Weekly Round-Up: Sales Tax Reporting and Abandoned Property


Highlights from the 1/6/17 issue of the Weekly State Tax Report :

  • Retailers Should Brace for Surge of Sales Tax Reporting Laws
    The new year will ring in a new chapter in the burgeoning battle over state remote sales taxation with a wave of new notice and reporting laws—but questions remain how remote retailers can manage the potential legislative onslaught.
  • Energy Executive Admits to Hiding $18.5M From N.Y. Tax Agency
    The former chief of an energy service company pleaded guilty to state charges that he fraudulently diverted $18.5 million in taxable profits to a Congolese mining operation (People v. Mole, N.Y. Sup. Ct., No. AG12-7590, guilty plea 1/4/17).
  • Stock Option Income Taxable If Granted While Connecticut Resident
    A Connecticut company executive must pay state income tax on nonqualified stock options he exercised while living out of state because the options were granted as compensation while he was employed and domiciled in the state.
  • MoneyGram Balks at Inclusion in Interstate Dispute
    MoneyGram Payment Systems Inc. shouldn't be forced into a dispute between 29 states and Delaware over abandoned, uncashed “official checks,” the payment systems giant told the U.S. Supreme Court (Delaware v. Pennsylvania et al., U.S., No. 22O145, brief filed 12/28/16; Arkansas, et al., v. Delaware, U.S., No. 22O146, 12/28/16).
  • Ohio Governor Vetoes Tax Break for Oil, Gas Companies
    Ohio Gov. John R. Kasich (R) quashed a measure to exempt oil and gas companies from paying sales taxes, citing $264 million in lost revenue and unfair treatment to other industries.
  • Texas Comptroller Glenn Hegar Talks Budget and Tax Policy with Bloomberg BNA
    Texas Comptroller Glenn Hegar will deliver the Biennial Revenue Estimate (BRE) before the House on Jan. 9. As a balanced budget is required under the Texas Constitution, this estimate will set a total spending cap for the Legislature as it comes into session Jan. 10. The world's 10th largest economy is growing, according to the comptroller, but that growth isn't yet translating into the treasury, lessening the likelihood of a “major change in tax policy.” 

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

  • California Franchise Tax Board Publishes Discussion Topic Paper on Proposed Amendments to Rule Concerning Market-Based Sourcing Rules
  • Maryland Department of Legislative Service Issues 2016 Interim Report of Spending Affordability Committee
  • Nevada Office of Economic Development Proposes to Amend Rules Concerning Abatements for New or Expanded Business, Transferable Tax Credits for Film and Other Productions
  • North Carolina Department of Natural and Cultural Resources Adopts Rules Concerning State Historic Tax Credit Program

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 …  

State Tax Quarterly Insights: October to December 2016 by PwC 

SALT Top Stories of 2016 by Grant Thornton


Compiled by Chreasea Dickerson