Article:
GILTI High-Tax Exclusion: Impact on State Taxes
When the concept of global intangible low-taxed income was introduced as part of the Tax Cuts and Jobs Act1 in 2017, it required a sprawling state income tax analysis: Would states tax GILTI? How would the income be apportioned? The past few years have brought some, if not all, of the answers to those questions.
In this installment of Inside Deloitte, Alexis Morrison-Howe, Sarah Murray, Steven Spaletto and Sara Clear of Deloitte Tax LLP examine the impact of the global intangible low-taxed income (GILTI) retroactive high-tax exclusion election on state income tax and future cash repatriation.
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