Weekly Round-Up: Amazon HQ2 Bidding War Continues; Indiana Doubles Down on Sports Betting
Highlights from the 1/8/18 through 1/12/18 issues
Daily Tax Report: State
Tax Cut Could Trigger $1.4 Billion Michigan Tax Increase
Law of Unintended Consequences has struck Michigan taxpayers, who might be
subject to a $1.4 billion tax increase under the new federal tax law.
Dept. Reversal to Make Banking Harder for Pot Businesses
Justice Department's decision to reverse a federal “hands-off” policy on state
marijuana oversight is expected to further complicate efforts by pot-related
businesses to obtain banking services.
Tax Group Advances New Rules for Business Income
Multistate Tax Commission's Executive Committee voted to advance two proposed
model rules concerning apportionment of business income for taxpayers with no
or minimal receipts.
Fuel Tax Doesn't Extend to Compressed Natural Gas
may have to reconsider its administration of the Motor Fuel Tax Act after an
appeals court ruled that the law didn't apply to compressed natural gas, an
attorney involved in the litigation told Bloomberg Tax.
Push IRS to Allow Prepaid 2018 Property Taxes
residents who rushed to prepay their 2018 property taxes before the end of the
year deserve a deduction from the federal government, New York and New Jersey
lawmakers told the IRS Jan. 9.
End-Run Around Tax Deduction Cap Passes First Test
bill to let California taxpayers make charitable contributions to the state as
an end-run around the new cap on federal deductions for state and local tax
payments passed its first legislative test Jan. 10.
Betting Could Debut in Indiana if Federal Ban Lifted
Indiana bills might bring sports gambling out of the shadows and into Indiana
casinos if the U.S. Supreme Court lifts a federal prohibition against
state-sanctioned sports betting.
Amazon HQ2 Bid Could Mean Special Session: Governor
bid to attract Amazon's second headquarters could include a special legislative
session later this year to enact any necessary incentives or special
accommodations, Gov. Nathan Deal (R) said Jan. 10.
Tax Conformity Will Come Late, If at All, in California
to conform California law to sweeping changes in the new federal tax act won't
emerge until late in the 2018 session if they do at all, the chair of the
Senate tax committee said.
HQ2 Eligible for $7 Billion in New Jersey Tax Incentives
Inc. would get $7 billion in tax credits and incentives under bipartisan
legislation New Jersey Gov. Chris Christie (R) signed Jan. 11.
Some notable developments from the
Tax Developments Tracker
BNA’s tool for monitoring important developments in all the states:
- Rhode Island: Amnesty Deadline Five Weeks Away
- Michigan: Unitary Business Group Can Claim Small Business Alternative Credit
- Missouri Proposes
Repealing Bingo On Military Installations Rule
- Nebraska Governor Unveils
Property Tax Relief And Opportunity Act
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In other developments …
tax implications of federal tax reform: Taxation of international business
operations by PWC
Lawmakers Consider Creation of State Lottery by the Tax Foundation