SALT Blog – State and Local Tax Blog
State and Local Tax ("SALT") blog issues require state and local tax knowledge. Chamberlain Hrdlicka's SALT Blog provides exactly that knowledge with news updates and commentary about state and local tax issues.
You can expect to find relevant information about topics such as income (corporate and personal) tax, franchise tax, sales and use tax, property (real and personal) tax, fuel tax, capital stock tax, bank tax, gross receipts tax and withholding tax. SALT Blog, offers tax talk for tax pros … in your neighborhood.
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Chamberlain Hrdlicka Blawgs
In a win for a New Jersey couple, the New Jersey Tax Court concluded 2024 with a declaration that the couple’s Internal Revue Code (IRC) Section 965 income is not taxable as dividends for purposes of the New Jersey Gross Income Tax (GIT) Act.[1] On December 31, 2024, in a published opinion, the court granted the taxpayer’s summary judgment motion and held that the taxpayers’ undistributed earnings from certain controlled foreign corporations (CFCs), which were reported on their federal Form 1040 as Subpart F income, were not includible as dividends under the plain meaning of ...
The recent Pennsylvania Supreme Court decision in Alcatel-Lucent USA, Inc. v. Commonwealth[1] has generated widespread attention and debate concerning the retroactive or prospective application of legal principles. This blog article will discuss the recent decision and its likely impacts.
Majority Rule: Prospective Relief
During 2014, Pennsylvania law permitted taxpayers to take a net loss carryover deduction of the greater of 25 percent of income or $4 million. Thus, taxpayers with Pennsylvania taxable income below the $4 million cap could deduct their losses, reducing ...