CCH Tax Day Report The House Ways and Means Committee approved a bipartisan measure on June 15 that would amend Code Sec. 45J to modify the credit for production from advanced nuclear power facilities. HR 1551 is sponsored by Reps. Tom Rice, R-S.C., and Earl Blumenauer, D-Ore. “This bill clarifies an issue in existing law […]

The post Ways and Means Approves Bipartisan Nuclear Production Tax Credit appeared first on Tax & Accounting Blog.

CCH Tax Day Report Vermont Governor Phil Scott has signed a miscellaneous tax bill that includes a change to federal adjusted gross income as the starting point for calculating Vermont personal income tax, a change to federal conformity for Vermont corporate and personal income tax purposes, an update of the due date for S corporation […]

The post Vermont ~ Multiple Taxes: IRC Conformity and Starting Point for Personal Income Taxes Changed appeared first on Tax & Accounting Blog.

CCH Tax Day Report The Vermont miscellaneous tax bill signed by Gov. Phil Scott includes an additional sales and use tax notice requirement for noncollecting vendors; changes to the provision requiring use tax reporting on individual income tax returns; changes to the sales and use tax exemptions for aircraft and for aircraft parts, machinery, and […]

The post Vermont ~ Sales and Use Tax: Additional Noncollecting Vendor Notice Requirement, Use Tax Reporting Changes, and More Enacted appeared first on Tax & Accounting Blog.

CCH Tax Day Report For marijuana tax purposes, the Colorado Department of Revenue has released an Average Market Rate Change Fact Sheet that updates the Average Market Rates (AMR). The AMR is utilized by the Department of Revenue in levying the retail marijuana excise tax on the sale or transfer of retail marijuana from a […]

The post Colorado ~ Miscellaneous Tax: Marijuana Average Market Rates Adjusted appeared first on Tax & Accounting Blog.

CCH Tax Day Report The Senate Small Business and Entrepreneurship Committee held a hearing on June 14 examining the prospects of tax reform and the removal of barriers to small business growth. Mark Mazur, former Treasury assistant secretary for tax policy, testified before the committee along with Annette Nellen on behalf of the American Institute […]

The post Senate Small Business Committee Examines Tax Reform, Current Compliance Costs appeared first on Tax & Accounting Blog.

CCH Tax Day Report The Virginia Department of Taxation has issued final guidelines for retail sales and use tax refund claim procedures. Beginning July 1, 2016, legislation prohibits a purchaser from receiving interest on a refund claim for erroneously paid retail sales and use tax for any period prior to the date the purchaser submits […]

The post Virginia ~ Sales and Use Tax: Guidelines Issued for Tax Refund Claim Procedures appeared first on Tax & Accounting Blog.