The Bloomberg BNA Tax Management Weekly State Tax Report filters through current state developments and analyzes those critical to multistate tax planning.
Virginia is facing a potential $4.2 billion budget shortfall over the next two fiscal years—one of the largest shortfalls in its history. In a bid to close the gap, former Gov. Timothy Kaine issued a budget proposal that calls for a series of tax increases, including a retroactive amendment to a state law requiring the addback of deductions claimed for intangible property and interest expenses related to intangible holding companies. In this article, authors Craig D. Bell and J. Christian Tennant, of McGuireWoods LLP, argue that, based on a standard of reasonableness, the retroactive amendment violates due process and should be abandoned as unconstitutional.
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