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      • Affected taxpayers that apply for an extension of time to file have 6 months from the original due date to file their tax returns. If you are filing form CBT-100, CBT-100U, or BFC-1 and your year ended on July 31, 2020, you must file your tax return on or before June 15, 2021, which is 6 months after the original due date of December 15, 2020.
      www.nj.gov/treasury/taxation/cbt/2020-cbt-returns.shtml
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    When is the unitary combined reporting deadline in Virginia?

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  2. Aug 03, 2021 · Affected taxpayers that apply for an extension of time to file have 6 months from the original due date to file their tax returns. If you are filing form CBT-100, CBT-100U, or BFC-1 and your year ended on July 31, 2020, you must file your tax return on or before June 15, 2021, which is 6 months after the original due date of December 15, 2020. If you are filing Form CBT-100S and your year ended on August 31, 2020, you must file your tax return on or before June 15, 2021, which is 6 months ...

  3. The unitary combined reporting deadline has passed. For more information see our Unitary Combined Report Reference Guide. Corporations subject to Virginia income tax may need to file a one-time report with Virginia Tax by July 1, 2021. This report will show the difference between the amount of tax the corporation would pay if it filed as part ...

    • Key Findings
    • Introduction
    • Arizona
    • Arkansas
    • Connecticut
    • Florida
    • Georgia
    • Hawaii
    • Illinois
    • Indiana
    Thirty-five states have major tax changes taking effect on January 1, 2020.
    Arkansas, Tennessee, and Massachusetts will each see reductions in their individual income tax rates.
    Five states (Iowa, Kansas, Maine, North Carolina, and Ohio) will see notable changes to their individual income tax bases.
    Corporate income, capital stock, franchise, or similar taxes on businesses or financial institutions will decrease or be eliminated in seven states (Connecticut, Florida, Illinois, Indiana, Missour...

    To say that 2018 and 2019 were “big years” in state tax policy would be quite the understatement. With a major overhaul of federal individual and corporate income tax systems in December 2017, followed by the U.S. Supreme Court’s South Dakota v. Wayfair decision impacting interstate sales taxcollections the following June, states have spent the pas...

    Arizona adopted an Internal Revenue Code (IRC) conformity bill, House Bill 2757, in May 2019, which also included adjustments to the state’s Wayfair response. While several of this law’s provisions were retroactive and have already taken effect, a change in the safe harbor for small remote sellers will take effect on January 1, 2020. Specifically, ...

    Arkansas recently enacted a series of tax reforms that will continue phasing in in the new year. Arkansas is unique among states in that it has three entirely different individual income tax rate schedules depending on total taxable income. As taxpayers’ income rises, they not only face higher marginal rates but also shift into an entirely differen...

    In October 2017, former Connecticut Governor Dannel Malloy (D) approved a budget that phased in an increase to the state’s estate and gift tax exemption, with the intent of conforming to the federal estate tax exemption by 2020. However, the TCJA, enacted in December 2017, nearly doubled the federal estate tax exemption, bringing it to $10 million ...

    In March 2018, legislation was enacted in Florida to trigger corporate income and franchise tax rate reductions for the 2019 tax year in the event that Florida’s FY 2019 tax collections exceeded adjusted forecasted collections by at least 7 percent.In June 2019, legislation was enacted to extend the trigger to also be available in tax years 2020 an...

    House Bill 182, signed into law in April 2019, reduced Georgia’s de minimisexemption for small remote sellers from $250,000 to $100,000, effective January 1, 2020.

    As of the first of the year, Hawaii will require marketplace facilitators to collect and remit its General Excise Tax (the state sales tax) when those marketplace facilitators have $100,000 or more in income sourced to Hawaii or at least 200 transactions in the state. Hawaii also became the first state to align its income tax economic standards wit...

    Illinois has several tax changes taking effect in January, including a marketplace facilitator sales tax collection law, a marijuana excise tax, a parking excise tax, new and increased vehicle registration fees, the imposition of the sales tax on vehicle trade-ins, and the phaseout of the franchise tax. As of the first of the year, marketplace faci...

    Indiana’s financial institutions tax rate will fall from 6.25 to 6.0 percent in 2020 under a phasedown that will reduce the rate to 4.9 percent by 2023.The state’s corporate income tax rate is on a similar phasedown schedule, but rates change each July, not in January.

    • Senior Policy Analyst
  4. Starting in 2014, unitary groups file Form CO-411, Corporate Income Tax Return. The CO-411U has been discontinued. Each return package will have a BA-402, Apportionment & Allocation Schedule Instructions which reports the PVC’s apportionment percentage, and carries forward to Line 6 of the CO-411. The tax calculation for the PVC occurs on ...

    • Unitary Business Group
    • Water’s Edge and Other Filing Elections
    • Water’s-Edge Group Membership
    • Calculation of Taxable Income
    • Apportionment and Joyce-Finnigan Methodology
    • Treatment of NOLS and Credits
    • Future Considerations

    A characteristic permeating each state’s reporting methodology is a broadly defined concept of the unitary business group. West Virginia defines a unitary business as a single economic enterprise made up of separate parts of a single business entity or of a commonly controlled group of business entities. They must be “sufficiently interdependent, i...

    A West Virginia combined group is required to file on a water’s-edge basis, unless the group elects to file on a worldwide combined basis (WV Code §§11-2413f(a), (b)). The worldwide election must be made on a timely filed, original return by every member of the unitary business subject to tax (WV Code §11-24-13f(b) (1)). The election is binding and...

    A West Virginia water’s-edge group consists of combined group members that: 1. Are incorporated or formed in the United States; 2. Have apportionment factors in the United States averaging 20% or more; 3. Are domestic international sales corporations, foreign sales corporations, or export trade corporations; 4. Are members not included in the first...

    In West Virginia, each member is responsible for tax based on its taxable income or loss apportioned or allocated to West Virginia. This includes the member’s apportioned share of the combined group’s business income. A member’s net business income is determined by removing all but business income, expense, and loss from that member’s total income....

    West Virginia combined group members must utilize a three-factor formula comprising property, payroll, and double-weighted sales. West Virginia has proposed that it will follow the Joyce approach beginning January 1, 2009 (Ap peal of Joyce, Inc., No. 66-SBE-070 (Cal. State Bd. of Equalization 11/23/66)). Under Joyce, the sales of members with their...

    West Virginia allows an NOL carryover earned during a tax year in which the taxpayer filed a consolidated return to be applied as a deduction from taxable income of any member of the controlled group until it is used or expires. NOLs earned otherwise may only be applied to the member that generated the loss (WV Code §11-24-13c(b)(1)(G)). In general...

    The next few months are likely to result in a number of refinements to the filing methodologies in West Virginia, Massachusetts, and Wisconsin as taxpayers submit the first combined filings. At the same time, states’ regulations are still being clarified and finalized, and potential technical corrections bills are being considered. One of the bigge...