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Nov 29, 2022 · A majority of states that impose a corporate income tax have adopted the use of mandatory worldwide, or water’s-edge, combined reporting methods for unitary businesses. At the same time, historically separate-filing states are seeking to adopt combined reporting tax regimes for corporate taxpayers.
Dec 8, 2010 · Additionally, a state's corporate income tax forms are generally drafted to address the more-common scenario of a single taxpayer with a single unitary business. Therefore, those forms may not necessarily lend themselves to proper apportionment of income in situations like those described above.
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Worldwide unitary taxation came under assault in the 1980s and 1990s. In recent years, unitary combined reporting has seen a resurgence, as Vermont (2006), New York (2007), Michigan and Texas (2008), and Massachusetts, West Virginia, and Wisconsin (2009) have jumped on the bandwagon. Although "worldwide unitary combined reporting" was upheld ...
Tax Management Portfolio Income Taxes: Consolidated Returns and Combined Reporting, No. 1130, compares state combined reports and state consolidated returns in detail and discusses the mechanics and implications of filing combined reports and the different types of state consolidated returns. At the state level, members of a multi-corporate ...
Federal Tax; State Budget and Tax; Health; Social Security; Economy; Poverty and Inequality; Food Assistance; Income Security; Housing; Climate Change; Immigration; Policy Basics. A series of brief background reports on issues related to budgets, taxes, and government assistance programs.
For additional information about these items, contact Mr. Fairbanks at (202) 521-1503 or greg.fairbanks@gt.com. The use of mandatory unitary combined reporting has become increasingly popular among states in recent years, driven by state budgetary shortfalls and the perceived distortion of taxable income by multistate corporations filing ...
Feb 24, 2017 · The state found that only 28 percent of companies doing business in Rhode Island were C-Corporations, and only 29 percent of those C-Corporations would pay higher taxes under combined reporting, meaning only about 8 percent of Rhode Island businesses would see tax increases. ii Yet this small minority of Rhode Island businesses was responsible ...
