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 of the Daily Tax Report: State :

  • Federal Tax Cut Could Trigger $1.4 Billion Michigan Tax Increase
    The 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.
  • Justice Dept. Reversal to Make Banking Harder for Pot Businesses
    The 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.
  • Multistate Tax Group Advances New Rules for Business Income
    The 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.
  • Illinois Fuel Tax Doesn't Extend to Compressed Natural Gas
    Illinois 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.
  • Lawmakers Push IRS to Allow Prepaid 2018 Property Taxes
    State 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.
  • California End-Run Around Tax Deduction Cap Passes First Test
    A 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.
  • Sports Betting Could Debut in Indiana if Federal Ban Lifted
    Two 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.
  • Georgia's Amazon HQ2 Bid Could Mean Special Session: Governor
    Georgia's 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.
  • Federal Tax Conformity Will Come Late, If at All, in California
    Bills 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.
  • Amazon HQ2 Eligible for $7 Billion in New Jersey Tax Incentives
    Amazon.com 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 State Tax Developments Tracker —Bloomberg 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

Get a free trial to Bloomberg BNA Tax & Accounting's State Tax solution , a comprehensive research service that provides deep analysis and time-saving practice tools to help practitioners make well-informed decisions.

In other developments … 

State tax implications of federal tax reform: Taxation of international business operations by PWC

Mississippi Lawmakers Consider Creation of State Lottery by the Tax Foundation