The Maryland Court of Special Appeals affirmed the tax court’s decision that a Macy’s captive insurance company is exempt from Maryland corporate income taxes on interest payments received from a Macy’s affiliate. Maryland imposes a premium receipts tax on unauthorized insurance companies, which includes the taxpayer captive insurer in this case. The taxpayer captive insurer
corporate income
Eco-friendly but not so taxpayer friendly: Wisconsin Tax Appeals Commission finds automaker’s sale of environmental credits generates apportionable income
By Charlie Kearns & Annie Rothschild on
Posted in Income Tax
The Wisconsin Tax Appeals Commission sided with the Department of Revenue, ruling that American Honda Motor Co.’s sale of environmental credits generated apportionable income for corporate income and franchise tax purposes. American Honda bought vehicles from related companies and resold them to car dealerships and other retailers in the U.S.
When American Honda sold its…
New Mexico Court of Appeals Invalidates Refund-Claim Requirement Not Found In Statute
Posted in In the News
The New Mexico Court of Appeals held that a taxpayer’s refund claim was timely even though it did not comply with a requirement found in the Department of Revenue’s regulation. Specifically, the court concluded that the Department’s regulatory requirement to provide a “fully completed amended return” was not required prior to the expiration of the…