United States: State And Local Thinking - February 2016

Tax professionals

California clarifies post-apportioned excluded cancellation-of-debt income used to reduce tax attributes
The California Franchise Tax Board has issued a technical advice memorandum addressing the reduction of certain tax attributes in instances when cancellation-of-debt-income (CODI) is excluded from gross income for California purposes. The guidance clarifies that post-apportioned, rather than pre-apportioned, excluded CODI should be used to reduce the tax attributes. Read the SALT Alert.

Oregon Tax Court finds taxpayer properly treated gain from stock sale and income from holding company as nonbusiness income
The Oregon Tax Court recently ruled that gain realized from the sale of a subsidiary's stock and income from a subsidiary holding company were properly characterized as nonbusiness income not subject to apportionment. Read the SALT Alert.

Pennsylvania Commonwealth Court rules Internet provider's outsourced services not subject to sales and use tax
The Commonwealth Court of Pennsylvania ruled that outsourced dial-up services provided by an Internet service provider weren't subject to sales and use tax because they were considered nontaxable Internet access services under Pennsylvania sales and use tax law. The court distinguished this service from taxable telecommunications services because the taxpayer's facility was a point of presence where the end-user's Internet connection began. Read the SALT Alert.

Delaware enacts legislation adopting single sales factor apportionment
Delaware Gov. Jack Markell on Jan. 27 signed legislation, the Delaware Competes Act, which will phase in single sales factor apportionment. The sales factor will become more heavily weighted than the payroll and property factors for taxable periods beginning after Dec. 31, 2016. Read the SALT Alert.

New Jersey enacts legislation allowing conversion of Business Employment Incentive Program grants to tax credits
New Jersey Gov. Chris Christie on Jan. 11 signed bipartisan legislation that allows businesses previously approved for the Business Employment Incentive Program to voluntarily convert grant commitments into tax credits that may be taken against corporation business tax and insurance premiums tax liabilities. Read the SALT Alert.

North Carolina mandates informational reporting of market-based sourcing apportionment calculation
North Carolina Gov. Pat McCrory approved legislation on Sept. 18, 2015, enacting significant changes to the taxation of corporations. One such change requires certain corporate taxpayers to file an additional informational report to provide the state with information to study the impact that market-based sourcing of sales of items other than tangible personal property might have on corporate income tax collections. Read the SALT Alert.

Michigan enacts data center sales and use tax incentives
Michigan Gov. Rick Snyder signed legislation on Dec. 23, 2015, that allows for broad state sales and use tax exemptions for data centers. This new incentive legislation, originally designed to encourage one company to open a data center within the state, has been expanded to include all existing data centers within the state of Michigan, as well as the construction of new data centers. Read the SALT Alert.

SALT outlook, trends and predictions for 2016 
This alert focuses on how Grant Thornton thought 2015 would unfold from a SALT perspective and how these predictions aligned with what actually happened, and includes 10 new predictions on critical SALT issues for the coming year. Read the SALT Alert.

Michigan Department of Treasury issues guidance on claiming use tax refunds for certain cloud computing services
The Michigan Department of Treasury released guidance on Jan. 6 regarding claiming refunds for use tax paid on certain cloud computing services based on Auto-Owners Insurance Co. v. Department of Treasury. Read the SALT Alert.

Michigan manufacturing personal property tax exemption must be filed by Feb. 20
Michigan is providing a personal property tax exemption for eligible manufacturing personal property (EMPP) beginning Dec. 31, 2015. Because Michigan defines EMPP broadly, taxpayers should consider applying for this exemption. Read the SALT Alert.

Tax webcasts and events

Transforming your tax function -- trends, leading practices and CFOs' perspective
Tuesday, March 1, 3 p.m. ET
Tax changes and changing viewpoints about tax around the globe continue to challenge the most effective tax functions in meeting their regulatory requirements, effectively managing risk and adding value to their organizations. Members of Grant Thornton LLP's national Tax Accounting Risk Advisory Services tax business line and Technology Solutions practice will discuss how CFOs view the value of a tax function, how legislative and regulatory changes continue to affect the risk profile of many multinationals, and how to transform a tax function to effectively manage the change. Sign up now.

