Weekly Round-Up: State Impact of Federal Tax Reform

Highlights from the 12/26/17 through 12/29/17 issues of the Daily Tax Report: State :

  • College Football Teams Mount Blitz to Lock in Donors’ Tax Breaks
    Colleges are rushing to help wealthy donors lock in a federal tax break, which subsidizes the sales of college sports tickets and costs taxpayers $200 million a year.
  • Stalled Vegas Resort Now a Go as Developer Feels Tax-Law Fervor
    For New York developer Steven Witkoff, the tax overhaul signed Dec. 22 by President Donald Trump will have an immediate effect—he's plowing ahead with his plan to develop the stalled Fontainebleau resort in Las Vegas.
  • States May React Unexpectedly to Expensing Under New Tax Law
    States that normally conform automatically to federal tax changes may not need to lift a finger to avoid full, immediate expensing of large equipment purchases—a key element of the new 2017 tax law.
  • Homeowners in High-Tax States Race to Beat Property Tax Cap
    Homeowners in states with the highest property taxes are looking to prepay 2018 bills ahead of a $10,000 cap on the deduction for state and local levies, including property taxes, in the GOP tax overhaul President Donald Trump just signed.
  • New Tax Law's Net Interest Deduction May Force State Changes
    States may need new rules to allocate the 2017 tax law's net-interest deduction among members of consolidated entities—such as company subsidiaries.
  • Millions More Likely From New Pennsylvania Withholding Rules
    Businesses in Pennsylvania that make payments to out-of-state vendors or property owners can expect more paperwork in 2018 under new withholding rules that take effect Jan. 1.
  • New York Tax Tribunal Knocks on Avon Exec's Door, Orders Tax Money
    An Avon Products Inc. executive owes New York income tax for her combined time living in a company-sponsored apartment and her boyfriend's place in Manhattan.
  • California Tax Appeals Office To Treat Prior Opinions as Precedent
    California's new Office of Tax Appeals will treat opinions from its predecessor as legal precedent and not mere “persuasive authority,” the office said in revised regulations that will govern its operations.

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

  • Illinois Proposes New Rules on Partnerships' Personal Services Income
  • Massachusetts Issues Directive on Earned Income Credit
  • Hawaii Highlights Important Tax Law Changes for 2018
  • Ohio Taxpayer Responsible for Company's Outstanding Withholding Tax

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In other developments …

Illinois updates the Revised Uniform Unclaimed Property Act by PwC

SALT Update: Property Tax Prepayments Need an Assessment by the Tax Foundation