Starting the new year off with legislation aimed directly at the pockets of corporate taxpayers, New York has issued a legislative proposal to nearly cut in half corporate taxpayersâ available GILTI exemptions, and at the same time almost double the top corporate franchise tax rate. Senate Bill 953 (âSB953â), pre-filed in the state senate on January 8, 2025, has the potential to significantly increase New York franchise tax exposure for corporations doing business in the…
New Jersey is the latest state to unveil a voluntary initiative to examine transfer pricing for taxpayers with intercompany transactions. The initiative is similar to recent programs in North Carolina, Indiana, and Louisiana (see our prior coverage here and here, as well as our prior coverage of the Multistate Tax Commissionâs ongoing transfer pricing collaboration and enforcement initiatives). The New Jersey Division of Taxation published guidance outlining the voluntary transfer pricing initiative last week (NJ…
On March 9, 2022, the New Jersey legislature unanimously passed, and New Jersey Governor Philip D. Murphy signed, Senate Bill No. 1889 (âSB 1889â), which, among other limitations, prohibits entities with certain ties to Russia or Belarus from benefitting from New Jersey state and local economic development incentives, including certain state and local tax incentives. While several other statesâ pension funds have moved to divest themselves of Russian financial holdings, SB 1889âwhich was swiftly introduced…
On Monday, July 27, the Senate Finance Committee released draft legislative provisions (âCOVID-19 Billâ) regarding the next iteration of Coronavirus relief. Somewhat surprisingly, the provisions include the Remote and Mobile Worker Relief Act of 2020, which was introduced earlier this year as S. 3995 by Sens. Sherrod Brown (D-OH) and Jon Thune (R-SD). S. 3995 appears to be based on S. 604, the Mobile Workforce State Income Tax Simplification Act (âMobile Workforce Actâ), which was…