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
Football Teams Mount Blitz to Lock in Donors’ Tax Breaks
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
Vegas Resort Now a Go as Developer Feels Tax-Law Fervor
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.
May React Unexpectedly to Expensing Under New Tax Law
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.
in High-Tax States Race to Beat Property Tax Cap
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.
Law's Net Interest Deduction May Force State Changes
may need new rules to allocate the 2017 tax law's net-interest deduction among
members of consolidated entities—such as company subsidiaries.
More Likely From New Pennsylvania Withholding Rules
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
Tax Tribunal Knocks on Avon Exec's Door, Orders Tax Money
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.
Tax Appeals Office To Treat Prior Opinions as Precedent
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
Tax Developments Tracker
BNA’s tool for monitoring important developments in all the states:
- Illinois Proposes New Rules on Partnerships' Personal
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 …
updates the Revised Uniform Unclaimed Property Act by PwC
Update: Property Tax Prepayments Need an Assessment by the Tax Foundation