Minnesota Budget Proposal Includes Federal Conformity
Minnesota Gov. Tim Walz announced a budget proposal that includes: – an expansion of the working family tax credit; – increasing the subtraction for Social…
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Bill Containing Industrial Sector Changes Passes Kentucky House
A Kentucky bill with property tax and utility gross receipts license tax provisions concerning the industrial sector has passed the House. Property Tax As currently…
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Marketplace Economic Nexus Bill Passes Kentucky House
A bill containing marketplace economic nexus provisions and other sales tax provisions has passed the Kentucky House. Marketplace Economic Nexus Under current law, a remote…
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Kentucky House Passes IRC Conformity Update, Other Changes
The Kentucky House passed legislation that: – updates the IRC conformity date for computing corporation and personal income tax liability; – clarifies combined reporting requirements…
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Tax Reform Not Responsible for 2018 Withholding Errors, Senior Treasury Official Says
A senior Treasury official has said that tax reform is not responsible for taxpayers’ withholding errors in 2018. Senate Democrats have criticized the Tax Cuts…
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Illinois Enacts Withholding Tax Credit for Small Employers
Illinois enacted a personal income withholding tax for small employers. Who Qualifies for the Credit? Employers with 50 or fewer Illinois full-time employees who make…
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Florida Issues Tax Cuts and Jobs Act Impact Report
Florida issued a comprehensive 288-page report on how the federal Tax Cuts and Jobs Act (TCJA) impacts the state corporate income tax. State legislation enacted…
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Arkansas Legislation That Modifies Tax Brackets, Decreases Top Rate Enacted
Beginning in 2020, Arkansas tax brackets are modified to provide reductions for individual, trust, and estate taxpayers. In addition, the enacted legislation repeals a trigger…
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Estate Beneficiaries Liable for Unpaid Estate Tax (Ringling, DC SD)
The beneficiaries of a decedent’s estate were liable for the decedent’s unpaid estate tax. Prior to his death, the decedent owned property jointly with each…
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CFC Partners Required to Increase E&P for Subpart F Inclusions (Eaton Corporation and Subsidiaries, TC)
The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under…
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