Checkpoint Presents: State of SALT (SoS)

This month, we take a look at how states are responding to the federal taxation of global intangible low-taxed income, or GILTI, under Internal Revenue Code section 951A. For a helpful resource on the treatment of GILTI in each state with links to supporting authority and editorial guidance, please visit our Checkpoint Create-a-Charts.  

While taxpayers have been focusing on compliance, we’ve heard a bit more from governors on the policies they hope to implement to balance state budgets in fiscal year 2020 now that states have quantified the impact of the federal TCJA. Join us for a discussion of the recent string of State of the State addresses to get a sense of how states are dealing with the ongoing conformity issues resulting from federal tax reform while also looking to achieve some taxpayer relief as they explore new revenue sources. 

How have states responded to the new federal deemed repatriation rules under Internal Revenue Code section 965, as amended by the federal Tax Cuts and Jobs Act?  Join us for a discussion of the biggest trends in state responses to section 965.   Visit Checkpoint Catalyst Topic #2111, Section 965 Transition Tax on Accumulated Foreign Earnings for more information on the state and local tax implications of the new transition tax under IRC section 965.

Where do states stand on what’s become known as the SALT Workaround?  Join us for a discussion of the state response to one of the more controversial changes enacted by the federal Tax Cuts and Jobs Act in December 2017 affecting individuals, the amendment to section 164(b)(6) of the Internal Revenue Code, which enacted the $10,000 cap ($5,000 if married filing separately) on an individual’s itemized deduction for state and local taxes.

A monthly podcast discussing the latest headlines in state and local tax from Thomson Reuters Checkpoint - the trusted resource for fast, accurate answers to your tax and accounting questions.