From the Weekly State Tax Report:
Corporate profits are soaring, but you wouldn't know it from looking at state coffers. In fact, few trends in state tax policy are as striking as the rapid decline of corporate income taxes. Measured relative to the economy, state corporate income tax revenue has fallen by more than 30 percent since 1986.
This long-term decline has a number of causes, including an explosion of new tax breaks or “incentives,” and the creation of unintended tax shelters by companies armed with creative accounting staffs. Unfortunately, far too little public information is available to help policymakers evaluate the impact of these developments. As a result, at a time when the need for state corporate tax reform has never been greater, lawmakers routinely find themselves without the vital information they need to diagnose the ailments of their states' corporate tax.
Matthew Gardner from Institute on Tax and Economic Policy discusses how public disclosure of corporations' tax information could lead the way to corporate tax overhaul in this week’s BNA Insights article, available here (subscription required). Or sign up for a free trial to the Weekly State Tax Report.
South Carolina's Final Income Tax Nexus Rules Still Rife With Problems
On July 27, the South Carolina Department of Revenue released Revenue Ruling No. 16-11, the final version of a draft income tax nexus rule that McDermott, Will & Emery's Arthur R. Rosen and the University of Illinois College of Law's Hayes R. Holderness criticized in a previous article (subscription required).
Rosen and Holderness provided their reactions to the ruling to Bloomberg BNA, which have been republished in a second BNA Insights article this week, available here (subscription required). Or sign up for a free trial to the Weekly State Tax Report.
Compiled by Lauren E. Colandreo
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