Illinois Tax Amnesty October 1, 2019 – November 15, 2019, Tax and Credit Changes
Illinois’ tax amnesty program will run from October 1, 2019 through November 15, 2019 and covers taxable periods after June 30, 2011 and prior to July 1, 2018. Interest and penalties can be abated for taxpayers who move into compliance. Tax Amnesty Programs – S.B. 689 The budget bill enacts
Research and Development Tax Credit Expansion Act
On July 22, 2019, a bill (the Research and Development Tax Credit Expansion Act) was introduced that would be effective for taxable years beginning after December 31, 2019 to expand refundability and increase simplification of the research credit for certain small businesses. The Research and Experimentation (R&E) tax credit promotes
Indiana Market Based Sourcing Rule: Changes and Impact on Apportionment
Signed May 1, 2019, Indiana Senate Bill 563, adopts market-based sourcing rules and also makes certain other changes to Indiana’s apportionment provisions, effective retroactively for tax years beginning after December 31, 2018. Physical presence is not required to establish nexus for Indiana corporate income tax purposes (effective January 1, 2019).
New Washington Law Simplifies B&O & Sales Tax Economic Nexus, Marketplace Facilitator Nexus
S.B. 5581 was signed by the Governor Jay Inslee on March 14, 2019, with the goal of improving the effectiveness and adequacy of state tax laws by clarifying and simplifying nexus provisions, by decreasing compliance and administrative burdens for taxpayers and the department of revenue, by facilitating the collection of
Ohio Opportunity Zone income tax credit legislation introduced
News from the Governors biennial budget March 13, 2019 Under the governor’s proposal, Ohio would provide a 10 percent, nonrefundable income tax credit to those who invest in the state’s Opportunity Zones. The Executive Budget proposes a nonrefundable personal income tax credit equal to 10 percent of capital gains reinvested
Online Sellers Sales Tax Compliance with South Dakota – Post Wayfair
On June 21, 2018, the U.S. Supreme Court issued a decision in South Dakota v. Wayfair, overturning the physical presence standard espoused in Quill v. North Dakota[1], holding that the respondents had established substantial nexus in this case through “extensive virtual presence.” This case stemmed from a