Vermont

STATE TAX KNOWLEDGE UPDATE (53 ITEMS) - AUGUST 3, 2018

The following are state tax and business developments I have curated since July 3rd, 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. New Jersey Closes Loophole, Increases Multi-Millionaires Rate

  2. Alabama Announces Guidance in Response to Wayfair Decision

  3. Michigan Provides Further Guidance on Impact of Federal Act

  4. Remote Sellers Will Have Wisconsin Tax Duties Beginning October 1

  5. Indiana Updates Remote Seller Guidance

  6. Indiana Explains Income Taxes on Overseas Earnings

  7. Enacted Louisiana law addresses the timing of expiring corporate income tax provisions

  8. California OTA Issues Updated Draft of Proposed Permanent Regulations on Administration and Procedures of Appeals and Petitions for Rehearing

  9. Indiana DOR Bulletin Discusses Recently Enacted Legislation, Including State Impact of IRC Sec. 965 Repatriation Provisions, GILTI, and IRC Sec. 163(j)

  10. Maine Revenue Services Explains Procedures for Filing and/or Amending Returns Given State’s Nonconformity to Recent Federal Tax Law Changes

  11. Pennsylvania: Bulletin Reflects New Law Reversing DOR’s Previous Policy by Allowing for Depreciation of 100% Bonus Property

  12. New Jersey: New Law Requires Amnesty Program with Potential Waiver of 100% Penalties and 50% Interest

  13. Massachusetts Appellate Tax Board Holds that Taxpayer is a “Manufacturer” Required to Compute its Corporate Excise Tax Liability Using Single Sales Factor Apportionment

  14. New Jersey: New Law Includes Mandatory Combined Reporting Regime, Market-Sourcing Provisions, CBT Surtax, and Responses to Some Provisions of the Federal 2017 Tax Act

  15. New York: Appellate Court Affirms Tax Appeals Tribunal Ruling Addressing Bank’s Treatment of NOLs

  16. Vermont: New Law Updates State Conformity to Internal Revenue Code; Responds to Some Provisions of the Federal 2017 Tax Act

  17. Georgia DOR Explains Exclusion for Dividends from Sources Outside the US, Including Application of IRC Sec. 965 Provisions

  18. North Carolina: New Law Modifies Sourcing Language for Receipts from Intangibles for Sales Factor Purposes

  19. Oregon DOR Issues Administrative Rule on New State Repatriation Tax Credit Pursuant to IRC Sec. 965 Repatriation Income for Tax Year 2017

  20. Connecticut Issues GILTI Guidance

  21. North Carolina Changes Intangible Property Sourcing Rules

  22. MTC Adopts Apportionment Regulation Amendments

  23. Delaware Imposes Tax on Series LLCs

  24. Utah Enacts Deferred Foreign Income Changes

  25. Florida DOR Holds that Taxpayer May Include Certain Intercompany Sales with Foreign Affiliates in its Sales Factor

  26. New Jersey Division of Taxation Explains Upcoming Amnesty Program with Potential Waiver of Penalties, Reduced Interest, and Non-Participation Penalties

  27. Alaska: New Law Requires Public Utilities to Use MTC Three-Factor Apportionment Formula for Corporate Income Tax Purposes

  28. Connecticut: New Guidance Issued on Treatment of GILTI for Corporation Business Tax Purposes

  29. Minnesota DOR Discusses How 2017 Federal Tax Act May Affect Business Tax Returns for Tax Year 2018

  30. Rhode Island DOT Comments on Some State Tax Impacts of the Federal 2017 Tax Act

  31. Utah: New Law Clarifies Previously Enacted Legislation Involving IRC Sec. 965 Deferred Foreign Income, and Revises NOL Provisions

