The New York Division of Tax Appeals recently ruled in favor of a taxpayer, E. & J. Gallo Winery, holding that it met the statutory requirements of a âQualified New York Manufacturerâ (âQNYMâ) and was therefore entitled to a reduced corporation franchise tax rate. As a result of New Yorkâs corporate tax reform, QNYMs are entitled to a reduced tax rate, including a 0% tax rate on their business income base beginning in 2014, for…
On March 9, 2022, the New Jersey legislature unanimously passed, and New Jersey Governor Philip D. Murphy signed, Senate Bill No. 1889 (âSB 1889â), which, among other limitations, prohibits entities with certain ties to Russia or Belarus from benefitting from New Jersey state and local economic development incentives, including certain state and local tax incentives. While several other statesâ pension funds have moved to divest themselves of Russian financial holdings, SB 1889âwhich was swiftly introduced…
In a precedential ruling, the California Office of Tax Appeals held that the research and development tax credit is only available for activities âengaging in the scientific method.â The decision, In re Swat-Fame, Inc., 2020-0TA-046P (June 1, 2020), found that trial-and-error modifications to garments did not constitute âqualified researchâ under R&TC section 23609.
As the weather is heating up, the Texas tax front continues to bring hot and exciting developments in the Lone Star State. Two of the latest updates usher in a change to the sourcing of local sales tax for certain internet sales and the end of Texasâs internet access tax. Internet Sales  The Texas Comptroller has adopted amended regulations under 34 Tex. Admin. Code § 3.34 relating to the location where an internet order is…