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To embed, copy and paste the code into your website or blog: At the urging of the Alabama Society of CPAs and other groups, the Alabama Department of Revenue (ADOR) recently issued preliminary guidance on (a) how the new pass-through entity (PTE) tax election interacts with the corporate estimated tax rules, and (b) what happens if a taxpayer paid Alabama income tax on its federal “GILTI” income or on the deemed income resulting from a state or local government or IDA donating land, issuing a site prep grant, etc. to a new or expanding industry. The latter is now taxable under IRC section 118(b)(2) as a result of the Tax Cuts and Jobs Act of 2017 (TCJA). As previously reported, these issues arise as a result of the enactment of Alabama Act 2021-1, passed by the legislature unanimously and with lightning speed and signed into law by Gov. Kay Ivey on February 12, and a retroactive effective date for certain sections. ....
General Assembly Veto Override - On February 12, 2021, the Maryland General Assembly overrode Governor Larry Hogan’s veto of HB 732 (2020) (the Act), a bill enacting a. ....
Saturday, February 13, 2021 General Assembly Veto Override On February 12, 2021, the Maryland General Assembly overrode Governor Larry Hogan’s veto of HB 732 (2020) (the Act), a bill enacting a first-of-its-kind digital advertising services tax on the annual gross receipts from the provision of digital advertising services in Maryland. The tax only applies to companies having annual gross revenues (without deduction of any expenses) from all sources of $100 million or more. The rate of the tax varies, depending on the level of global annual gross revenues, from 2.5% (for companies with $1 billion or less in global annual gross revenues) to 10% (for companies with more than $15 billion in global annual gross revenue). The rate applies to gross revenues from the performance of digital advertising services in Maryland. For instance, a company subject to the 10% rate having $100 million of revenue attributable to the performance of digital advertising services in M ....
Source: Scott Olson/Getty Images News via Getty Images The Trump administration did not offer comment to the U.S. Supreme Court about a bid by certain coal-producing states to reject the legitimacy of Washington state standing in the way of a coal export terminal, leaving an opportunity for a Biden administration-controlled U.S. Justice Department to give an opinion instead. After the state of Washington denied a water quality permit for the terminal proposed by Millennium Bulk Terminals-Longview LLC Wyoming and Montana filed a petition to the U.S. Supreme Court aimed at rejecting Washington s authority to block the project, citing the Dormant Commerce Clause and the Foreign Commerce Clause under the U.S. Constitution. Millennium is a subsidiary of Lighthouse Resources Inc., which was unable to find a buyer for the port through its Chapter 11 bankruptcy reorganization. ....