Colorado Budget Surplus Triggers Income Tax Rate Reduction
In 2019, the Colorado income tax rate will be reduced from 4.63% to 4.50%. This temporary rate reduction is permitted under the Taxpayer’s Bill of…
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Massachusetts Amends Corporate Nexus Rules
Massachusetts amended its rules on corporate excise tax nexus. The rules explain the standards Massachusetts follows when exercising tax jurisdiction over corporations doing business in…
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State Tax Treatment of Section 199A Qualified Business Income Deduction
States have been slow to adopt the qualified business income deduction, also known as the pass-through income deduction. Only a handful of states allow individuals,…
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Maryland Comptroller Improperly Denied NOL Deduction Based on Regulation Amendment
The Maryland Tax Court held the Comptroller overreached his authority in limiting a corporate taxpayer’s net operating loss. The Comptroller impermissibly created a modification to…
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Using a Third-Party to Audit Unclaimed Property? Take Note…
States that use third-parties to audit unclaimed property liability may want to take note of Univer v. Geisenberger, et al., (C.A. No. 18-1909 (MN), Sep. 17,…
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Florida’s Automatic Rate Reduction Triggers Refund Opportunities
Florida law provides automatic corporate income tax rate reductions and refunds based on collections for the tax. The Florida Department of Revenue recently announced a…
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New Hampshire Adjusts Rates, Possibly Adopts Singles Sales Factor Apportionment
New Hampshire enacted legislation: changing the rates of the business profits and the business enterprise taxes; andpossibly adopting singles sales factor apportionment for the business…
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Taxpayers Seek High Court Review in Maryland “Enterprise Dependency” Nexus Case
Taxpayers have asked the U.S. Supreme Court to review if Maryland can base corporate income tax nexus on “enterprise dependency.” Taxpayers’ Business The taxpayers (Staples,…
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New Hampshire Enacts Market-Based Sourcing
New Hampshire enacted market-based sourcing for sales of intangible property for the business profits and business enterprise taxes. The changes take effect January 1, 2021…
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Hawaii’s Income Tax Nexus Standard
Hawaii enacted a new income tax nexus standard for tax years beginning after 2019. Businesses with no physical presence in Hawaii will owe state income…
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