- 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.
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What is unitary state income tax?
Sep 26, 2017 · What Is Unitary State Income Tax? 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.
- Betsy Gallup
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...
- Key Findings
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
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 ...
Aug 03, 2021 · Taxpayers with returns (Forms CBT-100, CBT-100U, BFC-1, and CBT-100S) that have an original due date that falls anytime between November 15, 2020 and April 15, 2021, are granted an automatic extension to file their tax returns by May 15, 2021. A taxpayer will not be charged late filing penalties if the return is filed by May 15, 2021 (the extended due date).
New Reporting Requirements for Corporations Due July 1. 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 of a unitary combined group and the amount of tax based on how they currently file.