In a Chief Counsel Ruling, the California Franchise Tax Board (FTB) ruled that, under the corporation franchise and income tax apportionment rules, a taxpayer that contracts with health plans to manage and administer certain non-marketing services that the health plans are contractually obligated to provide to their clients and members must assign the sales of […]

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Comprehensive tax reform in 2017 is a known, bipartisan priority among congressional tax writers, but the details of what that package will look like remain uncertain. Specifically, House Republicans and the Trump administration have different ideas of what the corporate tax rate should be. Moreover, House Republicans are not yet in agreement with one another […]

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The Seattle City Council has approved legislation (Council Bill 119002) to impose a personal income tax at the rate of 2.25% on income over $250,000 per year for individuals or $500,000 per year for married couples filing jointly, applicable to income earned beginning in 2018. Seattle Mayor Ed Murray has indicated that he plans to […]

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Gov. Jay Inslee has signed legislation that modifies renewable energy system tax incentives. The legislation reduces the maximum incentive rate provided for each kilowatt-hour of electricity generated by a renewable energy system over the period of the program. An incentive to promote installation of systems is provided through 2021. For investment cost recovery incentive payments, […]

The post Washington ~ Sales and Use, Miscellaneous Taxes: Governor Signs Bill to Promote Local Renewable Energy appeared first on Tax & Accounting Blog.

Enacted New York legislation creates the Lake Ontario and Connected Waterways Assessment Relief Act, which provides for property assessment relief in the form of a reduced assessment for owners that have incurred damage from the flooding events during the spring of 2017 in upstate New York along Lake Ontario and the St. Lawrence River. Eligible […]

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A majority of Missouri residents and small business owners will see their personal income tax bills go down in 2018, according to Missouri Sen. Will Kraus. Pursuant to S.B. 509, Laws 2014, beginning in 2017, if net general revenue collected in the previous fiscal year exceeds the amount collected in any one of the three […]

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