CCH Tax Day Report Sens. Chris Coons, D-Del., and Pat Roberts, R-Kan., on June 6 introduced the bipartisan Invent and Manufacture in America Bill. The measure would provide an enhanced tax credit for companies that conduct research & development (R&D) in the U.S. as well as those that manufacture products resulting from R&D in America, […]

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CCH Tax Day Report The omnibus tax bill signed by Minnesota Gov. Mark Dayton includes amendments to sales and use tax nexus laws; new or enhanced sales and use tax exemptions; authorization for new or increased local taxes; and other changes. Income tax changes (TAXDAY, 2017/06/06, S.14) and property and other tax changes (TAXDAY, 2017/06/06, […]

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CCH Tax Day Report Minnesota Gov. Mark Dayton has signed an omnibus tax bill that makes changes to excise taxes on cigarettes and other tobacco products and enacts a property tax exemption for a Major League soccer stadium, among other changes. Specifically, the maximum tax on a premium cigar is reduced from $3.50 to $.50. […]

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CCH Tax Day Report Minnesota Gov. Mark Dayton has signed an omnibus tax bill that makes a number of changes to corporate franchise (income) and personal income taxes, including establishing new subtraction modifications, new credits, and requiring electronic filing of corporate, partnership, and fiduciary returns for certain professional tax preparers. Details are discussed below. Subtraction […]

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CCH Tax Day Report The Michigan Department of Treasury has issued a Revenue Administrative Bulletin describing the computation and uses of a net operating loss deduction (NOL) for Michigan personal income tax purposes and the impact of a federal NOL on Michigan personal income tax credits. The Michigan and federal NOLs are distinct because itemized […]

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CCH Tax Day Report The Massachusetts Department of Revenue has issued a Technical Information Release (TIR) explaining supplemental budget legislation that enacted changes to the filing due dates for Massachusetts partnership and corporate income tax returns to conform to federal due date changes for those returns (TAXDAY, 2017/04/03, S.20). Effective beginning with returns due on […]

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