Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
Colorado enacts several law changes impacting income and indirect taxes On June 23, 2021, Colorado Governor Jared Polis signed into law Colorado House Bills 21-1311 and 21-1312 (HB 1311 and HB 1312), which provide for several changes to Colorado’s corporate and individual income taxes, as well as indirect taxes.
This Multistate Tax Alert provides a summary of some of the more significant provisions in the bills. [Issued: June 29, 2021] More
Louisiana legislation reduces income tax rates and repeals federal income tax deduction subject to voter approval On June 16, 2021, Louisiana enacted a series of bills designed to reduce the individual and corporate income tax rates and eliminate the federal income tax (FIT) deduction, subject to voter approval in a state-wide election to be held on October 9, 2021. The legislation also includes provisions to continue the suspension of the franchise tax for small businesses and reduce the franchise tax rate. Additionally, some of the law changes are contingent upon an amendment to the Louisiana constitution reducing the maximum individual rate and eliminating the constitutional mandate for the FIT deduction.
This Multistate Tax Alert provides a summary of some of the provisions within these bills. [Issued: June 23, 2021] More
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