Weekly Round-Up: Taxes Intercept Millions From NFL Players’ Salaries; ‘Cyber Monday’ Tax Revenue Stifled by Marketplace Sales


 

Highlights from the 11/24/17 through 12/1/17 issues of the Daily Tax Report: State :

 

  • Taxes Intercept Millions From NFL Players’ Salaries
    As contracts in the National Football League continue to balloon, so do the tax bills athletes face.
  • Developers Say Historic Tax Credit Loss Will Slow Rehab Construction
    Developers and state historic societies say the country will lose a tax tool integral to rehabbing historic buildings—and $84 billion of economic impact—if a provision in the Republican House tax bill becomes law.
  • Wegmans’ Pricing-Data Purchase Not Taxable: New York Court
    Supermarket giant Wegmans doesn't owe taxes on third-party audits and reports detailing competitors’ pricing information, according to a New York appellate court.
  • N.Y. Bill Would Offset Elimination of State, Local Tax Deduction
    New Yorkers would be held harmless from the potential elimination of the state and local tax deduction and any federal tax increase under a bill introduced in the state Senate.
  • ‘Cyber Monday’ Tax Revenue Stifled by Marketplace Sales
    “Cyber Monday” sales brought in billions that could boost states’ sales tax revenue, but significant money will be left on the table as untaxed third-party marketplace sales continue to grow.
  • Utah Tax Reform Plan Pushes Significant Changes for 2018
    Utah lawmakers say they want major tax reform in 2018 but are unsure about what form it will take or how they'll pay for it.
  • Private San Francisco Street Sold for $90K Returned to Homeowners
    A $14 annual tax bill unpaid over two decades led to a showdown that ultimately overturned a Silicon Valley couple's $90,000 purchase of a ritzy neighborhood street in San Francisco.
  • Cincinnati Soccer Scores Public Financing, Expansion Finalist Nod
    A resounding “Goal” echoed through the Cincinnati City Council room after minor-league FC Cincinnati secured the latest part of a $52 million public-finance agreement that put the team within striking distance of a Major League Soccer franchise.

    Some notable developments from the State Tax Developments Tracker—Bloomberg BNA’s tool for monitoring important developments in all the states:
  • Texas: Certification of Average Closing Price of Gas, Oil
  • Ohio Tax Commissioner Properly Dismissed Reassessment Petition
  • Oregon Finds Taxpayer's Activities Weren't Eligible for Enterprise Zone Exemption
  • California Affirms Sales Tax Sourcing From Place of Delivery

    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 …

Pennsylvania - Three-year statute of limitations for refunds runs from when liability is fully paid-in, not a later date when report is actually filed by PwC