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To embed, copy and paste the code into your website or blog: In a case involving whether a nondomiciliary state can apportion a gain earned by a passive holding company on the sale of an interest in a limited liability company (“LLC”), the Idaho Supreme Court found the gain was not apportionable, and the U.S. Supreme Court denied review. Noell Indus. Inc. v. Idaho State Tax Comm’n, 470 P. 3d 1176 (Idaho filed May 22, 2020), cert. denied, 209 L. Ed. 2d 130 (2021). This case is significant in that it adds clarity to the question never addressed by the U.S. Supreme Court of whether a passive holding company is unitary with the investment it holds. The careful analysis in ....
DEPARTMENT OF TAXATION & REVENUE New Mexico Taxation and Revenue Secretary Stephanie Schardin Clarke applauded the Legislature’s passage of several bills recently signed into law by Gov. Michelle Lujan Grisham that clarify and update the state’s tax codes. House Bill 98, which was introduced on behalf of the Department, makes dozens of clarifications to statute to prevent disputes and allow the Department to operate more efficiently. One important change in House Bill 98 is a simple one-word fix making it clear that delivered groceries qualify for a Gross Receipts Tax deduction for groceries as long as they are sold by a qualifying grocer. Under the old law, groceries had to be purchased ....
.... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... ALBUQUERQUE, N.M. The New Mexico Taxation and Revenue Department will hold a public hearing on a collection of proposed corporate income tax rules. The hearing, slated for 1 p.m. Feb. 25, will address proposed regulations related to the Corporate Income and Franchise Tax Act and the Uniform Division of Income for Tax Purposes Act, according to a news release from the state tax and revenue department. The proposed rules are intended to accompany changes to the tax code enacted in 2019. The changes eliminated separate entity reporting for C Corporations and made unitary combined reporting the default filing method for these companies, according to the release. ....