  32. Rhode Island Adopts C Corp IRC Sec. 965 Regulations

  33. California Taxpayer Cannot Force Retailer to Seek Sales Tax Refund

  34. Minnesota Hosting SST Meeting to Discuss Wayfair

  35. Maryland Issues Wayfair Guidance

  36. Indiana Wayfair FAQ Page Talks Enforcement

  37. SST Meets to Discuss Wayfair

  38. Texas Provides Guidance on Wayfair Decision

  39. Wayfair Decision Does Not Affect Rhode Island Remote Sellers

  40. Minnesota Sets Remote Collection Date

  41. Indiana Explains Impact of Wayfair

  42. Nebraska Issues Guidance for Remote Sellers

  43. Utah Enacts Economic Nexus Law

  44. Alabama Explains Impact of Federal Tax Cuts and Jobs Act

  45. Michigan Issues Sales Tax Economic Nexus Guidelines

  46. MTC Adopts Two Amended Model Rules Pursuant to Section 18 Alternative Apportionment Regulatory Project

  47. Alabama DOR Issues Preliminary Guidance on Some State Impacts of the Federal 2017 Tax Act

  48. Delaware: New Law Imposes Annual Tax on State-Registered Series LLCs

  49. Michigan Appellate Court Affirms Disallowance of MBT Modified Gross Receipts Tax Base Deduction for Purchased Services

  50. Vermont Department of Taxation Issues Certain Guidance on Federal 2017 Tax Act, Specifically the Inclusion of IRC 965 Income on State Returns

  51. Arkansas DFA Says Remote Sellers Should Register and Collect Tax Pursuant to Recent US Supreme Court Decision that Overrules Quill

  52. Kentucky DOR Updates Post- Wayfair Comments; Announces October 1 Enforcement Date and Reiterates Prospective Implementation

  53. Nebraska DOR Comments on Recent US Supreme Court Decision that Overrules Quill, Including January 1, 2019 Enforcement Date and Promise of “No Retroactivity”

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 (54 ITEMS) - JULY 3, 2018

The following are state tax and business developments I have curated since June 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. High Court Will Not Review Pennsylvania NLC Carryover Decision

  2. North Carolina Budget Bill Makes Major Tax Changes, Updates Conformity

  3. Colorado Issues IRC Sec. 965 Repatriation Transition Tax Guidance

  4. Connecticut Issues Guidance on Pass-Through Entity Tax

  5. Connecticut Issues Guidance on Bonus Depreciation Changes

  6. Hawaii Enacts Sales Thresholds for Sales Tax

  7. Hawaii Updates IRC Conformity for 2018

  8. Chicago Tax on Streaming Services Upheld

  9. Virginia Enacts Biennial Budget Legislation

  10. Are High Court Tax Precedents Set in Stone After 25 Years?

  11. DON'T PANIC - Physical Presence No Longer Matters in Determining Whether A Company is Required to Collect Sales Tax

  12. North Dakota Remote Seller Thresholds Take Effect With Quill Overturn

  13. Louisiana Enacts Remote Seller Law

  14. Minnesota Offers Wayfair Guidance

  15. What will non-streamlined sales tax states do??

  16. STOP THE USE TAX NOTICE AND REPORTING LAWS!!!!

  17. California OTA Issues Revised Draft Proposed Permanent Regulations on Administration and Procedures of Appeals and Petitions for Rehearing

  18. Louisiana: New Law Clarifies that Certain Reductions and/or Suspensions of Tax Benefits, Credits, and Exemptions Enacted via 2015 Legislative Changes were Temporary

  19. North Carolina: New Law Updates State Conformity to IRC, Responds to Some Provisions of the Federal 2017 Tax Act, and Revises Sales Factor Sourcing Rules

  20. US Supreme Court Denies Taxpayer’s Request to Review 2017 Pennsylvania Supreme Court Ruling on NOL Carryovers

  21. Rhode Island Division of Taxation Releases Guidance on Treatment of IRC Sec. 965 Income for C Corporations, and Accompanying Proposed New Regulation

