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Income Taxes › Corporate Taxes › State and Local Government

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Eversheds Sutherland (US) LLP

SALT Scoreboard - Quarter 1, 2024

Eversheds Sutherland (US) LLP on

This is the first edition of the Eversheds Sutherland SALT Scoreboard for 2024. Since 2016, we have tallied the results of what we deem to be significant taxpayer wins and losses and analyzed those results. Our entire SALT...more

Pillsbury - SeeSalt Blog

South Carolina Legislature Forces New Standards for Forced Combination on Revenue Department

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Under a new bill signed into law on March 11, 2024, the South Carolina Department of Revenue will have to satisfy additional standards before it may force affiliated corporate taxpayers to file a unitary combined return. ...more

Blank Rome LLP

New Jersey Still Wrestles with Unity, but Don’t Forget the Rules

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As the New Jersey Division of Taxation changes leadership and issues guidance regarding legislative changes, including for unity, it is time to recall some fundamentals of unity and put the unity statute change in context....more

McDermott Will & Emery

Be Careful What You Wish For: Minnesota May Be on the Precipice of Enacting Worldwide Combined Reporting at the Worst Possible...

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It has been widely reported that the Minnesota Legislature has advanced an omnibus tax bill that would require the inclusion of the “entire worldwide income” of combined corporate income tax filers engaging in a unitary...more

McDermott Will & Emery

Pennsylvania Cuts Corporate Tax Rate, Makes Other Changes to Corporate Tax Law

McDermott Will & Emery on

Pennsylvania Governor Tom Wolf has signed into law omnibus tax legislation to implement the Commonwealth’s fiscal year 2022 – 2023 budget. Among other things, the enacted legislation: (1) cuts the corporate net income tax...more

Smith Anderson

North Carolina Tax Legislation Enacted in the 2022 Short Session

Smith Anderson on

The North Carolina General Assembly ended its 2022 short session on July 1. While the legislature is scheduled to reconvene on July 26, no additional tax legislation is expected to be considered....more

McDermott Will & Emery

“Voluntary” in Name Only? New Jersey Introduces Transfer Pricing Initiative

McDermott Will & Emery on

The New Jersey Division of Taxation (Division) has announced a “voluntary” transfer pricing initiative beginning June 15, 2022, and continuing through March 2, 2023. According to the Division, the initiative is targeted...more

Alston & Bird

Looking Back at Georgia’s 2022 Legislative Session

Alston & Bird on

Georgia’s 2022 legislative session included a number of consequential tax bills. Our State & Local Tax Group highlights key takeaways. What passed: rate cuts and elective consolidation. What didn’t pass: revisions to the film...more

Dentons

Iowa 2022 Legislative Session – Week 4

Dentons on

Week four brought more bill introductions and the continued rapid pace of committee work. We are now two weeks from the second funnel deadline, February 18. Over the next two weeks, committee work will continue with bills...more

Foster Garvey PC

The Oregon SALT Cap Workaround for Pass-Through Entities Is Finally Here – Governor Kate Brown Has Signed Senate Bill 727 Into Law

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Last fall, the IRS announced, with respect to pass-through entities (LLCs or other entities taxed as partnerships or S corporations), that, if state law allows or requires the entity itself to pay state and local taxes (which...more

Schwabe, Williamson & Wyatt PC

Enactment of SB 164 and Changes to Oregon's Corporate Activity Tax

Schwabe, Williamson & Wyatt PC on

Although Oregon’s 2021 legislative session turned out to be relatively quiet from a tax perspective, we did experience some changes to Oregon’s Corporate Activity Tax (“CAT”). Those changes were primarily in the form of SB...more

Blank Rome LLP

New Jersey Announces CBT Voluntary Compliance Initiative for Companies Included in Combined Returns

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The New Jersey Division of Taxation (“Division”) recently extended an invitation for voluntary compliance with limited look-back and penalty waiver to companies that were included in mandatory unitary combined returns and...more

