New York State Governor Andrew Cuomo released his Fiscal Year 2020 budget and accompanying legislation on January 15, 2019 (the Budget Bill). Among other things, the Budget Bill proposes statutory revisions to respond to the Tax Cut and Jobs Act of 2017 (TCJA) and to impose a sales tax collection obligation on “marketplace providers.”
Legal Alert
Legal Alert: New York instructs taxpayers on GILTI apportionment
By Eversheds Sutherland SALT on
Posted in In the News, New York
The New York State Department of Taxation and Finance released guidance in the form of tax return instructions addressing how it will account for global intangible low-taxed income (referred to as GILTI) for apportionment purposes. These instructions allow a taxpayer to include its net GILTI amount (rather than the total receipts related to the generation…
Legal Alert: District of Columbia imposes Wayfair nexus standard, digital goods taxation and marketplace sales tax collection requirements
By Eversheds Sutherland SALT on
Posted in In the News
On December 31, 2018, District of Columbia Mayor Muriel Bowser signed B22-1070, the Internet Sales Tax Emergency Amendment Act of 2018 (Emergency Act). As of January 1, 2019, the District of Columbia now subjects digital goods to the 6% sales tax rate and imposes Wayfair-style economic nexus sales tax collection requirements. As of April 1,…
Legal Alert: DC QHTC regulation amended to require new application procedure
By Eversheds Sutherland SALT on
Posted in In the News
The District provides a variety of tax benefits to QHTCs, including sales and use tax and personal property tax exemptions, as well as a reduced corporation franchise tax rate. In order to qualify as a QHTC, a business must:
- Be an individual or entity organized for profit;
- Lease or own an office in the District;
…