|
Tax Developments
Subscribe to this feed
May 14, 2013
On May 8, 2013, the South Carolina Supreme Court shot down a broad challenge to the state’s administration of sales and use tax. Attorney Matthew Bodman filed suit in 2011 alleging that the numerous exemptions to the tax were not rationally related to the tax itself. The fatal flaw in his argument, according to the court, was that Bodman did not single out individual exemptions or caps for criticism.
>More
May 13, 2013
A Travis County District Judge has invalidated several provisions of the Texas Comptroller of Public Accounts’ rule relating to refunds of sales and use tax. In Ryan, LLC v. Combs, Cause No. D-1-GN-12-002388 (Dist. Ct. – Travis Cty., May 10, 2013), Judge Amy Clark Meachum declared that subsections (a)(4), (b)(10) and (e) of 34 TAC § 3.325 (effective January 7, 2013) and subsection (a)(4) of the previous version of the rule (effective July 19, 2011) are invalid and illegal.
>More
May 09, 2013
The Marketplace Fairness Act, passed Monday, May 6, 2013 in the United States Senate (Senate Bill 743) by a 2 to 1 ratio with bipartisan support, seems likely to face a more difficult challenge from Congressional Republicans in the House of Representatives (H.R. 684).
>More
May 07, 2013
On Monday, May 6, 2013, the Marketplace Fairness Act passed in the United States Senate (Senate Bill 743). If enacted, it will allow states and the District of Columbia to require online retailers to collect sales and use tax without a physical presence nexus requirement.
>More
May 07, 2013
Florida has expanded its machinery and equipment exemption for manufacturing by the passage of House Bill 7007 (“H.B. 7007”). Governor Rick Scott is expected to sign the bill quickly. (Governor Scott sponsored the expansion of the credit as part of his economic development initiative for the state of Florida.)
>More
April 16, 2013
In a move designed to lure data centers to Virginia, effective July 1, 2010, the Virginia Legislature amended Virginia Code Section 58.1-609.3. This amendment provides retail sales and use tax exemption for data centers that meet various criteria of capital investment, new jobs, and wage rate.
>More
April 02, 2013
On March 28, 2013, in a consolidated opinion for the cases of Overstock.com, LLC v. New York State Department of Taxation and Finance and Amazon.com, LLC v. New York, the New York Court of Appeals (“Court”) upheld a provision of New York law, under which out-of-state retailers that advertise online may be required to collect the state’s sales tax.
>More
March 25, 2013
June 30, 2013 is an important date for taxpayers who may be eligible to recover value-added tax (VAT) paid to many European Union (EU) member countries. In many cases, VAT paid in 2012 may not be recoverable if the required documentation is not filed with the respective EU authority by this date.
>More
March 19, 2013
On Friday, March 8, 2013, the Internal Revenue Service (IRS) announced that employers participating in, or planning to participate in, the Work Opportunity Tax Credit (WOTC) program shall be granted a temporary extension of the time allowed to file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit. The full text of the IRS bulletin can be found at IRS Notice 2013-14.
>More
March 08, 2013
In a new decision styled Combs v. Roark Amusement & Vending, L.P., No. 11-0261 (Tex. – March 8, 2013), the Texas Supreme Court (“Court”) has determined that the resale exemption applies to purchases of plush toys used in coin-operated amusement machines.
>More
February 25, 2013
On February 12, 2013, Ohio Governor John Kasich released the text of proposed House Bill 59 (“HB 59”). The proposed language includes changes for income tax, sales and use tax, and severance tax.
>More
February 08, 2013
New legislation that benefits the holder community has just been enacted by Delaware. House Bill 2 (“H.B. 2”) was signed into law by Delaware Governor Jack A. Markell on January 30, 2013. The new law essentially provides for several key changes to the Delaware Secretary of State’s unclaimed property Voluntary Disclosure Agreement (VDA) program, which was first enacted into law last summer via Senate Bill 258 (“S.B. 258”).
>More
January 30, 2013
On January 11, 2013, the California Department of Housing and Community Development released proposed Enterprise Zone regulations that make substantial revisions to the hiring tax credit voucher application process. The proposed regulations reflect the reforms called for in Governor Jerry Brown’s proposed 2013-2014 budget, which was released on January 10, 2013.
>More
January 22, 2013
The American Taxpayer Relief Act of 2012 (“Act”), which was signed by the President in early January, retroactively renews and extends the Federal Alternative Fuels Excise Tax Credit (“Alternative Fuels Credit”), as specified under Internal Revenue Code Section 6426(d). The Alternative Fuels Credit, which previously expired December 31, 2011, has been extended through December 31, 2013.
>More
January 16, 2013
Ford submitted remittances to the Internal Revenue Service (IRS), pursuant to Revenue Procedure 84-58, 1984-2 C.B. 501, superseded by Revenue Procedure 2005-18, 2005-1 C.B. 798, to stop the accrual of underpayment interest related to 30-day letters it received from the IRS. Ford designated these remittances as deposits in the nature of a cash bond, but subsequently, Ford requested that the IRS treat the remittances as advance payments.
>More
January 11, 2013
With the last minute passage of H.R. 8: American Taxpayer Relief Act of 2012, Congress retroactively extended the Federal Empowerment Zone Employment Credit (“Fed EZ Credit”) for calendar years 2012 and 2013. The Fed EZ Credit previously expired at the end of 2011.
>More
January 03, 2013
As a part of the “Fiscal Cliff” deal (H.R. 8: American Taxpayer Relief Act of 2012), Congress retroactively extended the Federal Research and Experimentation Tax Credit [“R&E Credit,” also commonly referred to as the “Research and Development (R&D) Tax Credit”] until the end of 2013. >More
|
|