The Bloomberg BNA SALT Blog is a forum for practitioners and Bloomberg BNA editors to share ideas, raise issues, and network with colleagues about state and local tax topics. The ideas presented here are those of individuals and Bloomberg BNA bears no responsibility for the appropriateness or accuracy of the communications between group members.
February 29, 2012
There has been a lot of interest lately regarding the transferability of tax credits. Last
week, we mentioned how the Obama administration is trying to persuade
corporations to invest in clean energy, despite the end of a grant
program that paid developers for unused credits. As a result, clean energy investors are now going to need to rely even more on the tax equity market.
February 27, 2012
After a brief lull in 2010, when no states enacted an affiliate nexus
provision, 2011 saw Arkansas, Connecticut, Illinois, and Vermont all
adopt such a law. Meanwhile, California enacted an affiliate nexus law
last year only to repeal it after it struck a deal with Amazon in which
the law would be revived if a federal solution is not reached by
February 24, 2012
Michigan’s new corporate income tax (CIT) took effect Jan. 1, 2012 and
replaces the Michigan business tax (a combination gross receipts, net
income tax), which replaced the single business tax (value added tax) in
2008. About 30 years before that, the single business tax replaced a
corporate income tax.
February 21, 2012
The Obama administration is attempting to persuade U.S. corporations
about the benefits of investing in clean energy in an effort to support
the renewable energy industry after a government grant program expired,
according to recent news reports.
February 17, 2012
As legislative sessions kick into high gear, some states have updated their conformity to the Internal Revenue Code. Meanwhile, President Obama has released his proposed budget for 2013, which contains some key tax changes that could affect state coffers.
February 15, 2012
With the federal tax credit for wind power set to expire at the end of
2012, industry representatives have said that they are hesitant to move
forward on future projects before the incentive is in place for future
February 13, 2012
Over the past few years, several states have enacted laws imposing
“affiliate” or “click-through” nexus on online vendors with associates
located within their borders. These states are Arkansas, Connecticut,
Illinois, New York, North Carolina, and Rhode Island. A provision
enacted by Vermont last year takes effect after 15 other states have
adopted click-through nexus.
February 10, 2012
Combined reporting has been a hot topic in North Carolina after the
state enacted a 2011 law that aimed to place restrictions on the revenue
department’s power to require combined income tax returns.
February 8, 2012
Judging by news reports, it would appear that electric vehicles
have been embraced by both policymakers and consumers. Some lawmakers
have looked to the cars as a means of responding to the threat of global
warming and the need to wean the United States off foreign oil. Electric
vehicle tax credits and incentives are offered by a number of states,
including Arizona, California, Colorado, Maryland, Oregon, Pennsylvania,
Rhode Island, South Carolina, and Utah.
February 6, 2012
Tennessee may impose sales and use taxes on mail order and online sales
made by Scholastic Book Clubs Inc., the state’s Court of Appeals ruled
recently. The court found that the Missouri-based vendor that enlists
in-state teachers to facilitate sales to school children had sufficient
connections with Tennessee’s schools and teachers to establish
substantial nexus under the U.S. Commerce Clause.
February 3, 2012
The deadline for online businesses and other remote sellers with a physical presence in Pennsylvania to begin collecting state sales tax has been extended until Sept. 1 by the Pennsylvania Department of Revenue, according to a report in this week’s issue of Bloomberg BNA’s Weekly State Tax Report.
February 1, 2012
I, for one, enjoy watching famous actors filming a scene down the
street, but does it mean that states should continue to offer film tax
credits, considering the tremendous budget challenges they face
Sales Tax Slice: With MFA Stalled, States Supply Own Answers for Remote Sellers
State Tax Snapshot: Nexus, Addback Statutes, and the Sham Transaction Doctrine
Weekly Round-Up: New York Taxpayer Scores Victory in Residency Audit War
Incentives Watch: Land Conservation Tax Credit Amended in Colorado to Improve Application Review Process
Expert Insight: Codification of Economic Substance—The “Apple” of States’ Eyes?