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).
Ohio’s Proposed Tax “Cut” is Bad News for Business Owners
On May 9, 2019, Ohio’s House of Representatives passed House Bill 166 by a vote of 85-9. This is a two-year state budget bill that, if passed in it’s current form by the Senate and signed by the governor, will make several significant changes to Ohio tax law. The House
Proposed Opportunity Zone Rules: Round II, Part I
Part I: Much needed Guidance for Start-Ups and Operating Businesses The IRS and Treasury issued a second round of proposed rules on April 17, 2019. The second round of Qualified Opportunity Zone (QOZ) guidance includes a total of 169 pages covering topics ranging from additional definitions of the commonly used
Ohio Senate takes steps to further Opportunity Zone Investment
The Ohio Senate passed the legislation to incentivize investments to Ohio Opportunity Zones by offering a 10% tax credit on the investment. The maximum amount of credits allowed by Ohio for a two year period is $50 Million, with a per applicant cap of $1 million. Investors will apply for
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