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Sep 12, 2024 | 
njcpa.org | David Jasphy
Corporation Business Tax Regulations Coming to New York City September 12, 2024 Ten years after New York City introduced the business corporation tax, it is finally preparing complementary regulations. New York State adopted regulations in December 2023 to implement its 2015 corporate tax reform legislation.
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Jul 3, 2024 | 
jdsupra.com | Michael Hilkin |David Jasphy |Stephen P. Kranz
The California State Legislature overturned Microsoft’s recent win at the Office of Tax Appeals, which held that the gross amount of dividends received from foreign affiliates outside its water’s-edge group should be included in its sales factor denominator, regardless of the application of a dividends-received deduction excluding 75% of such dividends from its taxable base.
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Jul 3, 2024 | 
jdsupra.com | Michael Hilkin |David Jasphy |Stephen P. Kranz
New Jersey Governor Phil Murphy’s proposed flip-flop, which reneges on his promise to allow the state’s 2.5% corporate business tax surtax to expire, has now passed both the New Jersey State Assembly and Senate and been signed by the governor. As a result, New Jersey will once again have the highest corporate income tax rate in the nation at 11.5%.
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Jul 3, 2024 | 
lexology.com | Stephen P. Kranz |Michael Hilkin |David Jasphy
The California State Legislature overturned Microsoft’s recent win at the Office of Tax Appeals, which held that the gross amount of dividends received from foreign affiliates outside its water’s-edge group should be included in its sales factor denominator, regardless of the application of a dividends-received deduction excluding 75% of such dividends from its taxable base.
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Jul 2, 2024 | 
lexology.com | Stephen P. Kranz |Michael Hilkin |David Jasphy
USAJuly 2 2024New Jersey Governor Phil Murphy’s proposed flip-flop, which reneges on his promise to allow the state’s 2.5% corporate business tax surtax to expire, has now passed both the New Jersey State Assembly and Senate and been signed by the governor. As a result, New Jersey will once again have the highest corporate income tax rate in the nation at 11.5%.
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May 21, 2024 | 
jdsupra.com | Michael Hilkin |David Jasphy |Stephen P. Kranz
Colorado Governor Jared Polis has signed legislation that would replace Colorado’s unique “3 of 6” rule for determining the members of a unitary group for combined reporting purposes and instead adopt what Legislative Council Staff has called “the Multistate Tax Commission’s standard” for determining the members of a combined filing group.
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May 20, 2024 | 
lexology.com | Stephen P. Kranz |Michael Hilkin |David Jasphy
Colorado Governor Jared Polis has signed legislation that would replace Colorado’s unique “3 of 6” rule for determining the members of a unitary group for combined reporting purposes and instead adopt what Legislative Council Staff has called “the Multistate Tax Commission’s standard” for determining the members of a combined filing group.
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Mar 5, 2024 | 
jdsupra.com | Michael Hilkin |David Jasphy |Stephen P. Kranz
The New York State Division of Tax Appeals determined that E. & J. Gallo Winery is a qualified New York manufacturer (QNYM) even though its only property in New York that could allow it to qualify for QNYM classification – a vineyard – was operated by a third-party contractor and Gallo did not have any of its own employees involved in the operation of the vineyard.
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Mar 4, 2024 | 
lexology.com | Stephen P. Kranz |Michael Hilkin |David Jasphy
The New York State Division of Tax Appeals determined that E. & J. Gallo Winery is a qualified New York manufacturer (QNYM) even though its only property in New York that could allow it to qualify for QNYM classification – a vineyard – was operated by a third-party contractor and Gallo did not have any of its own employees involved in the operation of the vineyard.
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Feb 28, 2024 | 
jdsupra.com | Michael Hilkin |David Jasphy |Stephen P. Kranz
After months of insisting that he would not allow New Jersey’s 2.5% corporate business tax surtax to be extended – and previously having allowed it to lapse for tax years beginning on January 1, 2024 – New Jersey Governor Phil Murphy is now proposing that the surtax be revived for companies earning profits that exceed $10 million a year (up from the prior threshold of $1 million). The proposal appears to apply retroactively to January 1, 2024.
