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The Texas Comptroller of Public Accounts (the Comptroller) published proposed amendments to Texas’ franchise tax apportionment rule in the January 20 issue of the Texas Register, discarding the now-repudiated “receipt-producing, end-product act” test. The Comptroller proposed these amendments in response to the Texas Supreme Court’s unanimous decision in Sirius XM Radio, Inc. v. Hegar. Eversheds…

From November 14 through 17, the Multistate Tax Commission (MTC) held its annual Fall Meetings in Little Rock, Arkansas. The MTC’s Uniformity, Executive, Strategic Planning, Audit, Litigation, and Nexus Committees met during the week. The Uniformity Committee meeting included the following topics:

  • Digital products
  • Apportionment
  • Multistate Power of Attorney
  • Marketplace updates

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The Multistate Tax Commission (MTC) held its annual Fall Meetings in Little Rock, Arkansas (Eversheds Sutherland attorneys attended the meeting, and a full report of the meetings will be provided). On Thursday, November 17, the MTC Executive Committee dissolved the State Intercompany Transactions Advisory Service (SITAS) Committee. The Committee’s purpose of facilitating information sharing and…

On October 11, 2022, the Florida District Court of Appeals, First District held oral arguments on State Farm Mutual Automobile Insurance Company v. Florida Department of Revenue, a case relating to the “add back” to Florida taxable income of interest earned on state and local bonds, for purposes of calculating Florida corporate income tax.…

Following New York City’s recent victory in a case regarding the apportionment of income earned by an out-of-state corporation from its sale of a non-unitary investment, the New York State Department of Taxation and Finance (NYS Department) memorialized the litigation position in an August 4, 2022 revision to the “final draft” regulations that it had…

The Multistate Tax Commission (MTC) held its 55th Annual Meeting in Anchorage, Alaska from August 1st through the 4th. During the four-day event, the Audit, Litigation and Nexus Committees met on Monday, the Uniformity Committee met all day Tuesday, the Commission held its annual business meeting and seminar on Wednesday, and…

During the 2022 legislative session, the Georgia General Assembly passed significant tax legislation, including authorizing affiliated groups to file consolidated corporate income tax returns without prior approval from the Department of Revenue, extending and amending qualification for the high-technology and data center sales tax exemptions, extending and increasing several income tax credits, and changing procedures…

On January 18, 2022, New York Governor Kathy Hochul released her fiscal year 2023 budget and accompanying legislation (the Budget Bill).  The Briefing Book accompanying the Budget Bill highlights New York’s “remarkable reversal of fortune as tax revenues rebound”—giving the Governor the room to propose a variety of tax cuts targeted toward the middle-class and…