Ideas & Insights

New Jersey becomes the sixth state to adopt an entity-level tax establishing a workaround to the federal SALT deduction limitation.

New Jersey Division of Taxation rescinds unpopular GILTI and FDII allocation guidance issued in December; new guidance expected shortly.

The California fiscal year 2020 budget addresses TCJA conformity and other new and amended state tax provisions.

Budget bills address pass-through entity tax, sales tax base and nexus changes, tax credits and reporting obligations.

The new pass-through entity level tax may benefit some individuals subject to the $10,000 SALT deduction limitation.

The 2019 legislature passed several tax changes, issued marketplace facilitator rules and provided additional credits and incentives.

Minnesota’s long-awaited conformity bill presents new challenges for individual and corporate taxpayers; remote seller provisions modified.

Legislation would have addressed various tax reform provisions, conformity, and remote seller sales tax nexus.

The bill decouples from the SALT deduction cap, increases the standard deduction and addresses GILTI and 163(j) income.

New Jersey Division of Taxation provides updates to its section 965 reporting procedures in an effort to streamline compliance obligations.

Rate reduction triggered after revenue metrics achieved; draft TCJA guidance published addressing the personal income tax.

Workaround aims to address the federal $10,000 SALT deduction cap; enacts economic nexus for out-of-state retailers.

The supplemental budget bill addresses the inclusion of global intangible low-taxed income for personal and corporate income tax purposes.

Payroll tax aimed at offsetting state and local tax deduction cap for individuals begins to take shape; election required for 2019.

Taxpayers who have already filed a 2017 tax return and included the section 965 amounts should amend their return.

The Franchise Tax Board issued the fourth and final report on the state’s conformity to the Federal Tax Cuts and Jobs Act of 2017.

Responding to federal tax reform, New York addresses the state and local tax deduction and the new federal international tax provisions.

Following up on another recent tax bill, Idaho updates conformity for 2018 tax years, and reduces personal and corporate tax rates.

California Franchise Tax Board issues first of three reports discussing implications of recent federal tax reform.

Michigan responds to federal tax reform, maintains and increases the state personal exemption for the 2018 tax year.