TWIST - July 15, 2019

All of this week’s TWIST episodes

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  Insight

  Multistate: More State Reactions to Wayfair

  State lawmakers continue to enact legislation and issue guidance in response to the U.S. Supreme Court’s decision in South Dakota v. Wayfair. This week includes Wisconsin, Pennsylvania, Illinois, Connecticut and Indiana.

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  Insight

  Montana: Taxpayer Entitled to Deduct 100 Percent of Dividends Received from 80/20 Corporations

  The Montana Supreme Court recently addressed whether a taxpayer—a combined group—was entitled to deduct 100 percent of the dividends received from 80/20 subsidiaries that were excluded from group’s water’s-edge combined report.

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  Insight

  Missouri: Recently-Enacted Legislation Decouples from IRC section 163(j) Limitations

  On July 11, 2019, Governor Parsons signed Missouri Senate Bill 87 into law.

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  Insight

  California: Trial Court Rules for City of SF; Super-Majority Vote Not Needed to Approve City Tax Increases

  On July 5, 2019, a California Superior Court judge rejected arguments that two ballot initiatives that raised City taxes had to be approved by a super-majority vote.

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  Insight

  Texas: Proposed Rule Addresses When Taxable Entities Produce Goods for Sale

  On June 21, 2019, the Texas Comptroller filed amendments to Rule 3.584 in the Texas Register.