Kansas ~ Multiple Taxes: Sunset Date Extended for Angel Investor Tax Credit...
Recently enacted Kansas legislation extends the sunset date for the angel investor tax credit program through tax year 2021 (previously, tax year 2016). The angel investor tax credit program allows...
View ArticleNorth Carolina ~ Multiple Taxes: Interest Expense Deduction Amended,...
Legislation has been enacted that: — amends the corporate income tax interest expense deduction; — broadens the definition of “sales” for purposes of the sales factor of the corporate income tax...
View ArticleMaryland ~ Property Tax: Credit Allowed for New, Small Businesses
Effective July 1, 2016, and applicable to taxable years beginning after December 31, 2016, a county may grant up to a 50% Maryland personal property tax credit imposed on personal property owned or...
View ArticleOklahoma ~ Insurance Tax: Tax Rates for Certain Policies Amended
Oklahoma has enacted legislation that sets the tax rate for certain life insurance policies at 2.25% of the policy year premium, up to $100,000, and 0.10% for policy year premium exceeding $100,000....
View ArticleHouse Approves Bipartisan IRS Oversight Bill
The House passed the Stolen Identity Refund Fraud Prevention Bill of 2016 (HR 3832), sponsored by Rep. Jim Renacci, R-Ohio, by voice vote on May 16. HR 3832, which provides for a number of changes...
View ArticleKoskinen “Focused on Service” While Facing Upcoming House Judiciary Committee...
An IRS spokesperson told Wolters Kluwer on May 16 that Commissioner John Koskinen “remains focused on serving the nation’s taxpayers” after the House Judiciary Committee announced it will review...
View ArticleAlabama ~ Corporate, Personal Income Taxes: Filing and Payment Due Dates Same...
Legislation have been enacted conforming Alabama corporate and personal income tax return and payment due dates to the federal income tax return and payment due dates for taxable years beginning on or...
View ArticleArizona ~ Corporate, Personal Income Taxes: IRC Conformity Date Update and...
Arizona legislation has been enacted that updates the state’s conformity to the Internal Revenue Code (IRC) for corporate and personal income tax purposes for taxable years beginning after 2015....
View ArticleLouisiana ~ Sales and Use Tax: Nightclubs’ Assessment Based on Sampling and...
Two nightclubs that did not preserve or provide suitable records of their actual sales, including alcohol sales and cover charges, were properly assessed Louisiana local sales taxes on the basis of the...
View ArticleMississippi ~ Multiple Taxes: Bill to Phase Out Franchise Tax, Reduce Income...
Mississippi Gov. Phil Bryant has signed legislation reducing income taxes for corporate and personal taxpayers, creating a deduction for self-employed individuals, and phasing out the franchise tax. As...
View ArticleVermont ~ Multiple Taxes: Miscellaneous Tax Bill Passed by Legislature
Legislation passed by the Vermont House of Representatives and the Senate, the miscellaneous tax bill, includes amendments to corporate income, personal income, sales and use, meals and rooms,...
View ArticleHatch Previews Corporate Integration Proposal
“Among the most significant and inexplicable inefficiencies in our business tax system is the fact that a significant portion of U.S. business income is taxed more than once,” Senate Finance Committee...
View ArticleDesignated Roth Distribution Rule Changes Allow Allocations of Pre- and...
The IRS has finalized regulations eliminating the requirement that each disbursement from a designated Roth account that is directly rolled over to an eligible retirement plan be treated as a separate...
View ArticleArizona ~ Multiple Taxes: Tax Recovery Program Established
Enacted Arizona legislation requires the Department of Revenue to establish a program through December 31, 2018, for purposes of abating and waiving civil penalties and interest for unpaid state tax...
View ArticleConnecticut ~ Corporate, Personal Income Taxes: Approved Budget Contains...
The Connecticut General Assembly has approved a biennium budget that includes, among other tax provisions, a requirement that Connecticut corporation business taxpayers compute the single sales factor...
View ArticleLouisiana ~ Sales and Use Tax: Hurricane Preparedness Sales Tax Holiday...
The annual Louisiana Hurricane Preparedness Sales Tax Holiday will not be in effect for May 2016 because this tax holiday event was not among the exemptions and exclusions declared “operative and in...
View ArticleMississippi ~ Corporate, Personal Income Taxes: Historic Structures Credit...
Mississippi has enacted legislation amending the personal and corporate income tax credit for the costs and expenses incurred for the rehabilitation of certain historic structures and the corporate tax...
View ArticleTexas ~ Sales and Use Tax: Tax Holiday for Water-Efficient and Energy Star...
The Texas sales tax holiday for purchases of certain water-efficient and water-conserving products and energy-efficient appliances will take place during the Memorial Day Weekend, from May 28...
View ArticleWashington—Sales and Use Tax: Initiative 1366 Was Unconstitutional
Initiative 1366 (I-1366), which required a reduction in the Washington sales tax rate if the legislature did not propose a constitutional amendment mandating two-thirds legislative approval or voter...
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