Weekly Round-Up: New Jersey Entire Net Income Must Reflect ‘Attribute Reduction'

In this week’s issue of the Bloomberg BNA Weekly State Tax Report, Robert Willens, president of Robert Willens LLC, examines MCI Commc'n Servs., Inc. v. Dir., Div. of Taxation, in which the New Jersey Tax Court rejected a taxpayer's argument that a reduction of its tax attributes resulting from “pushed-down” cancellation of indebtedness income in its consolidated return group should be ignored for state franchise tax purposes.

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:

Connecticut Department of Revenue Issues Special Notice Concerning 2015 Legislative Changes Affecting Corporation Business Tax

Massachusetts Department of Revenue Issues Technical Information Release Regarding Potential Expiration of Federal Internet Tax Freedom Act

New York Department of Taxation and Finance Posts Draft Amendments to Business Corporation Franchise Tax Regulations

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… 

California Supreme Court Schedules Multistate Tax Compact Gillette Oral Argument for October 6, 2015, by PwC

Where Does Your State Stand on State & Local Debt Per Capita?, by the Tax Foundation

Hut, Hut, Phlmph — Florida Judge Denies Dismissal of Tax on Delivery Charges Lawsuit, by McDermott Will & Emery

Compiled by Priya D. Nair