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July 9, 2020
2020-1749

State corporate income and franchise tax developments in the second quarter of 2020 updated to add developments from the last week of June 2020

The attached Alert updates the quarterly newsletter that was issued June 26, 2020, to include developments from the last week of June 2020. The quarterly newsletter provided an updated summary of the significant legislative, administrative and judicial actions that affected state and local income/franchise and other business taxes for the second quarter of 2020.

Changes in the June 26, 2020 alert: Moved from "Developments to watch" to "Key developments": California AB 85 as the underlying bill has been enacted. Moved from "Developments to watch" to the "Legislative Developments": Colorado HB 1024, Iowa HF 2641 and North Carolina HB 1080 as the underlying bills have each been enacted. Added to "Legislative Developments": Georgia, New Mexico and Oregon. Added to "Administrative Developments": Illinois, Oregon and Philadelphia, PA.

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Contact Information
For additional information concerning this Alert, please contact:
 
State and Local Taxation Group
   • Karen Currie (karen.currie@ey.com)
   • Jess Morgan (jessica.morgan@ey.com)
   • Keith Anderson (keith.anderson02@ey.com)
   • Karen Ryan (karen.ryan@ey.com)
   • Deane Eastwood (deane.eastwood@ey.com)
   • Tim Kimmel (timothy.kimmel@ey.com)
   • Mark McCormick (mark.mccormick@ey.com)
   • Steve Wlodychak (steven.wlodychak@ey.com)
   • Joe Huddleston (joe.huddleston@ey.com)
   • Rebecca Bertothy (rebecca.bertothy@ey.com)

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ATTACHMENT

Second quarter 2020 state corporate income/franchise tax developments update

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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