- The 2017 midyear tax update highlights details of the 2017 luxury auto depreciation and expensing deduction as well as a number of federal programs benefiting small businesses, including expansion of the R&D credit.
- The recent legislative session yielded many new tax developments in a number of states, including a credit extension in Illinois, new tax incentives in Maryland, a reduction in personal income tax in New York and a tax amnesty program in Virginia.
- States are waging war on keeping their share of sales and use taxes in the face of ever-increasing online sales and out-of-state sellers.
- This section of the state and local tax portion of the 2017 midyear tax letter features updates on bright-line nexus standards, market-based sourcing, business and nonbusiness income, retroactive tax legislation and state transfer pricing.
- With federal tax policy up in the air, state and local tax officials are in a holding pattern when it comes to future sources of revenue since federal reform could bring major changes to states and municipalities.
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