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…
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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…
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New Mexico Adopts Mandatory Combined Reporting
Beginning in 2020, New Mexico combined reporting will be mandatory for corporations that are members of a unitary business group. New Mexico has an exception,…
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Oregon Corporate Activity Tax Enacted
Oregon enacted legislation: creating a Corporate Activity Tax (CAT) on certain gross receipts; and reducing the personal income tax rates for the lowest three brackets.…
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Illinois Takes Step Closer to Graduated Income Tax Rates
Illinois took one more step closer to adopting graduated personal income tax rates. State lawmakers ended the last week of their regular session by: agreeing…
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Massachusetts Resurrects Millionaire Tax
Lawmakers resurrected proposals (S.B. 16 and H.B. 86) to amend the Massachusetts Constitution to allow an additional income tax on millionaires. What Do the Amendments…
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Tennessee Changes Enacted for GILTI and Repatriation Income
Tennessee has enacted changes or modifications for global intangible low-taxed income (GILTI) and repatriation income. Excise Tax Subtractions for GILTI and Repatriation Income The new…
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Iowa Clarifies §199A Treatment, Adopts Like-Kind Exchange Calculation
Iowa has enacted legislation: clarifying that the IRC Sec. 199A deduction applies to IRC Sec. 199A(a) and 199A(g), retroactive to January 1, 2019; updating the…
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Iowa Enacts Sales Tax Reform
Iowa tax reform makes changes to sales tax economic nexus and other sales and excise tax rules. Transaction Threshold for Economic Nexus The tax reform…
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States Are Immune From Private Suits in Other States’ Courts
The U.S. Supreme Court ruled that states are immune from private suits brought in other states’ courts. In the Franchise Tax Board of California v.…
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