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Multistate Tax  |  February 25, 2022
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State Tax Matters
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Income/Franchise:
Ohio: New Law Generally Updates State Conformity to Internal Revenue Code

H.B. 51, signed by gov. 2/17/21. Effective immediately, new law generally incorporates into Ohio’s corporate and individual income tax laws those Internal Revenue Code (IRC) changes made since March 31, 2021 – including provisions within the federal Infrastructure Investment and Jobs Act (i.e., P.L. 117-58) – and permits a taxpayer whose taxable year ends after such date, but before the effective date of these incorporated changes (i.e., before February 17, 2022), to elect to apply the IRC as it existed for that taxable year. Note that Ohio continues to decouple from certain federal income tax provisions, including those involving the IRC section 179 deduction and IRC section 168(k) bonus depreciation [see Ohio Conformity Updates, Ohio Dept. of Tax. (updated as of 2/18/22) for more details on Ohio’s coupling and decoupling provisions]. Please contact us with any questions.

 

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Dave Adler (Columbus)

Managing Director

Deloitte Tax LLP

 

Courtney Clark (Columbus)

Partner

Deloitte Tax LLP

 

Matt Culp (Columbus)

Senior Manager

Deloitte Tax LLP

Paige Fitzwater (Columbus)

Manager

Deloitte Tax LLP



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In this issue

Income/Franchise
Colorado: Adopted Rule Reflects Temporary Corporate and Individual Income Tax Rate Changes

Louisiana DOR Addresses New Partnership Filing Requirements for 2021 Tax Year

Maine: Proposed Rule Addresses State Treatment of Federal Partnership Audit Regime Changes

Ohio: New Law Generally Updates State Conformity to Internal Revenue Code

Pennsylvania DOR Explains Split Factor Apportionment Methodology under CNIT

Texas Comptroller Proposes Changes to Franchise Tax Rule on Computing Compensation

Virginia: New Law Generally Updates State Conformity to Internal Revenue Code

West Virginia: New Law Generally Updates State Conformity to Internal Revenue Code

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