The U.S. Supreme Court's decision in Comptroller of Treasury of Md. v. Wynne may have an impact far beyond personal income tax, as evidenced by the recently granted certiorari petition in First Marblehead Corp. v. Mass. Comm'r of Revenue, practitioners say in a new article in this week’s issue of the Bloomberg BNA Weekly State Tax Report.
Although practitioners don't believe that the First Marblehead remand will lead to a different result in the dispute, they say that it should serve as a wake-up call for states.
Furthermore, the granted petition is not the only recent fallout from Wynne: Iowa announced this week that it expects to pay out millions in refunds in light of the decision, according to the article.
The article can be read in its entirety here.
Some notable developments from the State Tax Developments Tracker–Bloomberg BNA’s new tool for monitoring important developments in all the states:
Arizona Department of Revenue Publishes Transaction Privilege Tax Updates for October 2015
Massachusetts Department of Revenue Releases Report on Spring 2015 Tax Amnesty Program
California Franchise Tax Board Issues Bulletin Regarding Interest Computation Adjustments
For more information about this and other state tax issues, sign up for a free trial of the Bloomberg BNA Premier State Tax Library.
In other developments…
A Letter to the New York Times on Soda Taxes, by the Tax Foundation
State Cost Estimates of Legislation, by the Center on Budget and Policy Priorities
Deadline Extensions Possible for Expanded Retail Accountability Program, by Bradley Arant Boult Cummings LLP
Compiled by Priya D. Nair
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