Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
California Franchise Tax Board proposes adoption of market-based sourcing regulation On September 13, 2024, the California Franchise Tax Board (FTB) issued a notice of proposed rulemaking to amend California Code of Regulations, Title 18, section 25136-2, the market-based sourcing regulation. Written comments on the proposed amendments must be submitted to the FTB by 5:00 p.m. on October 31, 2024, and a public hearing will be held only if a written request is received from any interested parties no later than 15 days before the close of the written comment period.
This Multistate Tax Alert discusses some of the provisions in the proposed rulemaking. [Issued: September 24, 2024] More
New Jersey enacts tax credits related to investments in artificial intelligence On July 25, 2024, New Jersey Senate Bill 3432 (S.B. 3432) was signed into law. S.B. 3432 revises various provisions under New Jersey’s Economic Recovery Act of 2020, creating the “Next New Jersey Program” and offering tax credits to artificial intelligence (“AI”) businesses that plan significant capital investments and job creation in the State.
This Multistate Tax Alert summarizes some of the provisions of S.B. 3432. [Issued: September 24, 2024] More
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