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.
Massachusetts pass-through entity tax estimated payments due January 18, 2022 As noted in the Multistate Tax Alert issued on October 8, 2021, a new elective pass-through entity tax has been established in Massachusetts. Preliminary guidance in the form of a draft technical information release has been issued by the Massachusetts Department of Revenue regarding the new tax and specifically notes that the total amount of all estimated payments for the tax year beginning January 1, 2021 must be made by January 18, 2022.
This Multistate Tax Alert provides a summary of how an estimated payment should be made as well as some important considerations. [Issued: January 13, 2022] More
2022 North Carolina county tier designations and average wages for economic development incentive programs This Multistate Tax Alert provides the 2022 North Carolina county tier designations and the county average wages for purposes of North Carolina’s economic development incentive programs. The Development Tier Designation statute (N.C Code § 143B-437.08) provides specific guidelines for calculating annual tier rankings. This process assigns each county to a designation of Tier One (most distressed), Tier Two, or Tier Three (least distressed). [Issued: January 18, 2022] More
South Carolina 2022 county tier rankings for the Jobs Tax Credit The South Carolina Jobs Tax Credit is a financial incentive that rewards new and expanding companies for creating jobs in the state. To qualify, companies must create and maintain a certain number of net new jobs in a taxable year. The number of new jobs is calculated as the increase in the average monthly employment from one year to the next. The credit is dependent, in part, on per capita income and unemployment rate data received from the South Carolina Department of Employment and Workforce and the United States Department of Commerce.
This Multistate Tax Alert provides the county rankings for purposes of the South Carolina Jobs Tax Credit in 2022. [Issued: January 18, 2022] More
Tennessee repeals drop shipment rule Per Important Notice #22-01, effective January 10, 2022, the Tennessee Department of Revenue has repealed Sales and Use Tax Rule 96 regarding drop shipments. As a result, Tennessee suppliers may now accept resale certificates from other states for goods purchased by out-of-state dealers for resale that are drop shipped to the dealers’ Tennessee customers.
This Multistate Tax Alert summarizes Important Notice #22-01. [Issued: January 14, 2022] More
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