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The Illinois Department Of Revenue Proposes Combined Return Regulations Implementing The Repeal Of The "Non-Combination Rule"
In November, the Illinois Department of Revenue issued proposed regulations implementing the Illinois Legislature's repeal of the unitary business group "non-combination rule" as part of the state's FY 2017-18 budget.
United States
16 Jan 2019
NJ Tax Bulletin Released: Combination And Tax Reform
The New Jersey Division of Taxation (the "Division") has released long-awaited guidance concerning the recent statutory amendments to the Corporation Business Tax ("CBT").
United States
16 Jan 2019
New Jersey Amends Combined Reporting, Adopts Marketplace Facilitator Law
As part of Governor Murphy's efforts to "modernize" business taxes, New Jersey enacted sweeping changes to its corporation business tax, including combined reporting and market sourcing for services.
United States
9 Oct 2018
Market vs. Place-Of-Performance: Recent NJ Tax Court Decisions Give Options To Taxpayers
In its ruling this week concerning Xpedite Systems, Inc. v. Director, Division of Taxation, the Tax Court of New Jersey addressed how receipts from information services are sourced for corporation business tax purposes.
United States
16 Sep 2018
North Carolina Legislature Enacts Omnibus Budget Over Governor's Veto
The omnibus bill includes a number of corporate income tax provisions in response to federal changes in the Tax Cuts and Jobs Act ("TCJA").
United States
11 Jul 2018
NJ Adopts Combined Reporting, Market Sourcing, And New Amnesty Program
New Jersey Governor Phil Murphy and legislative leaders avoided a government shutdown by reaching a compromise on various tax measures.
United States
10 Jul 2018
Pennsylvania "Fixes" 100% Bonus Depreciation Decoupling Computation
Pennsylvania enacted legislation addressing the mechanics of its statutory "decoupling" from federal 100% bonus depreciation.
United States
9 Jul 2018
NJ Legislature Proposes $800 Million Corporate Tax Increase
Yesterday, New Jersey Democratic Senate President Steve Sweeney introduced a corporation business tax ("CBT") bill that: raises the tax rate to 13% for certain corporations ...
United States
21 Jun 2018
NJ Court: Consolidated Rules Apply To Separate-Company Return
The taxpayer at issue ("Taxpayer") was a corporate subsidiary of MCI, Inc. ("MCI"). For federal income tax purposes, Taxpayer filed as part of the MCI consolidated group.
United States
20 Jun 2018
NJ Tax Court Finds That Partnership Not Subject To Income Tax (Again)
Executive Summary: In a decision released today, the Tax Court of New Jersey once again ruled in National Auto Dealers Exchange, L.P. v. Director, Division of Taxation,1 that partnerships are not taxable entities for purposes of New Jersey's corporate income tax (known as the corporation business tax or "CBT").
United States
20 Jun 2018
NJ Appellate Court Affirms Decision Denying Interest Expense Addback Exception
The only issue before the court was whether the Division of Taxation (the "Division") properly added back interest that the taxpayer had paid to its corporate parent.
United States
18 May 2018
NJ Tax Court Clarifies Scope Of Income Tax Addback
In a decision released today in Rockland Electric,1 the Tax Court of New Jersey ruled that taxpayers must add back the New Jersey Transitional Energy Facility Assessment when computing taxable income for corporation business tax purposes.
United States
2 May 2018
Maryland Becomes The Latest State To Adopt Single Sales Factor Apportionment
On April 24, 2018, Governor Larry Hogan signed legislation that phases in single sales factor apportionment over a five year period.
United States
27 Apr 2018
Illinois Quarterly Review
The Illinois Department of Revenue has issued multiple publications providing guidance on the impact of the federal Tax Cuts and Jobs Act (TCJA) on Illinois taxpayers and the State of Illinois.
United States
24 Apr 2018
Could Maryland Become The Next State To Adopt Single Sales Factor? Maryland Senate Passes Apportionment Bill And House Holds Public Hearing
Maryland may be catching on to the single sales factor trend. A recently proposed bill, S.B. 1090, passed by a wide margin in the Maryland Senate on March 19, 2018, and was the subject of a public hearing ...
United States
4 Apr 2018
NJ Tax Court: Division Assessment Stricken Because Limited Partnership Not Subject To Corporation Business Tax
Yesterday, the New Jersey Tax Court of New Jersey issued yet another decision involving the taxation of partnerships and their nonresident limited partners in National Auto Dealers Exchange...
United States
1 Mar 2018
President Signs Federal Tax Bill into Law – What You Need to Know Before the End of 2017
On December 22, 2017, President Trump signed into law H.R. 1, the "Tax Cuts and Jobs Act." The Act, which the House and Senate both passed two days earlier, heralds the most expansive and significant tax legislation enacted in the United States since 1986.
United States
27 Dec 2017
NJ Tax Court: Extraterritorial Income Not Subject To Corporation Business Tax
In a decision released today, the New Jersey Tax Court determined in Infosys Limited of India Inc.1 that a foreign corporation was not subject to New Jersey corporation business tax on its income...
United States
1 Dec 2017
New York State Department Of Taxation And Finance Takes Exception In The Matter Of Catalyst Repository Systems Regarding The Sourcing Of Electronic Service Receipts
In a surprising development, the New York State Department of Taxation and Finance has filed an exception with the New York State Tax Appeals Tribunal to the determination issued by the New York...
United States
13 Nov 2017
New Jersey Update: Reed Smith Wins Toyota Credit Case At Appellate Division
In 2003 and 2004, Toyota Credit sold the leased vehicles.
United States
25 Oct 2017
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