State & local tax advisor: June 2018
What’s new in state and local tax? Here are a few updates on activities within Colorado, Connecticut, Michigan, and more.
All states
- U.S. Supreme Court overrules Quill in sales tax nexus case
Colorado
- Colorado enacts market-based sourcing
- Colorado issues IRC §965 repatriation transition tax guidance
Connecticut
- Connecticut revises IRC §965 repatriation transition tax guidance
- Connecticut enacts pass-through entity tax, depreciation adjustments
- Connecticut issues guidance on estimated pass-through entity tax
- Connecticut’s bonus depreciation addback applies to 2017 tax year
- Sales and use tax definitions regarding nexus amended
Hawaii
- IRC conformity updated
Illinois
- Sales thresholds trigger sales tax nexus in Illinois
Iowa
- Iowa enacts major tax reform
Michigan
- Passive holding company not subject to Detroit income tax
- Unitary business group guidance updated
- Contractor use tax liability clarified
Missouri
- Corporate tax rate cut and apportionment changes enacted
North Carolina
- North Carolina budget updates IRC conformity, includes other changes
North Dakota
- Remote sellers meeting thresholds now subject to sales tax
Ohio
- Personal income tax residency test modified
Tennessee
- State decouples from TCJA limit on business interest deduction
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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