Franchise Taxes

News & Analysis as of

Major Tax Legislation Enacted by the Short Session of the 2015-16 General Assembly

This Alert summarizes the major tax provisions included in legislation passed by the 2015-2016 North Carolina General Assembly in its short session, which concluded earlier this month. The most widely discussed tax...more

New York Surplus Lines Tax Update: New York Clarifies Franchise Tax Position on Surplus Lines Insurers under Backdrop of NRRA

Last month, New York issued two advisory opinions that could alter the tax obligations for surplus lines insurers. Advisory Opinion TSB-A-16(5)(C) (June 10, 2016, available here) and Advisory Opinion TSB-A-16(4)(C)...more

New York Issues Two Advisory Opinions Regarding Surplus Lines Insurance

The New York State Department of Taxation and Finance (Department) issued two advisory opinions determining that unauthorized non-life insurance corporations (here, surplus lines insurance companies) are subject to insurance...more

Spotlight on Tennessee: 2016 Tax and Related Legislation

During the 2016 Session, 109th General Assembly, the Legislature considered several tax and related initiatives before adjourning. Although the number of such initiatives this Session was not as large as in the 2015 Session...more

Breaking News: Texas Comptroller Publishes Retroactive Rule Targeting IT, Pharmaceutical Retailers; Clock Running on Comment...

On May 20, 2016, the Texas Comptroller of Public Accounts published proposed amendments to 34 Tex. Admin. Code 3.584 – relating to the reduced rate available under the Texas Franchise Tax for retailers and wholesalers – in...more

New Louisiana Franchise Tax Law Attempts to Dispense with Nexus

Most of the backlash following the Louisiana Legislature's 2016 First Extraordinary Session (Session) seemed to focus on the additional one percent state sales and use tax and the suspension of numerous sales and use tax...more

Mississippi Legislature Passes Significant Tax Relief

On April 18, 2016, the Mississippi Legislature passed Senate Bill 2858 and enacted the “Taxpayer Pay Raise Act of 2016.” Lieutenant Governor Tate Reeves describes the Act as the largest tax relief package in Mississippi...more

State Tax Fallout From Federal Proposed Related-Party Debt Regulations

Recently proposed Treasury regulations under IRC § 385 (the Proposed Regulations) would create sweeping changes to the federal income tax treatment of related-party debt. The Proposed Regulations could also have far-reaching...more

Retailers, Such as IT and Pharmaceutical Vendors, Among Businesses Targeted by Texas Comptroller’s Proposed Rule Change

The Texas Comptroller of Public Accounts recently proposed amendments to 34 Tex. Admin. Code 3.584 relating to the reduced rate available under the Texas Franchise Tax for retailers and wholesalers. These proposed revisions,...more

Spotlight on Tennessee: Department of Revenue's Upcoming April 26 Rulemaking Hearing

On April 26, 2016, at 1:00 p.m. CST, a hearing will be conducted regarding proposed regulations filed by the Tennessee Department of Revenue (Department) with the Secretary of State on February 25, 2016. This rulemaking...more

The Pennsylvania Capital Stock Tax is no More––Now What?

With the April 15 deadline for calendar year Pennsylvania Corporate Tax Report (RCT-101) filers right around the corner, it is worth remembering that the Pennsylvania Capital Stock/Foreign Franchise Tax (“CS/FFT”) has finally...more

Spotlight on Tennessee: Forced Franchise/Excise Tax Variance Upheld by Supreme Court

On March 23, 2016, the Tennessee Supreme Court issued its much-awaited decision in the case of Vodafone Americas Holdings, Inc. et al. vs. Tennessee Commissioner of Revenue....more

New York State Clarifies Taxation of Unauthorized Insurance Companies

Three recent decisions (March 3, 2016) by a New York State Division of Tax Appeals administrative law judge help to clarify the taxation of unauthorized insurance companies subject to New York State taxation. New York...more

Southeast State & Local Tax: Important Developments - March 2016

The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of important tax developments around the Southeast....more

New Developments in the Determination of the Texas Franchise Tax Liability

The Texas Franchise Tax is imposed on taxable entities that do business in Texas or that are chartered or organized in the state.  Taxpayers subject to the Texas Franchise Tax may compute their tax liabilities under several...more

New York State Division of Tax Appeals Addresses Unauthorized Insurance Company Taxation

A New York State Division of Tax Appeals administrative law judge (ALJ) issued three determinations addressing the tax implications for unauthorized insurance companies, both life and non-life. Significant uncertainty has...more

171 and Done, Elimination of the Capital Stock and Foreign Franchise Taxes in Pennsylvania

On January 4, 2016, Pennsylvania Governor Tom Wolf announced the elimination of the capital stock and foreign franchise tax effective January 1, 2016. Prior to 2016, all domestic corporations formed in Pennsylvania, including...more

Spotlight on Tennessee: Department of Revenue Proposes Tax Regulations

The Tennessee Department of Revenue (the Department) is in the process of proposing a wide range of regulations addressing current state tax laws. The purpose of this project is to promulgate new regulations to clarify and...more

Business Incentive Changes in Recent North Carolina Legislation

The North Carolina General Assembly passed two significant pieces of legislation affecting corporate activity, expansion and new investment in North Carolina. First, the General Assembly passed the state budget...more

North Carolina Tax Reform (2015 Edition)

North Carolina’s General Assembly is continuing the overhaul of the State’s tax system that it began in 2013. That year, the General Assembly slashed corporate and individual tax rates, eliminated many income tax deductions...more

Corporate Tax Changes in North Carolina Budget Bill

The North Carolina General Assembly unveiled the state budget late Monday night – 76 days after it was due. Contained in the 429 pages are a number of proposed changes to the corporate income and franchise tax....more

New York State Tax Department Releases Draft Corporate Tax Nexus Regulations for Comment

On September 2, 2015, the New York State Department of Taxation and Finance released draft amendments to the Article 9-A corporate franchise tax regulations to address significant changes relating to statutory nexus under...more

Supreme Court Update: Glossip V. Gross (15-7955) And Order List

We're back with our final Update of OT14, covering Glossip v. Gross (15-7955), a doubly divisive death-penalty case, and providing a roundup of the Court's orders over the last few weeks. (Did you think we'd forgotten about...more

New Stock Identification Requirements for New York Corporate Tax Exemption

Effective for tax years beginning on or after January 1, 2015, pursuant to legislation enacted last year, income from "investment capital" is exempt from New York State franchise tax for corporate taxpayers otherwise subject...more

Seeing Green: New York’s Reformed Brownfields Cleanup Program Creates Opportunities for Redevelopment to Generate Refundable Tax...

Now is the time to begin brownfield redevelopment projects in the State of New York. Reauthorization of and reforms to New York’s Brownfields Cleanup Program, which provides tax credits to redevelop contaminated properties,...more

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