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.
US Supreme Court decision on unclaimed property On February 28, 2023, in Delaware v. Pennsylvania et al., the US Supreme Court ruled against Delaware in its dispute with 30 other states over the escheatment of unclaimed agent checks and teller’s checks that has been ongoing since 2016.
This Multistate Tax Alert summarizes the decision and provides some considerations. [Issued: March 24, 2023] More
Kentucky enacts pass-through entity tax election On March 24, 2023, House Bill 360 (H.B. 360) was enacted into law. Under the legislation, pass-through entities may make an annual election to pay an entity level state tax for taxable years beginning on and after January 1, 2022.
This Multistate Tax Alert summarizes some of the provisions of H.B. 360 related to the pass-through entity tax election. [Issued: March 27, 2023] More
Washington Supreme Court upholds capital gains tax In Quinn v. State, No. 100769-8, the Washington Supreme Court (Court) upheld the Washington State excise tax on long-term capital gains over $250,000 in a 7-2 decision. The Court found the tax to be a valid “excise tax” under Washington law imposed on the activity of selling capital assets. The Court found the tax not to be a property tax on capital assets or an income tax on capital gains leading the Court to conclude that the tax was either not subject to, or was consistent with, various provisions of the Washington and US constitutions. This decision upholding the capital gains tax means that for taxpayers subject to this tax, returns for the 2022 tax year are due April 18, 2023, before any applicable extensions.
This Multistate Tax Alert summarizes the recent decision and provides some taxpayer considerations. [Issued: March 27, 2023] More
30 Rockefeller Plaza New York, NY 10112-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 peopleworldwide make an impact that matters at www.deloitte.com.