  22. Texas Appellate Court Holds that Taxpayer Provides Services Rather than “Goods” for Purposes of Calculating Deductible Costs of Goods Sold under Franchise Tax

  23. Alabama Issues IRC Sec. 965 Repatriation Income Guidance

  24. Decoupling Bill Sent to New Jersey Governor

  25. New Jersey Legislature Passes Tax Amnesty Bill

  26. Rhode Island Budget Bill Amends Personal Exemptions, Credits

  27. Connecticut Creates Deduction for Venture Capital Income

  28. Iowa Offers Wayfair Guidance

  29. Louisiana Decreases Sales Tax Rate

  30. New Jersey Legislature Passes Alternative Surtax and Decoupling Bill

  31. Massachusetts Bill Creates Family and Medical Leave Payroll Tax

  32. Remote Sellers Not Yet Required to Collect Tax From South Dakota Buyers

  33. Vermont’s Remote Seller Law Takes Effect July 1

  34. Corporate Close-Up: Colorado Latest State to Enact Market-Based Sourcing

  35. Hawaii Explains Nexus Thresholds

  36. Kentucky Provides Wayfair Guidance

  37. Rhode Island Outlines Remote Seller Registration Options

  38. Vermont Reduces Rates, Updates IRC Conformity

  39. Idaho Is Reviewing Impact of Wayfair Decision

  40. New Hampshire Responds to Wayfair Decision

  41. Pennsylvania Decouples Corporate Income Tax from Federal Bonus Depreciation

  42. NCSL says states should ensure that they are fully prepared before begin enforcing their sales tax laws on remote sellers

  43. New Jersey Enacts Tax Amnesty Bill

  44. New Jersey Enacts Surtax, Combined Reporting, and Decoupling

  45. Colorado DOR Discusses State Treatment of Foreign Earnings Subject to New Federal Transition Tax under IRC §965

  46. Hawaii: New Law Updates State Conformity to Internal Revenue Code, Responds to Some Provisions of the Federal 2017 Tax Act

  47. Illinois DOR Issues Proposed Amended and New Rules on Prior Year NOL Suspensions and Special NOL Computation Rules

  48. New York: Draft Proposed Article 9-A Franchise Tax Regulations Issued on Corporations Subject to Tax

  49. New Jersey Appellate Court Affirms that IRC Tax Attribute Reductions May Not be Reversed

  50. Alabama DOR Issues Additional Guidance on IRC Sec. 965 Transition Tax’s Impact on State Tax Returns

  51. California: FTB Explains New Policy Prohibiting Certain Ex Parte Communications Involving Alternative Apportionment Petition Hearings

  52. Rhode Island: New Law Grants State Tax Administrator Additional Authority in Light of Federal 2017 Tax Act

  53. Louisiana: New Law Includes Tax Rate Reduction and Various other Changes

  54. Rhode Island: New Law Imposes Tax on Sales of Software as a Service (SaaS)

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 (54 ITEMS) - APRIL 11, 2018

The following are state tax and business developments I have curated since March 13th, 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. Idaho Enacts Tax Reform Legislation

  2. Washington Revises Nexus Rules

  3. California Issues Notice Regarding Processing Docketed Protests

  4. Vermont Gives Income Tax Nexus Examples

  5. Wyoming Exempts Cryptocurrencies

  6. New Idaho Law Generally Updates State Conformity to IRC and Selectively Updates Conformity to Some Federal Tax Code Provisions and Decouples from Others

  7. Idaho State Tax Commission Grants Taxpayer Request for Use of Alternative Apportionment Method on Gain from Sale of LLC Interest

  8. North Carolina DOR Explains Classification as a Holding Company for Franchise Tax Purposes and Qualifying for 150K USD Tax Liability Cap

  9. Receipts from Service Contracts Must be Sourced In-State for CAT Purposes Because Underlying Property Tied to Services is Located in Ohio

