Weekly Round-Up: News from MTC’s National Conference

Highlights from the 11/13/17 through 11/17/17 issues of the Daily Tax Report: State :

  • New Jersey Group Claims Public Supports High-Wealth Tax
    Public opinion in New Jersey supports changes in the state tax system to raise income tax rates for the wealthiest 5 percent of taxpayers and restore the state estate tax, a liberal advocacy group said.
  • Wisconsin's Foxconn Tax Deal OK'd With State Safeguards
    Gov. Scott Walker (R) and Foxconn Technology Group Chairman Terry Gou will sign a final agreement Nov. 10 granting the electronics giant $3 billion in tax incentives for a massive manufacturing campus in southeastern Wisconsin.
  • South Carolina Chasing Amazon Marketplace Taxes During Dispute
    The South Carolina Department of Revenue is asking a court to mandate Amazon collect tax on third-party marketplace sales while the state and retail behemoth battle over whether the company is obligated to collect taxes on those transactions.
  • DISH Network Tax Dispute Just a Rerun, Florida Tells High Court
    DISH Network LLC wants to re-air the same arguments about discriminatory tax schemes that the U.S. Supreme Court has declined to review four times, attorneys for the state of Florida argued.
  • Following Draft N.Y. Tax Rules Won't Prompt Penalties: Attorney
    Taxpayers won't face penalties on audit for relying on draft proposed rules issued as part of the New York tax agency's corporate tax reform project—even if the rules change in their final form.
  • Multistate Tax Committees to Mull Updates for Model Laws, Rules
    Changes to draft model apportionment rules and e-commerce tax reporting and notice laws will be on tap at a meeting of the standing Multistate Tax Commission committees in New Orleans Nov. 15-17.
  • Tax Amnesty Program Pulled in Multi-Million Dollar Sellers
    Six retailers with a back tax liability of over $2 million each were among the hundreds of third-party marketplace sellers that applied for the Multistate Tax Commission's tax amnesty program, according to the director of the MTC's National Nexus program.
  • Multistate Tax Group Assessed $6M in Corporate Income Audits
    The Multistate Tax Commission's Joint Audit Program has proposed assessments of over $6 million in completed corporate income tax audits for the first quarter of the 2018 fiscal year.
  • Multistate Tax Committee OK's Model Law on ‘No Receipts’ Sourcing
    The Multistate Tax Commission's Uniformity Committee approved a draft model regulation for sourcing the gross receipts of taxpayers with apportionable income but no or minimal receipts
  • Connecticut to Mimic Massachusetts’ Digital ‘Cookie’ Tax Rule
    Connecticut will pursue a “cookie” nexus regime requiring out-of-state internet vendors to collect state sales and use tax in early 2018—similar to a first-of-its-kind regulation already in place in neighboring Massachusetts.

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

  • Illinois Proposes New Invest in Kids Tax Credit Rule
  • Rhode Island Announces Estate Tax Credit, Threshold for 2018
  • California Legislative Analyst's Office Forecasts Revenue Increas
  • Colorado Finds Taxpayer Entitled to Property Tax Abatement, Refund for Overpayment
  • Indiana Releases Information on Sales Tax Exemptions for Nonprofit Organizations

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 … 

State tax implications of federal tax reform: Interest expense deduction limitations by PwC