New Mexico

STATE TAX KNOWLEDGE UPDATE (62 ITEMS) - MAY 2, 2018

The following are state tax and business developments I have curated since April 11th, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

  1. Legislative Session Review: Idaho

  2. Legislative Session Review: Arkansas

  3. Maryland Legislature Sends Single-Sales Factor Bill to Governor

  4. Oklahoma Enacts Marketplace Sales Legislation

  5. Oregon Updates IRC Conformity, Repeals Tax Haven Law

  6. Oregon Extends Interstate Broadcaster Apportionment Provisions

  7. Maine Amends Headquarters Credit, Other Provisions

  8. Enacted Oklahoma Marketplace Sales Legislation Detailed

  9. Virginia Allows Modified Apportionment Factors for Certain Companies

  10. New York Enacts Budget With IRC Conformity, Other Changes

  11. Nebraska Updates IRC Conformity

  12. Tennessee Allows Financial Asset Managers to Elect Single Receipts Factor Apportionment

  13. New Arizona Law Updates State Conformity to Some Provisions of IRC

  14. Texas Comptroller Reminds that Tax Amnesty Program will Run from May 1 to June 29 and Provides for Potential Waiver of Penalties and Interest

  15. Connecticut Administrative Guidance Discusses Treatment of IRC Sec 965 Federal Repatriation Transition Tax

  16. New York 2018-2019 State Budget Bill Addresses Treatment of Some Provisions of the 2017 Federal Tax Reform Act

  17. New Oregon Law Updates State Conformity to IRC for Specific Provisions and Extends Sunset Date of Modified Apportionment Regime for Interstate Broadcasters

  18. New Alabama Law Requires Certain Marketplace Facilitators to Collect and Remit Tax or Else Adhere to Information Reporting Requirements

  19. Oregon Enacts Qualified Business Income Addition

  20. Kentucky Enacts Apportionment Formula, Rate, Other Changes

  21. Kentucky Broadens Sales Tax Base, Hikes Cigarette Tax, Makes Other Changes

  22. Digital Tax Arguments Focus on Role of Congress, Compliance Costs

  23. Insight: ‘Wayfair: Covering the Waterfront—Amicus Briefs Supporting Respondents

  24. A Brief History of the Biggest State Tax Case in a Generation

  25. Rhode Island Discusses Treatment of IRC Sec. 965 Income

  26. South Dakota v. Wayfair - TTR Explains What Tax Technology Options Really are Available

  27. No Simple Story About Tax Bill’s Impact on States

  28. Cap on the State and Local Tax Deduction Likely to Affect States Beyond New York and California

  29. State & Local Tax Advisory: The Supreme Court Weighs a New State Tax Nexus Standard, Again | Alston & Bird LLP

  30. New Mexico Administrative Hearings Office Issues Timely Opinion Regarding State Taxation of Subpart F Income and Dividends from Foreign Affiliates

  31. Oregon Taxpayers Denied Use of MTC’s Apportionment Formula

  32. Kentucky Might Require Combined Reporting, Many Tax Changes

  33. Virginia Enacts Subtraction for REIT Income

  34. The Tax-Savvy Company Restructuring

  35. Adopt or adapt? New IRS partnership audit rules affect states

  36. Legislative Session Review: Florida

  37. New Jersey Permits Dedicated Prepayment of Anticipated Taxes

  38. Maryland Phases in Single-Sales Factor Apportionment Formula

  39. Legislative Session Review: Nebraska

  40. New Arizona Law Allows Some Taxpayers to Bypass OAH Process and Appeal Tax Dispute Directly to Board of Tax Appeals

  41. Arizona DOR Issues Notice Regarding Certain Fiduciary Return Filers with IRC Sec 965 Repatriation Income for 2017 Tax Year

  42. California FTB Issues Fourth and Final Report to Legislature on Recently Enacted Federal Tax Reforms

  43. New Maryland Law Phases in Single-Sales Factor Apportionment for Corporate Income Tax Purposes

  44. New Nebraska Law Provides Adjusted Basis Computation for Certain IRC Sec 179 Depreciable Property

  45. New Hampshire DOR Administration Issues Report on How 2017 Federal Tax Reforms May Affect State Income Taxation – New Law Revises Effective Dates of Tax Rate Changes Enacted in 2017

  46. New York City Memo Explains Deemed Repatriation Income under GTC, BTX, and UBT

  47. Pennsylvania DOR Discusses Application of IRC Sec 965 RTT to State CNIT

  48. Rhode Island Division of Taxation Provides Guidance on Treatment of IRC Sec 965 Income for Individuals and Pass-through Entities