  10. Vermont Department of Taxes Issues Nexus Bulletin Including List of Nexus-Creating Activities

  11. Case Challenging Economic Presence Administrative Rule is On Hold Pending the Outcome of US Supreme Court Litigation Involving Quill Physical Presence Standard in Tennessee

  12. Washington DOR Issues Regulatory Amendments Reflecting 2017 Legislation that Expands Business and Occupation Tax Economic Nexus Provisions

  13. State Tax Reform Opportunities and Challenges: The STAR Partnership

  14. Business Income Tax Collections FF(3.19.2018)

  15. Emergency Regulations Adopted for Appeals From CDTFA

  16. Preliminary CA Report on IRC Conformity Revised

  17. New York Allows Withdrawal of Group Election in Some Cases

  18. California Releases Summary of 2017 Federal Legislation

  19. Utah Enacts Tax Rate Cuts, Single Sales Factor Apportionment

  20. Florida Enacts IRC Conformity, Rate Reduction

  21. Virginia Court Confirms “Subject to Tax” Exception Decision

  22. Individual Income Insights: Highlights of the ABA and IPT Advanced Income Tax Conference in New Orleans

  23. Extras on Excise: U.S. Supreme Court to Decide Whether to Review Loudoun County BPOL Case, Possibly Adding a Second Major State Tax Case to its Docket

  24. New York allows withdrawal of certain combined elections by June 1

  25. Florida updates conformity to IRC; rate reduction possible

  26. New Florida Law Updates State Conformity to IRC, Extends Bonus Depreciation Decoupling, and Includes Contingent Corporate Income Tax Rate Reductions

  27. New Georgia Law Decouples from 2017 Tax Reform Act’s GILTI Provisions

  28. New Idaho Law Generally Updates State Conformity to Federal Bipartisan Budget Act of 2018

  29. Illinois DOR Discusses Recently Enacted Federal Tax Reforms - Specifically State Reporting Requirements Involving the New Foreign Income Deemed Repatriation Transition Tax

  30. New Jersey Tax Court Reaffirms that Tech Company Foreign Source Income that is Not Taxable for Federal Purposes is Not Taxable under CBT

  31. Memo Explains Limited-Time Withdrawal Procedure from Some Commonly Owned Group Elections in New York

  32. Utah New Law Permits Corporations to Pay Tax on IRC Sec 965 Deferred Foreign Income in Installments, Lowers Corporate Tax Rate, and Expands Mandated Single Sales Factor Apportionment

  33. Virginia Supreme Court Holds that Intercompany Royalty Payments Must be Taxed in Another State to Qualify for Subject-to-Tax Addback Exception Once More

  34. New Idaho Law Imposes Remote Seller Click-Through Nexus Provisions

  35. Indiana New Law Provides that Remote Access Software is Not Subject to Tax

  36. Louisiana Trial Court Holds that Online Marketplace Facilitator Must Collect Local Sales and Use Taxes on Third-Party Retailer Online Sales

  37. Arizona Changes Multistate Service Provider Apportionment Rules

  38. Illinois Proposes Addition Adjustment for FDII and GILTI

  39. Alabama Changes Income Tax Filing Thresholds

  40. Oklahoma Caps Personal Itemized Deductions

  41. Florida Enacts Tax Rate Reductions and Modifications

  42. COST: Tennessee Testimony on Federal Tax Reform Conformity

  43. New Hampshire’s Internet Sales Tax Fight Continues

  44. New Wisconsin Law Updates State Conformity to IRC and Couples and Decouples from Various Provisions of the 2017 Federal Tax Reform Act

  45. New Utah Law Revises Certain Single Sales Factor Apportionment Method Provisions

  46. New Ohio Law Updates State Conformity to IRC

  47. New York City Memo Explains Limited-Time Withdrawal Procedure from Some Commonly Owned Group Elections

  48. New Arizona Law Includes Sales from Intangibles in Defining Multistate Service Providers that May Elect Use of Special Sales Factor Sourcing Provisions

