Ideas & Insights

Colorado enacts law restoring certain deductions related the to the CARES Act for both business and individual taxpayers.

States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.

Extension of corporate surtax and expanded millionaire’s tax assists New Jersey with significant budget deficit caused by the coronavirus.

The Tennessee Department of Revenue issued guidance on the state’s conformity to section 163(j) of the Internal Revenue Code.

The state will decouple from CARES Act net operating loss, interest expense and excess business losses provisions.

Revised conformity excludes certain net operating loss and excess business loss provisions effective for 2019 tax years.

The state will decouple from the taxpayer-friendly interest expense and net operating loss provisions of the federal CARES Act.

Expansive tax bill provides taxpayer-friendly changes while balancing reduced tax revenue in the COVID-19 economy.

Fiscal year 2021 budget includes temporary tax changes in order to generate much needed revenue in the COVID-19 economy.

New York enacts legislation further decoupling New York City corporate and UBT taxes from certain CARES Act provisions.

Maintaining static conformity to the IRC, Wisconsin adopts several taxpayer-friendly provisions of the federal CARES Act.