State and Local Tax Update
State Reaction to Federal Tax Reform
The Federal Tax Cuts and Jobs Act (TCJA) passed in December 2017 is the most sweeping Federal tax legislation in over 30 years. While in general, the TCJA was very taxpayer-friendly with lower rates, and new credits and deductions, it has caused a stir at the state level. Historically state tax laws tend to follow the Federal tax model, but with the high number of states facing budgetary crunches, we have seen some states reacting negatively to the TCJA.
As we reach the end of 2018, a flurry of activity has begun and will continue within the states as they evaluate and decide what TCJA provisions they will follow, as well as those they will not. It is essential that all companies and individuals are aware of state reactions and consider the impact in their tax planning.
Join members of the Stambaugh Ness State and Local Tax (SALT) team for an informative look at this complex subject.
After attending this webinar, participants will:
- Understand the impact of tax reform on states
- Discuss the options states have for conforming to the new tax structure
- Learn about how states have responded and what future response may be in store