  49. Louisiana: Online marketplace provider required to collect sales tax

  50. Legislative Session Review: Wisconsin

  51. Wisconsin Tackles IRC Conformity

  52. Arizona Updates IRC Conformity

  53. Kentucky Governor Vetoes Major Tax Legislation

  54. Corporate Close-Up: Alabama Pass-Through Entity Owners, Rejoice! Why You May be Entitled to a Refund for The 2013 Through 2017 Tax Years

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 (36 items) - November 18, 2017

The following are state tax and business developments I have curated since November 8, 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. $100 Million Available During Second Application Period in the California Competes Tax Credit Program’s Final Year

  2. Tennessee Issues Notice on Intangible Expense Deduction

  3. VERMONT BULLETIN: Corporate and Business Income Tax Nexus, Filing Requirements, and Minimum Tax Liability

  4. Corporate Close-Up: Impending Federal Tax Reform and its Rippling Effect on State Corporate Taxation

  5. Incentives Watch: Federal Tax Reform Pumps the Brakes on Electric Car Incentives; States Zoom Ahead

  6. SALT Implications of the House and Senate Tax Reform Bill

  7. Colorado Court of Appeals Held that Out-of-State Holding Company is Not Included in Combined Report

  8. Watch Your Step: New York City Real Property Transfer Tax Imposed Under Step Transaction Doctrine

  9. New California Office of Tax Appeals Discusses Emergency Regulations

  10. Nice resource/summary for Tennessee taxes

  11. Tennessee sales tax guide by TaxJar for online sellers

  12. Rhode Island Division of Taxation Launches Website for Upcoming Amnesty Program that Begins December 1

  13. Minnesota DOR Acquiesces to Recent Tax Court Ruling Involving NOL Carryovers and IRC § 382 Limitation

  14. California FTB Issues Proposed Rule Changes on the Apportionment and Allocation of Partnership Income for Corporate Tax Purposes

  15. Colorado Appellate Court Affirms that Foreign Subsidiary is Not Required to be Included on Combined Return

  16. Oregon DOR Proposes Various Administrative Rule Changes, Including Reflection of New Law that Implements Market-Based Sourcing on Sales of Non-TPP

  17. Colorado DOR Issues Compliance Guidance on Some Remote Seller Notice and Reporting Requirements

  18. Mississippi DOR Adopts New Rule Requiring Some Out-of-State Sellers with Substantial Economic Presence to Collect Use Tax on In-State Sales

  19. August 3 Enforcement Date Added to Recent Pennsylvania Ruling Holding that Certain Online Information Retrieval Products Constitute Taxable TPP

  20. The Still-Rising Tide - Will Investment Managers Be Swept Up in State Income Tax Trends

  21. Ohio Department of Taxation Launches Amnesty Program Website

  22. Amended Regulations Reflect Recent Montana Law Changes that Expand Waiver of Composite Return or Withholding for Domestic Second-Tier Pass-Through Entities

  23. Tennessee DOR Explains Updated Requirements for Claiming Intercompany Intangible Expense Deduction

  24. Vermont Department of Taxes Issues Draft Nexus Bulletin - Comments Must be Received by December 8

  25. Tennessee DOR Holds that True Object of Subscriptions for Cloud-Based Scheduling Services is Taxable Remotely Accessed Software

  26. AB 398 expands California’s partial sales and use tax exemption

  27. Illinois EDGE tax credit program restored

  28. Local Policy Digest

  29. EY State income and franchise tax Quarterly update

  30. Ernst & Young LLP Sales and Use Tax Quarterly Update

  31. New York income tax withholding audits on the rise

  32. Coping with the tax challenges of relocation and mobility

  33. California OTA stakeholder meeting to comment on draft emergency regs

  34. State tax implications of federal tax reform: Repatriation toll charge

  35. State tax implications of federal tax reform: Interest expense deduction limitations

  36. State tax implications of federal tax reform: Full expensing

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.