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Congress Passes Retroactive Renewal of Tax Extenders

On Tuesday night the Senate passed a bill that would retroactively renew tax extenders that expired at the end of 2013. The Tax Increase Prevention Act, passed last week by the House, renews most of the expired tax breaks for another year. The bill, passed 76-16, now goes to President Obama, who is expected to…

California Law Eliminates Retroactive Assessments on Overturned Qualified Small Business Stock Incentives

California has passed AB 1412, which eliminates retroactive taxation on taxpayers who received a benefit under the previous Qualified Small Business Stock Incentives program. The program permitted deferral of income and credits for investments in start ups. In Cutler v. Franchise Tax Board (208 Cal. App.4th 1247 (2012), a California Appeals court struck down the…

California Bill Introduced to Prevent Retroactive Assessment by Franchise Tax Board of Small Business Incentives Struck Down by Cutler

A bill introduced in the California State Assembly by Bob Wieckowski, AB 901, would remedy the recent controversy over the State’s former qualified small business stock incentives program. The program permitted a deferral of income and credits for investments in startups, but favored California-owned startups over out of state businesses. A California Appellate Court, in…

Arizona Proposes Bill to Conform State Partnership Tax Treatment to Recent Federal Changes

Last November, President Obama signed into law the Bipartisan Budget Act (BBA) of 2015. Among other aspects of the legislation, the law streamlined partnership income tax audit regimes and allowed the IRS to assess the partnership itself, instead of the individual partners beginning in tax year 2018.  However, it’s unclear how states will respond to the…
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Washington D.C.
Willard Office Building, Suite 300 1455 Pennsylvania Ave.
Washington, D.C. 20004
202.888.7006

© 2022 alliantNational. - All Rights Reserved.

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