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What is unitary state income tax?
Are taxpayers part of a unitary business?
Why is unitary combined reporting becoming more popular?
Which states have mandatory unitary combined reporting?
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.
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 separate company reports.
This Technical Bulletin explains the unitary business principle and the definition of unitary business for New Jersey Corporation Business Tax purposes . For periods ending on and after July 31, 2023 (highlighting added for emphasis) the definition of a unitary business is defined in N.J.S.A. 54:10A-4(gg) as:
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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. Unitary Returns.
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.
Mar 27, 2023 · By Jeffrey Friedman, Cyavash Ahmadi & Laurin E. McDonald on March 27, 2023. Posted in In the News. The unitary combined reporting method for state corporate income taxation has been adopted by an increasing number of states.
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.
