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State & Local Tax advisor - November 2015

November 30, 2015 Article 1 min read
Authors:
Curtis Ruppal Mike Merkel Bob Woolley Ron Cook
Here are the latest and greatest state and local tax updates, including IL, LA, MI, MO, NC, OH, TN and VT.

Plante Moran’s State & Local Tax team issues periodic newsletters to keep you apprised of important state and local tax changes. Topics in this issue include:

Illinois

  • Sourcing of Employee Compensation and Credit for Taxes Paid Discussed
  • Governor Reinstates Approval Procedures for Film and EDGE Tax Credits
  • Chicago Lease Tax on Nonpossessory Computer Leases and Cloud Products Discussed
    Kansas
  • Exclusion of Guaranteed Payments from Substraction Modification, IRC Sec. 1231 Gains and Losses Discussed 

Louisiana

  •  Amnesty Program to Run for 30 Days Beginning November 16

Michigan

  • Cloud Computing Transactions Were Not Taxable
  • Investment Tax, Compensation Credits Had "Super-Priority"
  • Personal Income Tax Rate Reduction Bill Enacted 

Missouri

  • Taxpayers Reminded of Franchise Tax Phaseout

North Carolina

  • Sales and Use Tax Bad Debt Deduction Inapplicable to Accounts Held by Third Party

Ohio

  • Certain Business Income Tax Rates Modified, CAT Exclusion Expanded and Other Changes Adopted

Tennessee

  • Irish Private Limited Company Subject to Tax

Vermont

  • Click-Through Nexus Law Takes Effect; Collection Obligations Begin December 1, 2015

Read the full November SALT advisor >>

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The information provided in this alert is only a general summary and is being distributed with the understanding that Plante & Moran, PLLC is not rendering legal, tax, accounting, or other professional advice, position, or opinions on specific facts or matters and, accordingly, assumes no liability whatsoever in connection with its use. ©2015 CCH. All Rights Reserved

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