Highlights from the 5/13/16 issue of the Weekly State Tax Report :
States May Follow Treasury's Lead on Debt-Equity Rules
Now that the Treasury Department has issued new regulations strengthening rules on the classification of intercompany debt and equity, states may soon follow, a Multistate Tax Commission official said.
Scalia Death Swayed Sovereign Immunity Case: Paul Clement
Justice Antonin Scalia's death earlier this year may have preserved U.S. Supreme Court precedent that permits states to hail other sovereign states into their courts, a leading Supreme Court practitioner said.
IRS Partnership Audit Regime Risks Multiple State Responses
States may exacerbate the complexities accompanying the new IRS partnership audit rules should they adopt varying approaches to the overhauled federal regime, leading practitioners say.
Wyden Probes Shell Companies Tied to Panama Papers Firm
Senate Finance Committee ranking member Ron Wyden (D-Ore.) is opening an investigation of anonymous shell companies in Nevada and Wyoming with ties to Panamanian law firm Mossack Fonseca & Co.
Some notable developments from the State Tax Developments Tracker –Bloomberg BNA’s tool for monitoring important developments in all the states:
Maryland General Assembly Enacts Law Relating to Aerospace, Electronics, or Defense Contract Tax Credit Programs
Wisconsin Department of Revenue Publishes Article on Permanent Extension of the Federal Internet Tax Freedom Act
Georgia Department of Revenue Adopts Amendments to Rules Concerning Alcohol Taxes
Ohio Court of Appeals Finds Statute Allowing Municipal Tax Exemption to Persons Employed on Air Force Base Does Not Violate Equal Protection Clause
Texas Comptroller of Public Accounts Proposes to Amend Rule Concerning Passive Entities
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…
The State Side of Federal Corporate Income Tax Reforms, by Deloitte LLP
Marijuana Legalization and Taxes, by Tax Foundation
Compiled by Melissa Fernley
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