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  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 ...

    • Corporate Income Tax Filing Requirements
    • What Form Should I use?
    • Due Dates

    Every corporation subject to the Arizona Income Tax Act of 1978 must file an Arizona corporate income tax return. Limited Liability Companies A limited liability company that makes a valid federal election to be taxed as a corporation must file an Arizona corporate income tax return. A single member limited liability company that is disregarded as an entity is treated as a branch or division of the owner, and is included in the tax return of its owner. Refer to the department’s ruling, CTR 97‑2, Limited Liability Companies, for further information. Electronic Requirements Corporations, partnerships, S corporations, and fiduciaries can now electronically file their income taxes to the Arizona Department of Revenue (ADOR). Legislation signed into law initiated a multi-year phase-in period for businesses required to file income tax returns electronically. The e-file option was introduced in 2020 for tax year 2019 and is now mandatory for corporations and partnerships for tax year 2020...

    Form 120 Corporations may use Form 120if the corporation: 1. Has income from business activity that is taxable in more than one state (a “multistate corporation”); 2. Is a partner in: 2.1. A multistate partnership: and/or 2.2. A partnership that conducts no business in Arizona; 3. Is a member of a unitary group of corporations that files an Arizona return on a combined basis; or 4. Is a member of an affiliated group of corporations that elects to file an Arizona consolidated return. Form 120A Corporations may use Form 120Aif it files its return on a separate company (separate entity) basis and it is taxable entirely within Arizona. 1. A corporation files on a separate company (separate entity) basis if: 1.1. It is not part of a group of corporations comprising a unitary business; and 1.2. It is not a member of an affiliated group that elected to file an Arizona consolidated return. 2. A corporation that has income from business activity that is taxable entirely within Arizona is a “...

    Returns are due by the 15th day of the fourth month following the close of the taxable year. If the due date for the return falls on a Saturday, Sunday, or a legal holiday, the return is considered timely filed if it is post-marked the next business day. Please do notsubmit a copy of your federal return with your original Arizona income tax return. All corporations required to make Arizona estimated income tax payments must make those payments by the 15th day of the 4th, 6th, 9th, and 12th months of their taxable year.

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  3. Access Administrative Rules for each tax division below. The list is currently sorted by division. You may search for a specific rule by typing in the search bar, or sort the list by clicking on any of the column headers. You may filter by division, tax type, and status using the dropdown menus at the bottom of the table. View the […]

  4. Texas imposes a 6.25 percent state sales and use tax on all retail sales, leases and rentals of most goods, as well as taxable services.Local taxing jurisdictions (cities, counties, special purpose districts and transit authorities) can also impose up to 2 percent sales and use tax for a maximum combined rate of 8.25 percent.

    • 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. Wayfairdecision impacting interstate sales tax collections the following June, states have spent the past two years reacting to major federal policy changes, in addition to enacting many of their own state-specific reforms. While many state responses to the 2017 Tax Cuts and Jobs Act (TCJA) and the 2018 Wayfairdecision have already taken effect, a number of additional policy changes, whether reactions to federal law or otherwise, are slated to take effect as we ring in the new year on January 1, 2020. Altogether, 34 states have major tax changes taking effect at the start of the new calendar year. The individual and corporate income tax rate changes are shown in the table below.

    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, the de minimisexemption for remote sellers will drop from $200,000 to $150,000. Remote sellers exceeding this amount in direct sales into Arizona for the current or previous calendar year are required to collect the transaction privilege tax (TPT), Arizona’s unique sales tax. This safe harbor is scheduled to drop even further, to $100,000, in 2021.

    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 different rate schedule. In the new year, Arkansas’s individual income tax rate schedule for high earners, which currently has six marginal income brackets, will be consolidated into four brackets, and the top marginal rate will drop from 6.9 to 6.6 percent. In 2021, this top rate will be reduced even further, to 5.9 percent. For those subject to the middle rate schedule, the top rate will decrease from 6.0 to 5.9 percent this January.On the corporate tax front, the net operating loss (NOL) carryforward period will increase from five to eight years in 2020 and to 10 years in 2021.

    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 (indexed for inflation). As a result, in May 2018, Connecticut enacted a law to extend its own exemption phase-in, such that it will reach $5.1 million in 2020 and will match the federal exemption in 2023.Connecticut In addition, Connecticut’s budget for fiscal years (FYs) 2020-21, which Gov. Ned Lamont (D) signed into law in June, includes several tax changes that will take effect on January 1st. One such change is that Connecticut will no longer levy a Business Entity Tax (BET). Previously, owners of S corporations, limited liability companies (LLCs), and partnerships paid this tax every other year in the amount of $250. Further, effecti...

    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 and 2021. As a result, in September, the Department of Revenue announced that the corporate income and franchise tax rates would indeed be reduced, from 5.5 to 4.458 percent, retroactive to January 1, 2019, and effective for tax years 2020 and 2021. Further reductions for 2020 and 2021 are possible depending on actual collections for those years. In addition, effective January 1st, the commercial lease tax, a special sales tax remitted by commercial real estate owners but paid by their tenants, will drop from 5.7 to 5.5 percent.

    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 with its Wayfair safe harbor. Senate Bill 495, enacted in July 2019, requires income tax filing for any individual, estate, or business with 200 or more transactions or more than $100,000 in sales into Hawaii. In addition, Act 3, signed into law in April, created a new estate tax bracket, taxing estates valued above $10 million at a rate of 20 percent. This new rate applies to decedents dying in 2020.

    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 facilitators will be required to collect Illinois’ sales tax when those facilitators have $100,000 or more in sales or at least 200 transactions in the state. Public Act 101-0027, signed into law in June, creates a legal market for recreational marijuana and imposes various excise taxes. These taxes include a 7 percent tax on wholesale sales made to dispensaries, as well as retail excise taxes of 10 percent, 20 percent, or 25 percent depending on tetrahydrocannabinol (THC) content or product type. A local option tax of up to 3 percent will not take effect until July 2020. The new excise tax on parking services will be paid by drivers for the p...

    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.

  5. State and local tax professionals need a strategy to stay ahead of and manage state and local tax burdens and to identify opportunities that result from evolving changes in legislation and administrative policy changes. PwC’s State and Local Tax (SALT) practice can help you with strategies to manage your state and local tax issues by ...