United States
New and clarified regulatory requirements for purchases made by, or on behalf of, exempt entities in Illinois effective June 3, 2021.
Massachusetts voters to decide whether 2022 ballot measure adding 4% tax on individual incomes over $1 million passes.
Some states impose tax penalties on individuals without health insurance and reporting requirements on employers.
The proposed workaround to the federal SALT deduction is unique in providing a 90% credit for an individual’s share of entity tax paid.
The entity-level tax election is effective for tax years beginning on or after Jan. 1, 2021 and ending before Jan. 1, 2026.
Legislation would have created an elective pass-through entity tax intended to reduce the impact of the federal limitation.
Minnesota updates conformity to include recent federal coronavirus legislation and offers a pass-through entity workaround.
Biennial legislation cuts taxes, offers more refundable research credit expenses and allows pass-through entities to claim certain credits.
Nebraska broadly exempts manufacturing inputs used by ethyl alcohol producers from the sales and use tax effective Oct. 1, 2021.
Trio of tax bills impact individual and business filers with significant corporate income tax changes scheduled for 2022.
Arizona budget proposals reduce rates, keep the flat tax alive for future years, and provide a rate cap for high earners.
New Jersey budget deal commits less than 5% of the state’s budget surplus to tax relief, ignoring mobile individuals and businesses.
North Carolina Senate pushes forward major tax reform bill, continuing down the path to repeal the state’s corporate income tax.
Massachusetts legislature approves 2022 ballot measure to add 4% additional tax on all income over $1 million effective January 1, 2023.
Purchasers of software to be used in multiple jurisdictions can apportion sales tax and may be able to seek a refund of tax paid.
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
Some exempt organizations will be subject to Virginia’s informational reporting requirement for unitary businesses, due July 1, 2021.
The newly enacted optional tax may provide significant opportunity to taxpayers, and in particular, owners of financial service firms.
Colorado enacts law restoring certain deductions related the to the CARES Act for both business and individual taxpayers.
Effective Jan. 1, 2021, the long-standing terminating business gain exclusion for unincorporated business tax purposes is eliminated.