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June 26, 2018 Article 15 min read
What’s new in state and local tax? Here are a few updates on activities within Colorado, Connecticut, Michigan, and more. 

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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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