Update: Will the States Conform to Federal Classification Of Series LLCs Once the Proposed Regulations Are Finalized?

Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...

This article summarizes the findings of a survey and accompanying report prepared by a joint task force consisting of members of the Committee on State and Local Taxation and the Partnerships and LLCs Committee of the ABA Section of Taxation. At issue is whether, and to what extent, state tax administrators plan to conform to the Federal classification of “Series LLCs,” once the proposed regulations are finalized. The task force solicited responses to its survey and prepared its final report, which is expected to be issued on Monday, May 6.