Upcoming National Meeting

51st Annual Meeting

2 ½ day program offering sessions for every state tax and government affairs professional with tax responsibilities. The meeting presents an extensive program covering all types of state and local taxes that business taxpayers are confronted with today. The ever-popular audit sessions and state chamber of commerce roundtables are included, and other conference sessions provide updates on key SAL

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Newsletters & Media

Legislative Alert

ISSUE 20-22; May 19, 2020

Portland Metro Business Profits Tax to be Determined via May 19 Ballot; California Governor Revised Budget Proposal Includes NOL Suspension

Cost Conscious

ISSUE 20-09; May 1, 2020

CARES ACT Impact on Your Company – Which CARES Act provision do you anticipate will impact your company the most for state and local tax purposes?

Twitter

Bloomberg TAX

Streamlined Sales Tax Pact Called Still a State's Safest Bet

 

State of Wayfair: The Streamlined Sales and Use Tax Agreement is the most effective tool the states have to preserve their authorities to collect tax from remote sellers, and hold off legal challenges and possible intervention by Congress, the director of the pact said.

NYC Eyes Borrowing $7 Billion to Deal With Pandemic Revenue Hit

 

New York City is seeking authority to borrow possibly as much as $7 billion if necessary to make up for the revenue lost because of the coronavirus pandemic.

UBS’s $5 Billion Retrial, Theranos Shelved in Virus Backlog (1)

 

Courts reopening around the globe are confronting a backlog of thousands of cases, including UBS Group AG’s $4.9 billion tax-evasion penalty, former TheranosCEO Elizabeth Holmes’s alleged fraud and even the 2016 Brussels terrorist attacks that killed 32 people.

INSIGHT: An Unexpected Gift in Opportunity Zone Correcting Amendments—Did This Really Just Happen?

 

Treasury and the IRS recently issued correcting amendments to the final opportunity zone regulations, and those amendments came with an unexpected gift. Lisa Starczewski of Buchanan Ingersoll & Rooney writes that the correcting amendments appear to make it much easier for an entity to meet qualified opportunity zone business qualifications during the start-up period if it has a working capital safe harbor in place.

Need for Stimulus or Relief Will Shape Congress' Next Virus Bill

 

The contents of the next coronavirus relief package will hinge on a central question—whether the goal should be to provide another tourniquet for the economy or a crutch to help return it to normal.

INSIGHTS: Litigation Finance Could Be a Lifeline During Pandemic

 

The coronavirus pandemic and its recession is hitting the legal industry hard, and firms are bracing for furloughs, layoffs, hiring freezes, and other adverse economic impacts. Eva Shang and Robbie Li of litigation funding firm Legalist say litigation finance can provide unique and critical support for the industry.

Federal Workers See Risks to Them in Trump Push to Reopen U.S.

 

As Donald Trump presses states to reopen, government workers and their unions say they’re increasingly concerned that their bosses will force them back to the office without sufficient protection.

Illinois Passes $40 Billion Budget Counting on Federal Help (1)

 

Illinois lawmakers early Sunday approved a budget of about $40 billion for the year starting in July that relies on federal loans to close the revenue shortfall exacerbated by the coronavirus pandemic.

Bonus Depreciation • Stranded Employees • Loan Forgiveness

 

This weekend roundup of Bloomberg Tax Insights includes capturing missed bonus depreciation; guidance for stranded employees and their employers; Paycheck Protection Program loan forgiveness issues; managing global indirect taxes during the pandemic; capital gains tax misconceptions; digital taxes and the environment; informed net operating loss decisions; the second wave of CARES Act relief; transfer pricing offtake agreements; automated accounting reconciliation processes; the pandemic's impact on audits and tax; and Covid-19 tax measures in India, Brazil, and the Persian Gulf.

Illinois Lawmakers Approve $5B Bonding Plan to Tap Fed Facility

 

Illinois lawmakers approved a measure giving Governor J.B. Pritzker the authority to borrow up to $5 billion through the Federal Reserve’s municipal lending facility.

Tax Notes

Kansas Lawmakers Adjourn Without Approving Facilitator Bill

 

Kansas legislators have adjourned their 2020 session without voting on a marketplace facilitator bill that would have created a remote seller threshold.

Texas Governor Asks Localities Not to Raise Property Taxes

 

Gov. Greg Abbott (R) has urged Texas localities not to raise property taxes as homeowners confront the economic impact of the COVID-19 pandemic.

South Carolina DOR Can’t Amend in Pollution Control Exemption Suit

 

The South Carolina Administrative Law Court has ruled that the Department of Revenue may not amend its pre-hearing statement in an appeal by a pipeline company challenging the denial of a pollution control exemption.

New Haven to Ask Yale for Greater Contribution in Lieu of Taxes

 

New Haven, Connecticut, is planning to ask Yale University to contribute an additional $2.5 million to help the city reduce a fiscal 2021 budget gap.

University of Chicago’s Daycares Denied Property Tax Exemption

 

The University of Chicago and an unaffiliated childcare provider were not entitled to property tax exemptions for on-campus daycare facilities operated by the latter entity, according to an Illinois appellate court.

Nebraska DOR Issues Guidance on Telework Nexus During Pandemic

 

Nebraska employers do not have to change how they report or remit income tax withholding for employees working remotely during the COVID-19 pandemic, according guidance from to the state Department of Revenue.

Georgia High Court Rules for Telecom in Customer Refund Dispute

 

Subsidiaries of AT&T Mobility LLC may seek refunds on behalf of their customers for periods prior to the effective date of legislation specifically authorizing them to do so, the Georgia Supreme Court held.

Texas Court OKs Excess Tax Sale Proceeds for County Taxing Units

 

Dallas County taxing units properly received excess proceeds from the tax sale of an individual’s property, according to a Texas appellate court.

Featured Resources

COST - Council on State Taxation

Amicus Briefs

City & County of San Francisco v. All Persons Interested in the Matter of Proposition C

COST filed an amicus brief in support of the Appellants (the California Business Properties Association, Howard Jarvis Taxpayers Association and California Business Roundtable) in the City & County of San Francisco v. All Persons Interested in the Matter of Proposition C. In July 2019, the trail court granted the City and County’s motion to validate Proposition C, which asked voters to impose an a

COST - Council on State Taxation

COST Studies, Articles & Reports

The Illusory Benefits of an Accelerated Sales Tax Remittance System

This is the second of two studies commissioned by STRI that examine the costs and benefits of the so-called “Accelerated Sales Tax Remittance” (ASTR) system.

COST - Council on State Taxation

COST Comments & Testimony

Testimony in Opposition to H.F. 3389, Article 2, and in Support of S.F. 3654 – Reporting of Federal Adjustments

COST opposes provisions for reporting adjustments in H.F. 3389, Article 2, which fail to adequately address issues with respect to all taxpayer types reporting federal tax adjustments. COST encourages conformity to IRC 163(j) changes in federal CARES Act.