It’s been over a month since H.R. 1 was signed into law and each day more issues and questions are raised over the federal tax reform changes. On the state side, the complexities are twofold; not only do state corporate taxpayers have to understand the revised federal provisions, but they have to try to ascertain how they apply in the various states where they do business. This requires analyzing numerous factors, including how the state conforms to the federal code, the state’s required filing methodology, and the state’s existing corporate tax regime.
At this point, in addition to state taxpayers identifying key tax reform related issues, states and state lawmakers are starting to consider and formulate their responses to tax reform. These responses also vary and many of them are designed, at least at this point, to provide relief to in-state residents. Please join professionals from KPMG’s State and Local Tax Practice as they discuss some of the key issues facing state taxpayers as a result of tax reform and some of the initial state responses.