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 pass-through entity tax election On June 23, 2021, Colorado Governor Jared Polis signed into law House Bill 21-1327 (HB 1327), which is entitled the “SALT Parity Act” and provides for an election to impose income tax on S corporations and partnerships.
This Multistate Tax Alert summarizes some of the more significant provisions of HB 1327. [Issued: June 30, 2021] More
Minnesota enacts pass-through entity tax election On July 1, 2021, the governor signed into law Minnesota’s FY 2022-2023 State Budget (including HF9/SF26, among other bills), which includes a new elective pass-through entity tax. Certain qualifying pass-through entities, including partnerships, limited liability companies, and S corporations, may elect to pay an entity level state tax on income for taxable years beginning after December 31, 2020, provided that the limitation for the state and local tax deduction under Internal Revenue Code section 164(b)(6) still applies.
This Multistate Tax Alert summarizes some of the provisions of the new Minnesota pass-through entity tax election. [Issued: July 6, 2021] More
Missouri enacts several indirect and income tax law changes On June 30, 2021, Missouri Governor Mike Parson signed Senate Bills 153 and 97 (collectively “SB 153”) into law imposing sales and use tax collection requirements as of January 1, 2023 on marketplace facilitators and remote sellers who exceed the $100,000 taxable sales threshold. The legislation also reduces individual income tax rates and creates a new earned income tax credit.
This Multistate Tax Alert summarizes some of the more significant provisions of SB 153. [Issued: June 30, 2021] More
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