Connecticut Requires Bonus Depreciation, Sec. 179 Adjustments
The Connecticut General Assembly passed a bill that implements some of Gov. Dannel P. Malloy’s proposals to counteract changes enacted by the Tax Cuts and Jobs Act (P.L. 115-97). These include: –...
View ArticleIRC Conformity Bill Goes to Hawaii Governor
Hawaii’s Internal Revenue Code (IRC) tie-in date would move to February 9, 2018, under a bill passed by the Legislature. The date change would apply to corporate and personal income taxes for tax years...
View ArticleIndiana Special Session Considers IRC Conformity
Indiana began a special session on May 14. The session is considering an income tax bill addressing: – IRC conformity; – IRC Sec. 965 income; – carry forward of tax credits; and – the 529 education...
View ArticleNorth Carolina Proposes Income Tax Rate Changes
North Carolina Gov. Roy Cooper’s budget for fiscal year 2018-19 proposes to: – freeze the corporate income tax rate; – reduce the personal income tax rate on income below a certain threshold; –...
View ArticleSection 199A Passthrough Guidance Expected in July, Kautter Says
The IRS expects to issue guidance on the Code Sec. 199A passthrough deduction in July, Acting IRS Commissioner David Kautter has said. Kautter outlined the timeline of various guidance proposals at the...
View ArticleHawaii Proposes Surcharge on Investment Real Property
Hawaii may allow the Legislature to establish a property tax surcharge on investment real property. The Legislature passed a proposed constitutional amendment to allow such a surcharge. Voters to...
View ArticleVeto Amendment for Illinois Gun Bill Includes New Tax
Gov. Bruce Rauner proposed that an Illinois gun violence and crime bill include a local sales tax to fund school resource officers and mental health professionals. The governor’s proposal was included...
View ArticleIndiana Enacts IRC Conformity Bill
Indiana has enacted corporate and personal income tax Internal Revenue Code (IRC) conformity legislation. The bill was not substantially changed from the version introduced and reported on yesterday....
View ArticleHouse Lawmakers Examine Tax Reform
House tax writers continue to dispute the effects of tax reform. The House Ways and Means Committee held a May 16 hearing examining the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97). Tax Policy Sides...
View ArticleNo Enforceable Right to IRS Appeals Review under TBOR (Facebook, Inc., DC...
A social media company did not have an enforceable right to IRS Appeals review of its tax case. Therefore, the taxpayer lacked standing to compel the IRS to refer the case to Appeals. In addition, the...
View ArticleArizona Imposes Tax on Sales of Food by Mobile Facilities
Arizona has enacted legislation imposing tax on sales of food by mobile food units. Mobile food units now fall under the restaurant classification for sales tax purposes. Thus, sales of food by street...
View ArticleIndiana Revises Corporate Income Tax Rate Calculation and Credit
Indiana enacted legislation amending the corporate income rate calculation and the industrial recovery tax credit. The law: – allows corporate taxpayers to calculate the rate they pay based on days...
View ArticleMassachusetts Provides Estimated Tax Penalty Relief for IRC Sec. 965 Income
Massachusetts intends to waive tax penalties for the underpayment of estimated corporate excise tax on IRC Sec. 965 income. What is the IRC Sec. 965 Transition Tax? The Tax Cuts and Jobs Act (P.L....
View ArticleOklahoma Creates New Credits for Vehicle Manufacturing Industry
For tax years 2019-2025, Oklahoma has created three new income tax credits for employers and employees in the vehicle manufacturing industry. In order to qualify for the credits, an employee must be: –...
View ArticleCongress Remains Focused on Tax Reform
Congressional lawmakers on Capitol Hill continue to focus on tax reform. Republicans and Democrats alike have been discussing the effects of tax reform, albeit reaching different conclusions. Tax...
View Article“One Maryland” Credit Revised
Maryland enacted several changes to the “One Maryland” economic development credit against income and insurance premiums taxes. The amendments apply to credit certifications issued after June 30, 2018....
View ArticleMaryland Retains Personal Exemptions
Maryland will continue to allow personal exemptions, despite their elimination for federal income tax purposes. Reliance on Federal Law Previously, the number of Maryland personal exemptions allowed...
View ArticleMassachusetts Provides Local Marijuana Tax Information
Massachusetts updated its municipal databank to provide information on new local marijuana sales taxes and tax rates. What are the tax rates? All the municipalities currently with a marijuana sales tax...
View ArticleWeekly Report from Washington, D.C.
During the week of May 14, congressional lawmakers on Capitol Hill remained focused on tax reform. In other news, Acting IRS Commissioner David Kautter has said the IRS expects to issue guidance on the...
View ArticleMaryland Enacts Small Business Credit
A new, refundable income tax credit is available for Maryland small businesses that have 14 or fewer employees. The business must employ at least one “qualified employee” to claim the credit. The...
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