays Return in Many States
Wolters Kluwer Tax & Accounting explores upcoming sales tax holidays Amid the Coronavirus pandemic, many states and localities are debating if they can open schools…
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California Suspends Net Operating Loss Deductions, Limits Business Tax Credits
California suspends the use of net operating loss (NOL) deductions and limits the use of business tax credits for tax years beginning in 2020, 2021,…
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Interest Rate for Wynne Refunds Held Constitutional
The Maryland Court of Appeals affirmed that the state’s interest rate for personal income tax refunds under the Wynne case was constitutional. Background on Wynne…
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State Tax Treatment of Opportunity Zone Fund Investments
Most states recognize the federal deferral of gain on qualified opportunity zone investments. A few states limit tax deferral on the gain to in-state qualified…
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States Issue Income Tax Guidance on COVID-19 Telecommuting
States are starting to issue income tax guidance on the impact of employee telecommuting during the COVID-19 emergency. This includes guidance on the impact to…
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