IRS Encourages Taxpayers to File Soon, IR-2022-137
The IRS has reminded taxpayers still waiting to file their returns to file as soon as possible. Taxpayers can use special tools available on IRS.gov that can help them file. The online tools are avail...
AK - Alaska's governor proposes fuel tax relief
Alaska Gov. Mike Dunleavy proposed an amendment to HB 104 for the immediate suspension of the collection of tax on motor and marine fuels, aviation gas, and aviation jet fuel until June 30, 2023. HB 1...
AZ - IRC conformity updated
Arizona has updated its conformity to the Internal Revenue Code (IRC) for income tax purposes. For tax years beginning after 2021, Arizona now conforms to the IRC as amended and in effect on January 1...
DC - Capital gains deduction clarified
The District of Columbia has adopted an emergency act to clarify that the capital gains deduction for investing in a qualified opportunity fund will apply to an individual, estate, or trust. Act 246 (...
IN - Nonprofit organization filing guidance updated
Indiana has updated the income tax bulletin describing taxation and filing requirements of nonprofit organizations. The bulletin is updated with information addressing filing requirements when a nonpr...
IA - Economic development legislation enacted
Iowa has enacted legislation amending income tax credits including:extending the authorization of the Iowa Energy Center (IEC) and the IEC Board through the end of 2027 and requires the IEC to support...
MD - Bipartisan tax relief agreement announced
Maryland Gov. Larry Hogan, Senate President Bill Ferguson, and House Speaker Adrienne A. Jones have announced they have reached a bipartisan agreement to provide $1.86 billion in tax relief over five ...
MA - Tiered minimum tax proposed
The Massachusetts legislature is considering 2021 carryover legislation that proposes a tiered minimum corporate excise tax. The minimum tax would increase based on a corporation's total sales in Mass...
MS - Rural economic development credit extended
The sunset date for the Mississippi rural economic development credit that may be claimed against corporate and personal income taxes is extended to October 1, 2025. The credit was previously schedule...
MT - Education credit rules amended
Montana adopted amendments to its income tax rules regarding the student scholarship organization credit and the educational improvement program credit. Generally, the amendments reflect changes previ...
NJ - Tax treatment of retirement income discussed
New Jersey issued a publication discussing personal income tax treatment of retirement income. Generally, New Jersey taxes retirement income differently than the federal government. The publication, a...
NM - Sustainable building tax credit rules adopted
The New Mexico Taxation and Revenue Department has adopted corporate and personal income tax rules governing the 2021 sustainable building tax credit. Among other topics, the adopted rules include inf...
ND - Summary of 2021 legislation released
North Dakota issued a summary containing highlights of corporate and personal income tax legislation enacted in 2021, including laws that:expanded the credits for nonprofit private school contribution...
SC - Maximum tax expanded to watercraft motors
South Carolina has amended the requirements for filing accommodations tax returns and expanded the application of the maximum sales and use tax.Accommodations Tax ReturnsAccommodations tax returns wit...
SD - Local sales and use tax rate changes announced
South Dakota has announced upcoming local sales and use tax rate changes that will take effect July 1, 2022.Sales and Use Tax Rate ChangesGary is increasing the municipal tax rate to 2% (currently, 1%...
TN - Interest rate for 2022-2023 announced
The interest rate on all taxes collected or administered by the Tennessee Department of Revenue is 8% (formerly, 7.25%) effective July 1, 2022, through June 30, 2023. The interest rate on all tax liab...
UT - Mobile workforce exemption created
The wages of some nonresident individuals who work in the state for 20 or fewer days will not be subject to Utah income tax, beginning in tax year 2023. To qualify for the tax exemption:the individual...
VT - Summary of 2022 legislation released
Vermont released a summary of legislation enacted in 2022, including a number of corporate and personal income tax changes. Provisions covered in the summary include:new reporting requirements for par...
WY - Local rate changes announced
Wyoming has announced the following local sales and use tax rate changes:Beginning April 1, 2022, the rate in Laramie County increases to 6%.Beginning July 1, 2022, the rate in Johnson County decrease...