Category Archives: Tax Headlines

Daily state and federal tax news

Pennsylvania ~ Property Tax: DOR Discusses Amended Bank Shares Tax Apportionment Provisions

The Pennsylvania Department of Revenue (DOR) clarifies the receipts factor apportionment provisions of the bank shares tax law as amended in 2013. (TAXDAY, 2013/07/11, S.19) Institutions must include receipts from trading assets/activities and investment assets/activities in the numerator of their … Continue reading

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Missouri ~ Corporate Income Tax: Income From Rabbi Trust Constituted Business Income

Income from a rabbi trust that was used to fund a deferred compensation plan for company executives constituted business income subject to apportionment and taxation for corporate income tax purposes because the trust income was used for the current operational … Continue reading

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Georgia ~ Sales and Use Tax: Construction Exemption Extended, Food Bank Exemption and Tax Holidays Reenacted, SST Compliance Updated

Enacted Georgia legislation extends a sales and use tax exemption related to the construction of competitive projects of regional significance, reenacts an exemption for qualified food banks, and reenacts sales tax holidays. Provisions in the bill related to income tax … Continue reading

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California ~ Unclaimed Property: Submitting Holder Remit Report and Other Topics Discussed

The California State Controller’s Office has released a newsletter covering a variety of unclaimed property topics, including the holder remit report process. For the holder remit report process, holders are reminded of what should be included in the report package; … Continue reading

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Inflation Adjustments and Reference Prices for Renewable Energy Production Credit Released (Notice)

The IRS has published the inflation adjustment factors and reference prices to be used in computing the renewable electricity production credit for calendar year 2014. The inflation adjustment factors and references prices apply to sales in calendar year 2014 of … Continue reading

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