Upcoming National Meeting

2021 State Income Tax Webinar

The goal of this program is to bring multistate tax professionals, with various levels of experience in state and local income/franchise taxes, together for a group live webinar that provides updates on key SALT income and franchise tax issues and insights regarding state tax trends and opportunities. The program is targeted to all levels of experience and no advance preparation is needed.

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Newsletters & Media

Cost Conscious

ISSUE 21-07; April 9, 2021

Corporate Tax Impact of the American Jobs Plan – On March 31, President Biden (D) presented the American Jobs Plan—a more than $2 trillion infrastructure spending plan. Although still in flux, the current proposal raises revenue through a tax reform plan that would significantly increase corporate income taxes (forthcoming tax increases to high-income individuals are also anticipated). Which of th

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Bloomberg TAX

Weekend Insights: Talking About My Generation

 

You probably already know that Millennials have surpassed Baby Boomers as the largest adult generation in the country, according to the U.S. Census Bureau. But wait, why does it matter? Census statistics can be instrumental as politicians and lawmakers decide how to spend federal funds. They also help lawyers, corporate leadership, and tax professionals key in on potential trends and areas of interest.

Marijuana Business Owners Can't Sue Over IRS Summons for Records

 

The owners of several Michigan cannabis dispensary businesses can't sue the government over an IRS summons for third-party testimony and business records because the U.S. is protected by sovereign immunity, a federal appeals court ruled.

Signals Are Go for Florida Governor to Sign Sales Tax Bill

 

The Week in Wayfair: This week Florida's Legislature passed a bill bringing it into the company of the vast majority of the 45 states that have sales taxes. And Missouri, the only other holdout state, made progress on a very similar bill.

GOP Lawmakers Back Ohio in Suit Over Use of Covid Relief Funds

 

Dozens of Republican members of Congress asked a federal judge to block the Biden administration from enforcing a provision in the $1.9 trillion Covid-19 relief law that bans states from using stimulus money “directly or indirectly” to reduce taxes.

New York Exempts MTA Virus Death Benefit From Income Tax

 

Families of New York Metropolitan Transportation Authority employees who died of Covid-19 won't have to pay New York state income tax on the payments they receive from the transit agency's death benefit program.

Muni Funds See Record Cash Haul on Biden Rescue, Tax-Hike Plans

 

Investors are pouring cash into the municipal-bond market this year at the fastest pace in at least two decades as President Joe Biden extends a massive rescue to states and cities and backs raising taxes on the highest earners.

Summers Says New York’s Millionaires Tax Risks ‘Downward Spiral’

 

Former U.S. Treasury Secretary Lawrence Summers said New York state’s new budget deal, which raises taxes on millionaires, may backfire, especially if Congress doesn’t repeal the federal cap on state and local tax deductions.

Biden Seeks 10% IRS Funding Hike to Spur More Audits of Wealthy

 

President Joe Biden is seeking more than $1 billion dollars in additional funding for the IRS—showing his administration is serious about getting the agency the resources it needs to audit more wealthy individuals and large corporations.

Cannabis SPACs’ Cross-Border Push Threatens Tax Hit on Investors

 

Canadian SPACs are courting U.S. cannabis startups to grant them access to quick cash and the U.S. public market, but that backdoor method to getting listed in the U.S. could come with a punitive tax hit.

For Cannabis Companies, Tax Law Hinders Growth (Podcast)

 

For this episode of our weekly podcast, Talking Tax, we hear why a tax code provision is making it nearly impossible for legal cannabis businesses to turn a profit.

Featured Resources

COST - Council on State Taxation

Amicus Briefs

Jobs & Housing Coalition v. City of Oakland

COST filed an amicus brief in support of the Jobs & Housing Coalition on the California super-majority vote issue. COST supported the Jobs & Housing Coalition’s argument that the California Constitution has long required local special taxes to be passed by a two-thirds majority vote of the electorate, pursuant to Proposition 13 and Proposition 218 of the California Constitution.

COST - Council on State Taxation

COST Studies, Articles & Reports

Five Tax Administration Issues State Lawmakers Should Address in 2021 (State Tax Notes, January 11, 2021, p.145)

This article by Fred Nicely and Aziza Farooki for Tax Notes State details COST’s five proactive legislative initiatives to simplify both compliance and administration as states seek to revitalize their economies due to the COVID-19 pandemic.

COST - Council on State Taxation

COST Comments & Testimony

Testimony in Opposition to Portions of H.F. 991, as Amended – GILTI, and Processing Federal Tax Adjustments

COST opposes portions of Minnesota H.F. 991, as amended by A21-0146 (House Omnibus Tax Bill), which would require controlled foreign corporations that earn global intangible low-taxed income in a particular year to be included in the domestic combined filing group if they are unitary with the group, unless the unitary group elects to make a worldwide election. COST also recommends an equitable mod