Beginning November 1, 2021, the Louisiana Department of Revenue (“Department”) will be offering taxpayers the opportunity to participate in a voluntary transfer pricing “managed audit” program (the “Program”). Pursuant to a recently released Department information bulletin, the purpose of the Program is to: Create an efficient and expedited resolution for corporate tax audits when transfer pricing issues exist; andProvide certainty and uniformity to taxpayers on the resolution of transfer pricing issues for open audit periods…
Connecticut legislative leaders recently announced support for a digital advertising tax (“Connecticut Digital Advertising Tax”) proposed by the Connecticut Joint Committee on Finance, Revenue and Bonding (the “Finance Committee”). Connecticut joins Maryland, Massachusetts, New York, and Texas, among others, as states with concrete digital advertising tax proposals on the table (and in Maryland’s case, an enacted law).
On April 7, 2021, the New York Legislature passed the New York Budget Bill for fiscal year 2022 (S2509–C/A3009-C) (the “Enacted Budget”), ushering in a slew of tax increases for businesses and high-income earners. As of the time of publication of this post, New York Governor Andrew Cuomo had not yet signed the Enacted Budget, but has indicated that he will do so. The Enacted Budget is the result of a months-long negotiation process that…
State legislators in the Massachusetts House of Representatives recently introduced four bills on the taxation of digital advertising services. Two of these bills propose a tax on digital advertising services, a third bill would set up a “special commission” to study how to generate revenue from digital advertising, and a fourth bill appears to be a placeholder for some action on digital advertising taxation. This makes Massachusetts one of the latest states to join the wave of state digital advertising tax proposals targeting large digital advertising service providers. We have previously covered Maryland’s digital advertising tax, the first in the nation to become law, and various other states’ pending digital and data tax proposals, including New York and Texas. Below, we summarize and compare the various Massachusetts proposals.