Significant SALT Developments for 2023 and Predictions for 2024

Event Description 

As controversial legislation and contentious litigation demonstrated that division prevailed in state government during 2023, there were many significant developments affecting state and local taxes (SALT). New Jersey and Minnesota enacted major tax reform legislation. States reacted to the previously enacted federal changes to the research and experimental expenditure rules in IRC Sec. 174. Similar to recent years, the trend of adopting elective pass-through entity tax regimes in response to the federal SALT deduction cap continued. The Maryland digital advertising tax remains in effect, but the tax still faces challenges in court. Also, significant appportionment disputes were addressed by state courts and administrative authorities. Some states expanded their indirect tax base to include non-traditional transactions. On this webcast, we will discuss significant SALT developments, assess predictions made in 2023 and outline expected key SALT developments for 2024.