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State and Local Tax Implications of Tax Reform

Impact on High-Tax States, SALT Deduction Cap, Deemed Repatriation and Other Conformity Issues

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Wednesday, May 2, 2018

Recorded event now available

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This course will focus on the ripple effect of the new tax bill on state tax law. The panel will discuss the limitations and removal of specific state tax benefits within the new tax bill causing states to deviate from federal law to maintain or add benefits for individuals and businesses within state borders.

Description

The new tax bill has a significant impact on individual and business taxation. To evaluate the state tax implications of federal tax reform, tax counsel and advisers must understand the federal tax law changes, the items of concern for state and local governments, and the various state legislative initiatives in response to the new federal law.

Provisions within the newly enacted federal tax bill are sending legislators and regulatory authorities scrambling for options to allow individuals and businesses within state borders to maintain tax benefits despite restrictions in the current federal tax law. Notable changes to federal tax law such as the loss of the federal deduction for state and local income taxes, limits on state property tax deductions, and deemed repatriation of earnings and profits, creates a lack of conformity with the federal tax law by some states.

Most states adopt the Internal Revenue Code, but approach conformity differently based on state interests. These conformity issues can vary by state, leaving some states scrambling to prevent taxpayer windfalls while other states see a spike in tax revenue.

Listen as our panel provides guidance on provisions of the new tax bill and the impact on state taxation, the latest legislative developments and best practices in dealing with state tax reform.

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Outline

  1. Key provisions of federal tax law impacting state corporate and individual taxation
  2. Issues in evaluating conformity with new federal tax law
  3. Update on state legislative developments in response to tax reform
  4. Best practices in advising and preparing taxpayers for the state implications of tax reform

Benefits

The panel will review these and other critical issues:

  • Practical strategies for analyzing the impact of federal tax reform on the various states;
  • The impact of deemed repatriation, GILTI, FDII, and other tax reform provisions on state taxpayers;
  • The state tax compliance issues created by federal tax reform.

Faculty

Long, Stephen
Stephen W. Long
Partner
Baker McKenzie

Mr. Long's practice focuses on federal and multistate tax controversy issues. He handles complex state and local...  |  Read More

Tedesco, Michael
Michael C. Tedesco
Atty
Baker & McKenzie

Mr. Tedesco represents multinational and domestic corporations in a wide range of tax planning and tax controversy...  |  Read More

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