  49. MTC Approves Hearing Officer Report on Apportionment Regulation Amendments

  50. Ohio Supreme Court Overturns Reduced NOL Credit

  51. THE BEST AND WORST OF SALES TAX ADMINISTRATION

  52. Conformity with federal tax reform will result in an estimated state corporate tax base increase of about 12% for the first ten years

  53. FY 2019 STATE BUDGET STATUS

  54. NCSL: REMOTE SALES TAX COLLECTION ANALYSIS & OPINION

  55. Years of work to simplify the collection of remote state sales taxes may soon pay off.

  56. Kentucky legislature overrides Governor's veto of tax plan

  57. Florida Explains Treatment of Repatriation Income

  58. Kentucky Requires Combined Reporting in Tax Reform Bill

  59. Pennsylvania Explains Treatment of Repatriation Income

  60. Alabama Provides Guidance on IRC Sec. 965 Repatriation Income

  61. Kentucky Clarifies Definition of Prewritten Computer Software

  62. Kentucky Enacts Combined Reporting

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issueYou can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.

State Tax Knowledge Update (29 items) - October 24, 2017

The following are state tax and business developments I have curated since October 16, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

  1. Nexus New Jersey limited partner actively operating partnership

  2. Louisiana Voters Approve Tax & Transportation Amendments

  3. Pennsylvania loss carryover unconstitutional remedy percentage

  4. Tax Foundation Updates Its Problematic Wishlist for State Tax Policy

  5. The Jig Is Up: Republican Budget Resolution Finally Admits that Deficit Will Soar Under their Tax Plan

  6. The Dishonest Pitch for Trump-GOP Tax Cuts

  7. The Corporate Tax Code is in Dire Shape, But Trump-GOP Plan Would Make It Worse

  8. State Rundown 10/18: Ballot Initiative Efforts Being Finalized

  9. Inaugural Seattle Tax in the City® | Highlights and Takeaways

  10. Local Policy Digest

  11. Weak Growth in State Tax Revenue Persists in 2017

  12. States' Tax Portfolios Drive Differences in Revenue Volatility

  13. Sales Tax Rates in Major Cities, Midyear 2017

  14. 2018 State Business Tax Climate Index

  15. California FTB Expands Treatment Set Forth in Previous Notice on Water-Edge Elections for Non-electing Unitary Foreign Affiliates

  16. District of Columbia OTR Informally Comments on Market-Sourcing of Sales of Non-TPP

  17. Massachusetts DOR Issues Working Draft of Amendments to Regulation on Corporate Excise Tax Nexus

  18. Montana DOR Issues Proposed Regulations Based on New Market-Sourcing, NOL, and Financial Institution Apportionment Provisions

  19. New Jersey Tax Court Upholds CBT Assessment Issued Against Out-of-State Corporate Limited Partner on Passthrough Income Received from Real Estate Partnerships

  20. Pennsylvania Supreme Court Affirms that Fixed-Dollar Cap on NOL Carryover Deduction is Unconstitutional, But Finds that Percentage Cap is Valid

  21. Maine Revenue Services Discusses New Economic Nexus Provisions, Along with Existing Affiliate and Click-Through Nexus Provisions

  22. Comments on Proposed New Mississippi Rule Requiring Out-of-State Sellers with Substantial Economic Presence to Collect Use Tax on In-State Sales are Due October 30

  23. New York City State Appellate Court Affirms that Taxpayer is Subject to Tax in RPTT Matter

  24. Wave of Amazon HQ2 Bids Unlike Anything Experts Have Seen

  25. The State Tax Function and Emerging Technologies: Now Is the Time

  26. Airbnb to File New Hampshire Returns for Hosts

  27. MD Imposed Tax on MI Subsidiary’s Intercompany Loan Interest

  28. Out-of-State Taxpayer Liable for NM Gross Receipts Tax

  29. Remote work is still good business

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issueYou can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.

State Tax Knowledge Update (30 Items)- October 16, 2017

The following are state tax and business developments I have curated since October 2nd, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

  1. South Dakota Petitions US Supreme Court for Opportunity to Overturn Quill

  2. California Expands Tax Amnesty Program

  3. Rhode Island Tax Amnesty Program Highlighted

  4. Goodwill Was Business Asset for California’s Deemed Water’s Edge Election

  5. New CA Apportionment Regulation for Space Transport Companies

  6. Law schools need to introduce social learning. Accounting and tax programs do as well.

  7. California expands its voluntary disclosure program to include certain flow-throughs

  8. Third quarter 2017 state and local tax developments

  9. 9 facts about pass-through businesses

  10. Taxpayer Challenges Department Authority to Adjust NOL Carryforward, When NOL Was Generated in Tax Years Otherwise Closed by Statute

