Corporate Tax Rates

News & Analysis as of

Pennsylvania Tax Developments - A Reed Smith Quarterly Update: July 2015

This is a brief update on recent Pennsylvania tax developments. Amended Return “Trap”—Court Holds That Amended Return Was Not a Petition for Refund; Possible Legislative Fix? - On June 9, the Commonwealth Court issued a...more

New Trade Act Hikes Penalties for Information Return Failures

The newly-enacted Trade Preference Extension Act boosts the penalties for failing to provide accurate information returns to the IRS and payees – such as Forms W-2, 1098, and 1099, as well as Forms 1095-B and 1094-B. The...more

Tax Measures in the UK 2015 Summer Budget

The new tax announcements are designed to improve productivity and correct imbalances in the tax system. On 8 July, UK Chancellor of the Exchequer George Osborne made a number of announcements relating to the tax system...more

UK Summer Budget 2015 – Key Tax Measures

The Chancellor of the Exchequer’s first Budget of the new Parliament, delivered on 8 July 2015, will be remembered as a reforming Conservative budget, including significant changes to the United Kingdom’s welfare provisions...more

Pennsylvania’s NOL Cap Litigation Moving Forward

In a Corporate Net Income Tax (“CNI”) appeal filed by Nextel Communications of the Mid-Atlantic, Inc. (“Nextel”), the Commonwealth Court will consider whether Pennsylvania’s statutory cap on net operating loss (“NOL”)...more

Tax Policy Update

NUMBER OF THE WEEK: 40 percent. The average combined federal and state tax rate paid by most U.S.-based firms, according to a Wall Street Journal op-ed by James Freeman today, entitled “The Tax Takeover Craze.” Freeman claims...more

Business Tax Reform High Priority

Last week, I was at the ABA Tax Section meeting in DC, and one refrain that I heard over and over is that tax reform is a major priority for Congress. The Obama administration has basically shut down the possibility of...more

$400 Million Surplus Could Trigger Corporate Tax Rate Reduction

North Carolina state officials have announced a projected $400 million revenue surplus for the current fiscal year. The anticipated surplus is mainly due to higher income tax payments and lower refunds compared to last year....more

Tax Policy Update

NUMBER OF THE WEEK: 6.5 percent. The tax rate at which companies could voluntarily repatriate their foreign earnings under the Invest in Transportation Act of 2015 (S. 981). Senators Barbara Boxer (D-CA) and Rand Paul (R-KY)...more

IRS Denies Treaty Benefits Despite Lack of Treaty Shopping

In Starr International Company, Inc., v. United States, the taxpayer (“Starr International Company, Inc.” or “SICO”) filed a complaint in the United States District Court for the District of Columbia seeking a tax refund from...more

U.S. Treasury Department Takes Action to Slow (But Not Stop) Corporate Inversions: A Summary for Executives

What is an inversion? An inversion is a transaction that results in an existing U.S. company becoming a foreign company or becoming a subsidiary of a foreign parent. Historically, inversions involved U.S. companies...more

Don’t Stop Corporate Inversions

If you want to see specific stocks take a hit then stop corporate inversions. Corporate inversions are the relocation of a U.S. company’s corporate domicile, (its formal headquarters) to a lower tax jurisdiction. Inversions...more

If I Had a Hammer – A Creative Method for Repatriating Offshore Corporate Profits

In this era of corporate inversions, there seems to be a lot of mud-slinging going around. Congress and the current Presidential administration would like to label large multi-national corporations as traitors. Somewhere...more

How Windstream Ruling Will Affect Foreign Taxpayers

In general, a REIT is a special purpose entity for U.S. federal income tax purposes that requires at least 75 percent of the value of the entity’s gross assets to consist of real estate assets, cash, cash items, and...more

Are REITs a Viable Strategy for Communications Companies?

Windstream Holdings, Inc. recently announced plans to spin off its copper, fiber and other fixed real estate assets into an independent publicly traded real estate investment trust (REIT). Windstream received a private letter...more

New York Corporate Tax Reform: Benefits (and Burdens?) for Qualified New York Manufacturers

Earlier this year, New York enacted sweeping corporate tax reform that included a number of special benefits for qualified New York manufacturers. (For a discussion of this corporate tax reform, see our Special Report.) ...more

Thinking of Moving to Florida? Maybe a Little Further South is a Better Option

In an effort to revitalize its economy, Puerto Rico has passed tax laws intending to attract investment to the island. Located two hours from Florida, the Caribbean territory of the U.S. offers several substantial tax...more

Charitable Planning with S Corporation Stock—Making It Work

Since 1998, charities have been able to own S corporation stock (“S stock”). However, the ownership of S stock by an exempt organization may result in either an unexpected tax burden or a liability rather than an asset for...more

CRS Report Takes Negative View on Bonus Depreciation

The Congressional Research Service (CRS) has issued a report analyzing the economic effects of bonus depreciation. CRS has very little to say that is positive about bonus depreciation. CRS views it as neither an effective...more

Wyden’s Previous Proposals Could Signal Tax Reform Priorities

Senator Ron Wyden (D-OR) has been a strong advocate for comprehensive tax reform since he joined the Senate Finance Committee in 2005. During his tenure on the Committee, he has introduced a series of comprehensive tax reform...more

Japan To Reduce Corporate Income Tax Rate

The corporate income tax rate in Japan is known to be one of the highest worldwide. To encourage foreign companies to do business in Japan and make Japan a more attractive location for investments, Prime Minister Shinzo Abe...more

Rhode Island 2015 FY Budget - CorporateTax Rate Reduced to 7% Effective 1/1/15: Corporate Rate will be the Lowest in the Region;...

Early this morning, the House adopted a budget that made significant changes to Rhode Island corporate income taxes. In order to make Rhode Island more competitive to attract and retain businesses, the corporate tax...more

As Congress Seeks Additional Funding, Inversion Proposal Emerges

Throughout the past several weeks, Pfizer’s attempt to acquire AstraZeneca has garnered significant congressional and media attention. Pfizer, a U.S. multinational corporation, made a bid for AstraZeneca in an effort to move...more

Corporate Inversions–Fencing In U.S. Businesses

The U.S. has a tax competitiveness problem – its effective corporate tax rates are among the highest in the world. Once upon a time the U.S. was on the low end, and attracted business and capital. Now that it is on the high...more

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