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What is unitary state income tax?
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Sep 26, 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. While the regulation and requirements vary greatly among states, some generalities may be used to explain the concept.
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.
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 ...
Apr 14, 2015 · The unitary business principle plays an important role not only as a criterion for combined reporting, but also as a touchstone for a state’s ability to tax extraterritorial values.
Dec 8, 2010 · News Flash: All States Are Unitary States. Each year, many taxpayers file inaccurate corporate income tax returns in separate-reporting jurisdictions because they do not consider the unitary business principle applicable to those states. Although you may find this revelation shocking, the simple fact is that all states are unitary states.
The definition of unitary business for New Jersey Corporation Business Tax purposes (N.J.S.A. 54:10A-4(gg)) is based on the Multistate Tax Commission’s Model definition of a Unitary Business, with some state-specific variations. New Jersey construes the term “unitary business” to the broadest extent permitted under the United States Constitution.
Feb 2, 2022 · Updated on February 02, 2022. A unitary state, or unitary government, is a governing system in which a single central government has total power over all of its other political subdivisions. A unitary state is the opposite of a federation, where governmental powers and responsibilities are divided. In a unitary state, the political subdivisions ...