Weekly Round-Up: State Tax Changes Pick Up Steam

Highlights from the 12/4/17 through 12/8/17 issues of the Daily Tax Report: State :

  • Nevada Cuts Unemployment Insurance Tax Rate
    Nevada employers will pay a lower tax rate next year to fund unemployment compensation as the state's economy marks a recovery from the Great Recession.
  • Connecticut Launches ‘Fresh Start’ Tax Compliance Initiative
    Connecticut has kicked off an initiative encouraging taxpayers to report and pay their outstanding state tax liabilities.
  • Proposal to Cut Massachusetts Sales Tax Takes Another Step
    A ballot question that proposes to cut the Massachusetts sales tax from 6.25 percent to 5 percent is now one step closer to the ballot.
  • Group Urges New Jersey to End $450M in Business Tax ‘Loopholes’
    New Jersey should enact changes in its business tax to close “loopholes” and end tax breaks for large corporations to add as much as $450 million in annual state revenue, a left-leaning policy group said.
  • Illinois Seeks to Streamline Corporate Conversion Process
    Illinois corporations would have a much easier time converting to alternative business forms and managing certain tax consequences under legislation awaiting consideration by Gov. Bruce Rauner (R), tax practitioners told Bloomberg Tax Dec. 5.
  • Wyoming Committee Approves $1 Per-Pack Hike in Cigarette Tax
    A Wyoming legislative committee endorsed a $1 increase in the per-pack tax on cigarettes as the state faces a budget shortfall estimated to be as high as $700 million for the coming 2019-2020 biennium.
  • California Adopts Emergency Regulations for 2018 Cannabis Taxes
    The California Department of Tax and Fee Administration has adopted emergency regulations relating to cannabis cultivation and excise taxes that are effective Jan. 1, 2018, the department announced.
  • Soda Tax Initiative Postponed in Portland, Oregon Area
    Proponents of a tax on soda and other sugary beverages in the county encompassing Portland, Ore. have postponed putting the measure on the ballot until November 2018 when they expect it will have a better chance to prevail.

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

  • Connecticut Addresses Confusion About New Retirement Income Withholding
  • Minnesota Updates Income Tax Rates
  • New York Provides Online Services to Assist Tax Professionals
  • South Carolina Releases Guidance on New Fuel Credit

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 … 

Seven Things States Should Monitor in the Federal Tax Bill by the Tax Foundation

Indiana Tax Court Rules on Sourcing of Online Educational Service by PwC