The proposal includes a shift to a single-sales-factor apportionment for financial institutions, aiming to increase tax revenue starting in tax year 2025....more
2/18/2025
/ Apportionment ,
Banks ,
California ,
Corporate Taxes ,
Financial Institutions ,
Income Taxes ,
State and Local Government ,
State Budgets ,
State Legislatures ,
State Taxes ,
Tax Reform
The Arizona Court of Appeals held that an investment tax credit (ITC) deferred as a tax asset has “value” and therefore is properly excluded from the taxable original cost of renewable energy equipment for Arizona property...more
The New Jersey Tax Court held that a taxpayer was entitled to a refund of corporation business tax (CBT) for tax years 2011 and 2012 after determining the taxpayer correctly used a market-based sourcing methodology to source...more
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
In a split decision, the Michigan Supreme Court rejected a taxpayer’s assertion that applying the standard apportionment formula to gain derived from a deemed asset sale led to a grossly distorted, unconstitutional result. ...more
California’s Existing Partial Exemption for Statewide Sales and Use Tax Paid on Qualified Tangible Personal PropertyRTC section 6377.1 exempts from certain state sales and use taxes the sale of, and the storage, use or other...more
6/2/2023
/ Business Strategies ,
California ,
Capital Investments ,
Income Taxes ,
Investment Opportunities ,
Legislative Agendas ,
Manufacturers ,
Pending Legislation ,
Personal Property ,
Power Infrastructure ,
R&D ,
Regulatory Agenda ,
Regulatory Reform ,
Tangible Property ,
Tax Credits
An administrative law judge with the New York State Division of Tax Appeals held that the federal Internet Tax Freedom Act (ITFA) preempted the imposition of New York franchise tax and a metropolitan transportation business...more
On March 1, 2023, a Florida trial court confirmed that costs of performance (COP) sourcing, not market-based sourcing, is Florida’s standard methodology for sourcing service receipts for apportionment purposes. In Billmatrix...more
The Texas Comptroller of Public Accounts has proposed significant amendments to its service receipts sourcing regulation in the wake of the Texas Supreme Court’s decision in Sirius XM Radio, Inc. v. Hegar, 643 S.W.3d 402...more
In a much-anticipated decision concerning the situsing of receipts from intangibles for Ohio commercial activity tax (CAT) purposes, the Ohio Supreme Court rejected the Ohio Department of Taxation’s attempt to situs NASCAR...more
An administrative law judge in the New York State Division of Tax Appeals rejected the state’s position that a taxpayer providing a web-based service which allowed clients to identify effective and ineffective messaging...more
The meeting’s focus suggests the Multistate Tax Commission intends to address special industry regulations before general sourcing regulations.
A new Multistate Tax Commission work group held its first meeting to discuss...more
For tax years beginning on or after January 1, 2023, affiliated groups may elect to file a consolidated Georgia income tax return without having to seek the permission of the Georgia Department of Revenue.
The principal...more
An administrative law judge in the New York State Division of Tax Appeals rejected the New York State Division of Taxation’s use of a look-through approach for sourcing fees paid to a broker-dealer for marketing,...more
Two organizations, the Washington Bankers Association and American Bankers Association (collectively, the “Associations”), are urging the U.S. Supreme Court to review the constitutionality of Washington’s business and...more
On September 30, 2021, the Washington Supreme Court upheld the constitutionality of the state’s 1.2% Business & Occupation (“B&O”) surtax on large financial institutions. Wash. Bankers Ass’n v. State, No. 98760-2 (Wash....more
The Massachusetts Supreme Judicial Court recently held that software vendors have a statutory right to apportion tax on the sale of prewritten computer software purchased for use in multiple states and that they may do so...more
On March 29, 2021, Tennessee Governor Bill Lee signed legislation creating a new sales and use tax exemption and a new franchise and excise tax (F&E) credit for “qualified productions.” H.B. 141, 112th Gen. Assemb., ch. 70...more
On February 15, 2021, the Maryland Court of Appeals issued a decision in Clear Channel Outdoor, Inc. v. Director, Department of Finance of Baltimore City, Case No. 24-C-18-001778 (Md. 2021), upholding the constitutionality of...more
In Tesoro Logistics Northwest Pipeline LLC v. Department of Revenue, the Oregon Tax Court, Regular Division, held that although a unit of property acquired by one centrally assessed company from another qualified as “new...more
A recent change in New York law requires local authorities to assess spent nuclear fuel storage facilities at permanently shutdown nuclear power plants as real property for ad valorem tax purposes.
The legislation raises...more
1/26/2021
/ Ad Velorum Property Taxes ,
Energy Storage ,
Governor Cuomo ,
New Legislation ,
New York ,
Nuclear Power ,
Nuclear Regulatory Commission ,
Nuclear Waste ,
Property Tax ,
State and Local Government ,
Valuation
A Delaware state court struck down as unconstitutional a longstanding policy of the state’s taxing authority limiting NOL deductions of corporate taxpayers who file federal consolidated income tax returns.
The Delaware...more
A federal district court held that under comity principles, Indiana state court is a more appropriate venue for a putative class action brought by three Indiana municipalities seeking to impose franchise fees on a group of...more
The fate of Washington’s Business & Occupation (“B&O) surtax on large financial institutions remains uncertain as the state’s highest court has not yet decided whether to grant direct review or transfer the state’s appeal to...more
A New York trial court held that charges for storage services rendered in New Jersey were not subject to New York sales tax despite the fact that the property was originally picked up in New York. ...more