Gould + Ratner LLP

Pending Changes to Illinois Tax Laws Include SALT Workaround

Gould + Ratner LLP on

Illinois lawmakers have approved legislation that is both good news and bad news for Illinois taxpayers. The good news is that, if approved by Gov. Pritzker, Illinois taxpayers will be able to take advantage of a workaround...more

Shumaker, Loop & Kendrick, LLP

South Carolina Enacts SALT Cap Workaround

Shumaker, Loop & Kendrick, LLP on

South Carolina recently joined the growing number of states to enact legislation that provides a state workaround to the $10,000 State and Local Tax (SALT) federal income tax deduction cap imposed on individual taxpayers by...more

Kramer Levin Naftalis & Frankel LLP

New York State Budget Agreement Includes a Pass-Through Entity Tax as a SALT Workaround

Kramer Levin Naftalis & Frankel LLP on

On Wednesday, April 7, 2021, the New York Legislature reached an agreement with Governor Andrew Cuomo for the fiscal year 2021-2022 state budget. The agreed-upon budget package includes a number of revenue raisers ...more

Baker Donelson

S.A.L.T. Select Developments - March 2021

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. In this newsletter edition, we will briefly summarize certain SALT developments in several...more

Bradley Arant Boult Cummings LLP

Snapshot: Corporate Income and Franchise Taxes in the USA

Bradley Arant Boult Cummings LLP on

How is taxable income determined in your state? To what extent is the state income tax base aligned with the federal income tax base? Alabama levies a corporate income tax on business entities classified as taxable or “C”...more

Pierce Atwood LLP

COVID-19: Maine Income Tax Does Not Conform to FFCRA and the CARES Act

Pierce Atwood LLP on

Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more

Smith Anderson

2020 North Carolina Tax Legislation

Smith Anderson on

The North Carolina General Assembly concluded the regular business of its 2020 session on Friday, June 26, 2020. While the session will not formally adjourn until September 3, 2020, the only business expected to be considered...more

Dentons

Pay Your Taxes On Time - New Tax Laws Change Penalties

Dentons on

The Iowa Legislature’s passage of HF2641 makes several changes to Iowa tax law. Among these changes are updates to the Department of Revenue’s penalties....more

Harris Beach PLLC

Third Time's A Charm: IRS and Connecticut Extend Due Dates for Filing Returns and Paying Taxes for Nearly All Taxpayers

Harris Beach PLLC on

In what has developed into an almost weekly ritual as the United States grapples with the COVID-19 crisis, on April 9, 2020, the IRS issued further relief for taxpayers, expanding its postponing of tax return filing and...more

Bradley Arant Boult Cummings LLP

Tennessee Expands Brownfield Franchise and Excise Tax Credit

Bradley Arant Boult Cummings LLP on

On March 20, Gov. Lee signed into law SB 2158/HB 2227, which amends the Tennessee statute governing franchise and excise (F&E) tax credits available for brownfield redevelopment. Effective July 1, 2020, the law creates...more

Ballard Spahr LLP

Virginia Extends Tax Payment Deadlines to June 1, Filing Date Remains Unchanged and Interest Will Accrue

Ballard Spahr LLP on

Virginia Governor Ralph Northam announced that “while filing deadlines remain the same, the due date for payment of individual and corporate income tax will now be June 1, 2020.” However, the Virginia extension to pay, while...more

Holland & Hart LLP

Utah Legislative Update: February 2020

Holland & Hart LLP on

As we reach the midpoint of the 2020 Utah Legislative Session, the state budget has emerged as this year’s theme. In early December 2019, the Legislature met in a Special Session to pass comprehensive tax reform that included...more

Morgan Lewis

NJ Enacts Elective Pass-Through Business Tax to Limit Federal Cap Impact on SALT Deduction

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New Jersey recently enacted the “Pass-Through Business Alternative Income Tax Act,” which allows pass-through businesses with at least one member liable for the New Jersey gross income tax to make an election to pay income...more

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