Weekly Round-Up: Nevada Bill Enacted to Fund NFL-Ready Stadium, Carbon Tax on Washington’s Ballot

Highlights from the 10/21/16 issue of the Weekly State Tax Report :

  • Settlement Data Reveals Lawyer's False Claims Freight Train
    Attorney Stephen B. Diamond, regarded by some as Chicago's “king of qui tam,” and likely the most prolific tax whistle-blower in the country, could be coming to the end of his false claims gravy train, a new analysis by Bloomberg BNA reveals.
  • N.Y. Corporate Tax Revenue Declines After 2014 Changes
    When New York state enacted sweeping changes to its business taxes in 2014, it was widely hailed as one of the most significant overhauls of the state's taxes in decades. While the changes haven't taken full effect, preliminary data from 2015 provides a glimpse of how the tax overhaul has impacted state revenue.
  • Debt-Equity Rules Still Skirt Around State Tax Conundrum
    The Treasury Department's narrowed earnings-stripping regulations may have softened the impact on taxpayers, but didn't eliminate uncertainty regarding the state-side impact. The final and temporary rules (T.D. 9790) continue to target the manipulation of related-party financings as a tool of tax avoidance.
  • With NFL-Ready Stadium Bill Passed, Vegas Backers Go on Blitz
    Now that Nevada has enacted a package to fund a $1.9 billion, NFL-ready stadium and convention center for Las Vegas, what's next? That became the key question as politicians and public figures gathered in Las Vegas to mark Gov. Brian Sandoval's (R) signing of legislation (A.B. 1 and S.B.1) that cleared the Legislature during a special session.
  • Washington to Vote on Nation's First Carbon Tax
    Washington's electorate will vote Nov. 8 on whether to impose a carbon emission tax on fossil fuels while simultaneously reducing both sales and business and occupation taxes. While other regimes exist to put a price on carbon, such as California's cap and trade program, if Initiative 732 passes, it would be the first direct tax on carbon in the U.S.
  • Post-‘Gillette' Refund Denials Coming for California Taxpayers
    The Franchise Tax Board is likely to inform thousands of corporate taxpayers within the next few weeks that their refund claims will be denied—and some will face penalties—now that the Gillette case challenging the state's income apportionment formula is final.

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

  • Georgia Department of Revenue Adopts Amendments to Rule Concerning Quality Jobs Tax Credit
  • Tennessee Department of Revenue Issues Revenue Ruling on Legal Incidence of Tennessee Beer Barrelage Tax
  • Idaho State Tax Commission Affirms Notice of Deficiency Determination, Finds Taxpayer Fails to Show Abandonment of Idaho Domicile
  • Nevada Legislature Enacts Southern Nevada Tourism Improvements Act

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…  

Tennessee files economic sales and use tax nexus rule by PwC

Top State Tax Ballot Initiatives to Watch in 2016 by The Tax Foundation

Compiled by Lauren E. Colandreo