Weekly Round-Up: New York's Draft Tax Rules Could Benefit Taxpayers; Trump Fighting Federal Funds Pumping Into Gulf Coast States

Highlights from the 7/3/17 through 7/7/17 issues of the Daily Tax Report: State :

  • New York's Draft Tax Rules Could Benefit Taxpayers: Speaker
    New York's draft business tax regulations on converting prior net operating losses (PNOLs) into a subtraction deduction might present a significant opportunity for taxpayers, according to a New York tax practitioner.
  • Illinois Court Bars Collections Under Cook County's Soda Tax
    Grocers and convenience stores in Illinois’ largest county convinced a circuit court judge to temporarily relieve them from collection duties under a new sweetened beverage tax.
  • Online Sales Tax Effort Crashes in North Carolina
    North Carolina's effort to capture lost revenue from remote sales has been put on hold—at least temporarily.
  • Trump Fighting Federal Funds Pumping Into Gulf Coast States
    Four Gulf Coast states are preparing for an influx of funds from a royalty sharing program with the federal government from offshore oil and gas drilling leases—even as the program's future remains murky.
  • July Fourth Fireworks’ Bang Turning Into Bucks for States?
    States are increasingly contemplating a colorful source of revenue by targeting fireworks.
  • Indiana Caught in Web of Digital Sales Tax Lawsuits
    Indiana became the latest battlefront in the struggle over sales taxes levied on out-of-state sellers after two trade associations sued over the state's remote retailer tax.
  • NBA's Paul, Hayward Pick New Home Courts, Roll With Tax Impact
    State income taxes on NBA salaries can cut players’ net pay by millions of dollars and affect a team's ability to land a star competitor. But this year's star free agents aren't necessarily picking their new homes based on their potential tax bills.

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

  • Oregon Legislature Changes Apportionment Method of Corporate Income from Intangibles, Services
  • Colorado Department of Revenue Issues Information Sheet on Sales Tax on Marijuana
  • North Carolina Department of Revenue Adopts Rules on Tax Payments by Electronic Funds Transfer
  • Louisiana Court of Appeal: Taxpayer Entitled to Credit for Sales Tax Paid on Cranes in Texas

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 …

Ten States Begin FY2018 Without Budget In Place by the Tax Foundation

Federal legislation introduced establishing a physical presence standard for state taxation and regulation by PwC