  11. GOP Corporate Tax Reform Proposals Hold State Tax Implications

  12. Urgency for State Model on Partnership Audit Adjustments

  13. Coalition Firm on State Tax Deduction Amid Compromise Talks

  14. Sales Tax Slice: Federal Tax Reform Likely to Affect Sales Tax As Well

  15. How AI Impacts the Tax Function

  16. South Dakota v Wayfair: Three Maps

  17. Tax Bill Momentum Tied to Deal on State and Local Deduction

  18. Tax Reform Timetable Could Be Tricky For States

  19. Current Economic Conditions of States

  20. Eversheds Sutherland SALT Shaker: September 2017 Digest

  21. In the Matter of Product of Conagra Foods Ingredient Co., New Mexico Administrative Hearing Office, Dkt. No. 17-39, September 15, 2017

  22. DAILY SALES TAX COLLECTION SYSTEM COULD COST MASSACHUSETTS BUSINESSES $1.2 BILLION

  23. Comments to Massachusetts DOR re. Accelerated Sales Tax Remittance

  24. MTC National Nexus Program Online Marketplace Seller Voluntary Disclosure Initiative Has Been Extended Through November 1

  25. Minnesota DOR Explains Impact of Recent State Supreme Court Decision - Inclusion of Foreign Disregarded Entity Income and Apportionment Factors on Combined Return

  26. Portland City Administrative Rule Implements New Business Income Tax Surcharge Based on Pay Differentials between CEOs and Median Employees

  27. Texas Comptroller Issues Amended Administrative Rule Reflecting Revised Policy on Combined Group Franchise Tax Extensions

  28. District of Columbia OTR Discusses Taxation of Digital Goods

  29. Wyoming DOR Announces that it Cannot Enforce New Economic Nexus Law Imposing Remote Seller Tax Collection Responsibilities During Pendency of Legal Action

  30. Gift Season is Upon Us, But It's a Year-Round Concern

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issueYou can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.

State Tax Knowledge Update (27 items)- October 2, 2017

The following are state tax and business developments I have curated since September 21st, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

  1. PRACTICE AND PROCEDURE: STATES KEEP TAXPAYERS AFLOAT BY PROVIDING TAX RELIEF FOR HARVEY AND IRMA VICTIMS

  2. Cuomo Announces New Amazon Office in New York City will Create 2,000 Jobs

  3. Whole Foods Told To Pay $3.5M On Add-Backs Per NY Tax Law

  4. California holds IPM on withholding for pass through entities

  5. State Tax Developments: Captives

  6. Wisconsin Eliminates Alternative Minimum Tax

  7. Alaska 80% DRD for dividends received from 80 20 company

  8. State sales tax could be costing Nashville tech jobs

  9. Multistate Insider: Local Policy Digest

  10. California Governor Signs Cleanup Legislation Related to Restructuring of State BOE and New OTA

  11. Virginia Governor Reminds that Amnesty Program Has Begun

  12. New York Extends Gramm-Leach Bliley Transition Rules for Certain New York City Financial Institutions

  13. New York City Tax Appeals Tribunal Requires Taxpayer to Recognize Property Gain on Final Tax Return

  14. Taxpayer Asks US Supreme Court to Review Florida Supreme Court Holding Which Held that Taxing Satellite Services Versus Cable TV Services at Different Rates is Constitutionally Valid

  15. Amended Oklahoma Rules Reflect Remote Seller and Affiliate Nexus Provisions

  16. South Dakota Supreme Court Affirms that Remote Seller Economic Nexus Law is Unconstitutional

  17. Wisconsin Governor Signs Budget Bill with Various Tax Law Changes Including Updated State Conformity to IRC, Revised Sourcing and Apportionment Provisions, and NOL Limitations

  18. Proposed Alabama Amended Rule Reflects New Law that Includes Loans and Credit Card Receivables in Property Factor for FIET Purposes

  19. California FTB Chief Counsel Ruling Addresses Impact of Recorded Goodwill for Deemed Water-Edge Election Business Assets Test

  20. New Mexico AHO Holds in Taxpayer Favor that Interest Income from Payment-in-Kind Notes is Nonbusiness Income Allocable Out-of-State

  21. North Carolina Supreme Court Affirms that Taxpayer Cannot Claim Interest Deduction for Market Discount Income on Discounted US Bonds

  22. Illinois Appellate Court Holds that Internet Retailer Lacks Substantial Nexus and Thus Not Liable for Use Tax

  23. Massachusetts Supreme Judicial Court Affirms that Wholesale Distributor Must Collect and Remit Tax on Goods Sold to Out-of-State Retailers in Drop Shipment Scenarios

  24. Holders Beware: Delaware Department of State Notices to be Mailed in Two Weeks!

  25. Why Does Missouri Want a Gross Receipts Tax?

  26. Ohio’s Commercial Activity Tax: A Reappraisal

  27. State and Local Tax Aspects of Republican Tax Reform Framework

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issueYou can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.