Executive compensation -- Proxy insights, 2016 regulatory updates and not-for-profits webcast
Thursday, March 3, 3 p.m. ET
This webcast will cover insights gained from assisting our executive compensation clients during proxy season. Topics include updates on institutional advisory firms (proxy advisory firms) and key institutional investors, trends in equity incentive plan design and share requests, regulatory updates, and not-for-profit executive compensation issues and disclosures. Sign up now.

Understanding India's budget for 2016–17
Wednesday, March 9, 11 a.m. ET
While there have been hiccups in getting certain key bills passed by the upper house of the parliament, the business community is still upbeat about the upcoming union budget for 2016-17. In this webcast, tax professionals from Grant Thornton India and Grant Thornton US will address highlights of the 2016-17 budget, along with major policy initiatives and an overview of the long-awaited goods and service tax. Sign up now.

Tax accounting quarterly update: March 2016 
Thursday, March 17, 3 p.m. ET
Learn about developments and significant issues that can affect your financial statements, including accounting for income and non-income taxes. We will focus on the financial reporting implications of these developments. This is part of our series of quarterly webcasts sponsored by Grant Thornton's Tax Accounting and Risk Advisory Services practice. Sign up now.

Replay past tax webcasts

The following webcasts are available for replay:
Understanding the United States' response to OECD-BEPS documentation actions The IRS recently proposed regulations for country-by-country reporting. The regulations don't break new ground, because they largely mirror the OECD's previously published model template. However, under the surface are numerous complex procedural, policy and practical considerations that must be carefully analyzed. Learn about the IRS's proposed requirements, related issues and the possible impact on multinational enterprises. Listen to a non-U.S. viewpoint regarding the proposals and hear about opportunities, strategies and practical considerations. Replay the webcast.

Partnership creation and care with no regretsJoin an important review of economic and tax provisions in partnership and LLC operating agreementsincluding their administration from the perspectives of both the drafting attorney and the accountants who apply and administer those provisions. This presentation identifies and discusses commonly encountered mistakes, oversights and constraints, and their potential consequences, and tips on how to avoid them. Replay the webcast. Replay the webcast.

Significant SALT developments for 2015 and predictions for 2016 webcast  — Efforts to reform SALT regimes and to interpret recently adopted SALT changes through regulatory action have rapidly continued throughout 2015. Taxpayers are focusing on new rules that affect longstanding income and indirect tax filing requirements and sourcing provisions. The impact of the U.S. Supreme Court's decision in Wynne also continues to resonate. Members of Grant Thornton's SALT – National Tax Office discuss significant SALT developments from 2015 and SALT trends expected in 2016. Replay the webcast.

Retail and restaurants: Should you buy into the new repairs safe harbor?  — The remodel/refresh repairs safe harbor for retail stores and restaurants provided in Rev. Proc. 2015-56 offers an approach that may reduce disputes regarding the deductibility or capitalization of remodel and refresh projects. Listen to a discussion of the safe harbor and potential opportunities and issues for retailers, restaurants and their lessors during implementation. Replay the webcast. 

Understanding what the $680 billion tax deal means to your business  — Lawmakers enacted a groundbreaking tax and spending bill in December that makes more than $680 billion in tax changes. Twenty-two popular tax provisions are now permanent, and the bill made important changes to the R&D credit, REIT rules, bonus depreciation, alternative fuel credits, health care reform excise taxes and many other provisions. Replay the webcast to learn what's been made permanent, what's been enhanced and what's next for the tax provisions that are still temporary. Replay the webcast.

Thought leadership from our State and Local Tax professionals

Publications

  • Feb. 19,Daily Tax Report, "What Will Future of State Tax Law Look Like Without Scalia?" SALT Principal Jamie Yesnowitz quoted.
  • State Tax Today, "Practitioners Critique FASB's Government Assistance Disclosure Proposal," Jamie Yesnowitz quoted.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Similar Articles
Relevancy Powered by MondaqAI
Grant Thornton LLP
 
In association with
Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Grant Thornton LLP
Related Articles
 
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions