State Tax Headlines

1789

Pennsylvania ~ Multiple Taxes: Keystone Opportunity Zone Act Amended

Pennsylvania Gov. Tom Corbett has signed legislation into law amending the Keystone Opportunity Zone (KOZ), Keystone Opportunity Expansion Zone (KOEZ), and Keystone Opportunity Improvement Zone (KOIZ) Act. Effective immediately, the legislation authorizes the extension of tax exemptions, deductions, abatements, and credits; the creation of additional KOEZs; the expansion of existing zones for job creation; and also repeals the law’s original sunset date of December 31, 2018. Tax benefits available to businesses and residents located in KOZs, KOEZs, and KOIZs include a sales and use tax exemption, a property tax abatement, and credits against corporate and personal income, capital stock and franchise, insurance gross premiums, bank shares, and mutual thrift institutions taxes.

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CCH Webinar: Gift Cards and Unclaimed Property Rules: Maximize Opportunities and Avoid Serious Pitfalls Scheduled for February 22

CCH Tax and Accounting is hosting a live two-hour Webinar, Gift Cards and Unclaimed Property Rules: Maximize Opportunities and Avoid Serious Pitfalls, on Wednesday, February 22, 2012, at 1 p.m. Eastern; noon Central; 11 a.m. Mountain; 10 a.m. Pacific. This two-hour CCH Webinar, presented by Christina Edson, J.D., LL.M. and Mark Siegel, M.S.T., C.P.A., both senior managers at BDO, will discuss current trends and issues affecting state unclaimed property laws as they pertain to gift cards and gift certificates.

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Texas ~ Corporate Income Tax: Constitutional Challenge Dismissed for Lack of Jurisdiction

The Texas Supreme Court dismissed, for lack of jurisdiction, an original proceeding brought by a group of corporations (taxpayers) which claimed that the Texas franchise tax is unconstitutional. The taxpayers had argued that the tax violates the Equal and Uniform Clause of the Texas Constitution and the Equal Protection, Due Process, and Commerce Clauses of the United States Constitution.

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Pennsylvania ~ Corporate Income Tax: Bill Would Create Intangible Expense Addback, Implement Single Sales Factor

Legislation introduced in the Pennsylvania House of Representatives would create a corporate income tax addback for intangible expenses and would implement a single sales factor beginning in 2013. If enacted, the bill would also increase the net loss deduction, while decreasing the corporate net income tax rate, yearly beginning in 2014.

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West Virginia ~ Property Tax: Attorney Representation Required for Appeals by Corporations

The West Virginia Supreme Court of Appeals held that the portion of a statute allowing a non-lawyer agent to appeal a property tax ruling of a county board of equalization and review to the circuit court and to engage in activities that constitute the practice of law is unconstitutional because it is a legislative encroachment on the court’s exclusive authority to define, regulate, and control the practice of law. The taxpayer, a corporation disputing the county assessor’s valuation of real estate owned by the corporation, was represented in its appeals to the circuit court by its vice-president rather than a licensed attorney. After the circuit court dismissed the corporation’s appeals because it failed to retain a lawyer, the taxpayer appealed.

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Utah ~ Sales and Use Tax: Nexus Bill Requiring Buyer Notice Introduced

A sales and use tax nexus bill that would impose buyer notice and other requirements on out-of-state sellers has been introduced in the Utah Senate. The bill would (1) require certain out-of-state sellers to give Utah customers notice of their potential Utah use tax liability on their purchases, and (2) prohibit such sellers from representing that no sales tax is due unless certain conditions are met, including the seller knowing that tax is not due.

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