Weekly Round-Up: Bloomberg BNA 17th Annual Survey, Policy Changes Amidst Potential Federal Tax Reform


Highlights from the 4/24/17 through 4/28/17 issues of the Daily Tax Report: State :

 

  • Bloomberg BNA 17th Annual Survey: Mixed Bag of State Tax Policies
    Senior state tax officials from 49 states, as well as the District of Columbia and New York City, participated in the 17th annual survey canvassing tax policies governing corporate income and sales and use tax, with a focus on nexus and sourcing considerations. The 522-page report compiles responses to 46 pages of questions—including 40 additional inquiries compared to last year's survey—and highlights several broad trends among states.
  • Border Tax Foes Keep Up Pressure Pointing to Impact on States
    Retailers and manufacturers opposed to a U.S. House plan on the taxation of imports intend to keep pressure on lawmakers by pointing out the possible cost to consumers and states. 
  • New Mexico Lawmakers to Take Up Comprehensive Tax Reform
    New Mexico Gov. Susana Martinez (R) said she is adding comprehensive tax reform to the list of topics for a soon-to-be-announced special session of the Legislature even while legislators press forward with a lawsuit against her.
  • Trump's Tax Plan Dumps State, Local Tax Deduction
    President Donald Trump's plan to overhaul the federal tax code would scrap the popular deduction for state and local taxes—and taxpayers in high-tax states, particularly blue states like New York, New Jersey and California, are likely the biggest losers.
  • States May React to Tax Exemption of Foreign Corporate Profits
    The White House plan to exempt most corporate foreign profits from federal taxes may inspire various reactions from states looking to build upon revenue sources.
  • Childhood Population Shifts May Impact State Tax Burdens
    Immense childhood population fluctuations will occur in several states in the next decade and put pressure on states related to education funding and tax policy, according to an Urban Institute report
  • Nebraska Bill Would Sweeten Tax Incentives for Large Projects
    Companies that make large capital investments in Nebraska would be able to carry over their Nebraska Advantage Act tax credits for 16 years rather than one year under a bill that passed the Legislature April 24.
  • Alabama Bank Income Tax Bill Signed Into Law
    Banks can apportion their Alabama income through a formula similar to what other states use under legislation Gov. Kay Ivey (R) signed into law.

Some notable developments from the State Tax Developments Tracker —Bloomberg BNA’s tool for monitoring important developments in all the states:

 

  • Arizona Legislature Amends Provisions Relating to Truth in Taxation Noticing Requirements
  • California Film Commission Announces Application Dates for California Film and Television Tax Credit Program 2.0
  • Colorado Department of Revenue Proposes Amending Apportionment of Tax for Part-Year and Nonresident Individuals
  • South Carolina Court of Appeals Finds Taxpayer Had Title to Portions of Tract by Adverse Possession
  • West Virginia Legislature Amends and Reenacts Healthcare Provider Tax Law

For more information about this and other state tax issues, sign up for a free trial of the Bloomberg BNA Premier State Tax Library.

 

Download a copy of the Bloomberg BNA 17th Annual Survey of State Tax Departments.  

 

In other developments … 

 

To What Extent Does Your State Rely on Sales Taxes? by the Tax Foundation

 

Minnesota – Commissioner Cannot Invoke Alternative Apportionment to Treat LLCs as Financial Institutions by PwC

 

Compiled by Chreasea Dickerson