US State Corporate Tax Chapters Relaunched

September 08, 2021 5 minute read

We’re excited to announce the significant expansion of US State Corporate Tax chapters! These include important updates – most notably the impact of the Tax Cuts and Jobs Act and the Wayfair economic nexus standards at US state level.

 

 




Along with the usual updates of tax rates and allowances at US state level, we have expanded the coverage with the following important developments:

  • Conformity of the US states with the recent international changes made at the US federal level by the Tax Cuts and Jobs Act (TCJA), which can also impact the calculation of corporate income tax liability at the US state level. The topics include:
    • new interest deduction limitation;
    • treatment of global intangible low-taxed income (GILTI);
    • treatment of foreign-derived intangible income (FDII); and
    • treatment of the CFC Subpart F transition tax.
  • The Wayfair decision of the US Supreme Court: the thresholds that apply in each state to permit the imposition of sales and use taxes on remote sellers and marketplace facilitators.