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.
California enacts legislative fix for pass-through entity tax issue On September 28, 2022, the California governor signed Senate Bill 851 (S.B. 851) into law, which corrects a potential issue where the California pass-through entity tax (“PET”) credit could cause a reduction in the other state tax credit (“OSTC”) for California residents and residents of reverse credit states (AZ, OR, and VA).
This Multistate Tax Alert summarizes some of the provisions of S.B. 851. [Issued: September 29, 2022] More
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