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Multistate Tax  |  May 20, 2022
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Income/Franchise:
South Carolina: New Law Updates State Conformity to Internal Revenue Code

H.B. 5057, signed by gov. 5/16/22. Effective immediately, new law generally updates corporate and personal income tax statutory references to the Internal Revenue Code (IRC), referring to the federal law in effect as amended through December 31, 2021 (previously December 31, 2020) and “includes the effective date provisions contained in it.” The new law additionally provides that if IRC sections adopted by South Carolina which expired or portions thereof expired on December 31, 2021, are extended, but otherwise not amended, by US Congressional enactment during 2022, “these sections or portions thereof also are extended for South Carolina income tax purposes in the same manner that they are extended for federal income tax purposes.” The legislation specifically provides that for tax year 2021, South Carolina adopts the federal exclusion from gross income for targeted “Economic Injury Disaster Loan” advances received from the Small Business Administration (SBA) and the federal exclusion from gross income for restaurant revitalization grant amounts received from the SBA as provided in Sections 9672 and 9673 of the federal American Rescue Plan Act (i.e., P.L. 117-2). Please contact us with any questions.

 

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Art Tilley (Charlotte)

Managing Director

Deloitte Tax LLP

Meredith Morgan (Charlotte)

Senior Manager

Deloitte Tax LLP



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In this issue

Administrative
Connecticut: New Law Includes Tax Administration-Related Changes Involving Refunds and Assessments

Maine Revenue Services Summarizes Eligibility and Participation in Voluntary Disclosure Program

Maryland: New Law Creates Legal Division to Aid with Taxpayer Guidance and Private Letter Rulings

Income/Franchise
Multistate Tax Commission: Work Group Updates Draft White Paper on Investment Partnerships

Colorado: New Law Revises PTE Tax and Includes Retroactive Application

Maine: Amended Rule Reflects New Bright-Line Nexus Standard Under Corporate Income Tax

Massachusetts: State High Court Says S Corp’s Gain from Selling LLC Interest Not Taxable in this Case

New Jersey Division of Taxation Releases Much Anticipated Proposed Combined Reporting and NOL Rules

South Carolina: New Law Updates State Conformity to Internal Revenue Code

Tennessee DOR Explains Decoupling from TCJA Changes to IRC §174 Deduction for Research Expenditures

Texas Comptroller Addresses Treatment of IRC §336(e) and 368(a)(1)(C) Elections

Other/Miscellaneous
Tennessee: Notice Explains How DOR Must Certify if Business Tax was Reported at Retail or Wholesale Rate

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