Multistate Tax  |  January 7, 2022
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State Tax Matters
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Income/Franchise:
California FTB Adopts New and Revised Regulations on Assignment of Corporate Income Tax Credits

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Amended Cal. Code of Regs., Title 18, section 23663-1 and New Cal. Code of Regs., Title 18, section 23663-6, Cal. FTB (eff. 1/1/22); Notice of Approval: Amended Cal. Code of Regs., Title 18, section 23663-1 and New Cal. Code of Regs., Title 18, section 23663-6, Cal. FTB (12/7/21). The California Franchise Tax Board (FTB) has amended a regulation and adopted a new regulation in its attempt to provide California taxpayers with some certainty regarding how tax credits are allocated, what is an eligible tax credit, and who is an eligible assignee when members of a combined reporting group have been affected by corporate reorganizations and other corporate restructurings. The revisions include an explanation and illustrative examples on who is an eligible assignee, as well as address:

  • Treatment of a resulting corporation assignee who was a part of a reorganization under Internal Revenue Code section 368(a)(1)(F); and
  • The limitations on the allowance of credits against the assignor’s tax.

Please contact us with any questions.

 

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Christopher Campbell (Los Angeles)

Principal

Deloitte Tax LLP

 

Kathy Freeman (Sacramento)

Managing Director

Deloitte Tax LLP

 

Shirley Wei (Los Angeles)

Senior Manager

Deloitte Tax LLP

 


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In this issue

Administrative
Oregon DOR Launches its Newly Established Office of the Taxpayer Advocate

Income/Franchise
Alabama DOR Adopts Rules on Pass-through Entity-Level Tax and Financial Institution Excise Tax

Alabama: Adopted Rule Changes Reflect Move from Double-Weighted to Single Sales Factor

California FTB Adopts New and Revised Regulations on Assignment of Corporate Income Tax Credits

Colorado DOR Discusses Law Changes Involving Listed Tax Havens and Combined Return Inclusion

Colorado DOR Adopts Special Industry Apportionment Rule Addressing Hedging Transactions

Hawaii Department of Taxation Explains New REIT Reporting Obligation, Penalties and January 15 Deadline

Idaho State Tax Commission Addresses New Passthrough Entity-Level Tax Election

Massachusetts DOR Posts Working Draft Release on New Entity-Level Taxation for Some Pass-through Entities

Michigan Department of Treasury Explains New Passthrough Entity Tax Election

Oregon DOR Adopts Various CAT Rule Changes

Oregon DOR Adopts New Rule Defining Terms for and Application of Sourcing Broadcasting Sales

Pennsylvania Supreme Court Rules on Remedy Stemming from NOL Statutory Cap Invalidation Decision

South Carolina DOR Extends COVID-19 Pandemic-Related Telecommuting Relief through to March 31

Wisconsin: Receipts from Company’s Sale of Credits Deemed Characterized as Apportionable Income

Sales/Use/Indirect
Colorado DOR Explains Transition to Destination Sourcing and Mandated Compliance for All

Michigan Administrative Guidance Explains Remote Seller and Marketplace Facilitator Economic Nexus

New York ALJ Says Online Loan Marketplace’s Services are Not Taxable Information Services

Texas: Adopted Rule Changes Define “Bad Debt Credit” Terms and Reflect Underlying Policy

Texas: Taxpayer Deemed a Qualified “Manufacturer” Eligible for Electricity Purchase Exemption

Virginia: True Object of Remotely Accessible Security Systems is a Nontaxable Service

Washington DOR Explains Order Invalidating Portions of B&O Tax Sourcing Rule and Refund Impact

Other/Miscellaneous
Maryland Comptroller Adopts Rules for New Digital Advertising Tax

Oregon Supreme Court Affirms E911 Tax Imposition Does Not Violate Due Process or Commerce Clauses

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