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What is unitary state income tax?
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Apr 8, 2010 · Unitary combined reporting, income apportionment, and State tax jurisdiction can present surprising consequences for foreign corporations. As illustrated by Wisconsin, State unitary tax regimes can also produce constitutionally suspect results.
Sep 26, 2017 · Published on 26 Sep 2017. The unitary state income tax is a means by which certain states regulate the collection of income in the form of taxes from companies that do interstate commerce or file consolidated tax returns.
A quick definition of unitary tax: A unitary tax is a type of tax that is imposed on a company or corporation based on its total income, rather than just the income earned in a particular state or country. This means that the tax is calculated on the company's global income, and then apportioned to each state or country where it operates.
Combined reporting is a state income tax filing/apportionment methodology whereby a taxpayer’s state tax liability is determined by including the income and factors of the entire unitary business. Includible affiliated entities may be limited to domestic (US) affiliates (known as water’s-edge filing) or may include all affiliates, foreign ...
Dec 8, 2010 · Although you may find this revelation shocking, the simple fact is that all states are unitary states. In other words, all states must abide by the unitary business principle in administering their corporate income tax regimes.
Define Unitary Tax. means a state Income Tax that reflects the combined and/or consolidated tax reporting (either on a domestic or worldwide basis) of a corporation and its Affiliates and that is imposed by that state either (i) on its apportioned and/or allocable share of the net income of a taxpayer and its United States Affiliates that are ...
Define Unitary State Tax. means, with respect to each State, any income or franchise Tax payable with respect to a group of at least two corporations and based upon a group apportionment percentage.
