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State & local tax advisor: May 2018

May 25, 2018 Article 30 min read
Curtis Ruppal Mike Merkel Ron Cook Julie Corrigan
What’s new in state and local tax? Here are a few updates on activities within Alabama, Florida, Kentucky, Michigan, and more.

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  • Guidance provided on IRC §965 repatriation income


  • Repatriation income adjustment required for fiduciary return filers


  • Return adjustments required for IRC §965 amounts


  • Corporate income tax guidance provided on repatriation income


  • IRC conformity bill enacted
  • Remote retailers encouraged to file taxes; limited time voluntary disclosure program


  • Kentucky requires IRC §199A addback, restores credits
  • Kentucky enacts combined reporting


  • Phase-in of single-sales factor formula enacted


  • Small business exemption for industrial and commercial personal property amended
  • Withholding reporting deadline changed, e-filing requirement enacted

New York

  • Nonresident partner’s treatment of gain or loss on certain sales or transfers of interest discussed

New York City

  • Guidance issued on IRC §965 deemed repatriation income


  • Stock options properly subject to municipal income tax


  • Oklahoma allows transition tax installment payment election

Rhode Island

  • Treatment of IRC §965 income for fiduciaries discussed


  • Wisconsin issues chart of TCJA provisions adopted by state

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.

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