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State & Local Tax news

March 2018

In This Issue:

 

Welcome to the March 2018 issue of the Aprio State & Local Tax (SALT) Newsletter.

With dozens of different taxes imposed by the 50 states (and thousands of local jurisdictions), we recognize how challenging it is to keep up with current issues and developments. This newsletter is designed to provide insights on developments in state and local taxes including new legislation, regulations, rulings and cases addressing issues such as corporate and personal income taxes, sales and use taxes, nexus, franchise/net worth taxes, etc.

This issue of the newsletter contains articles concerning (i) Georgia legislation in response to federal tax reform, (ii) a summary of the new Georgia Quality Jobs Tax Credit rules, (iii) a New Jersey Tax Court decision holding that a partnership can’t be held liable for the corporate business tax obligations of its corporate partner, (iv) the applicability of Texas’ occasional sale rule to a like-kind exchange of aircraft, and (v) an Indiana Letter of Findings explaining when the state’s repealed throwback rule applies to out-of-state sales.

In case you missed prior issues of this newsletter, please click here.

If you have any comments, questions or suggestions regarding current or future topics, or if you would like to learn more about Aprio's SALT Practice, please email us at [email protected]. Thank you.

Jeff Glickman
Jeff Glickman, J.D., LL.M.
Partner-in-Charge, State & Local Tax Practice
 
State Legislatures turn to conform to federal tax reform

Georgia's Response to Federal Tax Reform: Governor Deal Signs Tax Cut and IRC Conformity Bill

By Jess Johannesen, SALT manager

Governor Deal signs Tax Cut and IRC Conformity Bill, providing tax cuts to Georgians to counter the effect of the Tax Cuts and Jobs Act.

 
State Legislature to conform to Federal tax reform

Georgia Taxpayers to Benefit from Expanded Quality Jobs Tax Credit Rules

By Jeff Glickman, SALT partner

Significant changes to Georgia’s Quality Jobs Tax Credit allows more taxpayers to qualify and benefit from this credit beginning in the 2018 tax year.

New Jersey Rules that State Cannot Assess Partnership Directly for Tax of Corporate Partner

By Jeff Weinkle, SALT manager

The New Jersey Tax Court struck down the Division of Taxation’s argument, ruling that a partnership can’t be held liable for the corporate business tax obligation of its corporate partner.

Texas Like Kind Ruling on aircraft

Texas Addresses Occasional Sale Exemption for Like-Kind Aircraft Exchange

By Alissa Graffius, SALT senior associate

The occasional sale exemption is a little-known exemption that created big problems for one Texas company.

 
Indiana Provides Guidance

Indiana Provides Guidance on Application of Repealed Throwback Sales Rules

By Tina M. Chunn, SALT senior manager

Indiana letter of finding explains when the state’s repealed throwback rule applies to out-of-state sales.

 

About Aprio's State and Local Tax Practice

Aprio's State and Local Tax (SALT) practice advises clients on the state and local tax implications of their business operations, allowing clients to strategically minimize their liabilities and risks. Our team has over 50 years of combined SALT experience working in industry, state departments of revenue, public accounting and private law practice. We specialize in all areas of SALT, including matters related to state tax nexus, corporate and personal income taxes, sales/use tax, franchise/net worth taxes, credits and incentives, and mergers and acquisitions. In addition, we represent clients in administrative matters before state revenue departments around the country, including audit defense and settlement negotiations, pursuing voluntary disclosure agreements and obtaining letter rulings.