This podcast for the week of June 17, 2019 covers state and local tax developments in California, New York, and Vermont.
In Legal Ruling 19-01, the Franchise Tax Board provides guidance on what it considers to be appropriate subject matter for a request under R&TC section 25137 to vary from the standard apportionment formula.
NY Division of Tax Appeals held that for purposes of computing NY entire net income for the tax years at issue, a taxpayer could not exclude royalty payments received from foreign affiliates.
House Bill 514, signed into law on June 10, 2019, makes certain changes to VT’s tax laws, including the adoption of market-based sourcing.
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