By now you might be getting a better idea on how the Tax Cuts and Jobs Act, 该法案于12月22日签署成为法律, 2017, 唐纳德·特朗普总统, 会从联邦的角度影响你的业务吗. 你可能还没有被告知, 然而, is that there will be state income tax implications as well.
由于各州普遍遵守联邦税法, changes at the federal level will flow to the state level. As a result, state tax bases will either become broadened or diminished. 状态s will ultimately have to review the federal changes and decide whether or not they want to conform or enact “decoupling” modifications, 这些通常是为了增加税基而做的.
读也: 公司税率降至21%
Below is a look at the more commonly decoupled provisions in the tax bill that will need monitored for state responses to determine treatments going forward:
扣除商业利息
The new tax bill limits the interest deduction to 30 percent of earnings before interest, 税, depreciation and amortization (EBITDA) for the immediate future. The old system generally allowed a full deduction for business interest. Most states previously conformed to the federal business interest deduction. 因为这受到了新税法的限制, you should expect states to continue to conform as it will broaden their tax base.
净经营亏损扣除
The tax act also allows an indefinite carryforward of Federal Net Operating Losses (NOLs). The catch is that the deduction will now be subject to a limitation of 80 percent of taxable income. Many states had already decoupled from the Federal NOL provision in some way. 状态s that already have could decide to follow-suit and limit NOLs to a percentage of taxable income, but we don’t see much change in this area from a state perspective. 状态s that previously conformed with the Federal NOL (such as Virginia and Maryland) are the ones to pay attention to going forward as they may decide to decouple, either in the sense of the carryforward allowance or deduction limitation.
本地生产活动扣除额
DPAD was repealed for tax years beginning after 12/31/2017. Conformity to DPAD was pretty evenly split under the old legislation, but you should expect almost 100 percent state conformity going forward as this change will also broaden the state tax base.
第179节费用
Under previous law, a taxpayer could expense up to $500,000 in qualifying property. That expense allowance was reduced dollar for dollar by the amount the cost of the property exceeded $2 million. 根据新法律, the expense amount has been increased to $1 million with the expense phase-out threshold now $2.500万年. There were various state tax decoupling methods to Section 179 deductions under old law and this is something we would generally expect to stay the same with probably more states joining in to decouple as this is a change that will diminish state tax bases.
奖金折旧扣除
The new bill allows for the “full expensing” of 168(k) property. Unlike most other provisions, this one actually went into effect Sept. 而不是在2018年纳税年度. 此外，某些 使用属性 甚至会被允许报销吗, whereas the old law only allowed additional expensing for new property. The expense allowance along with the type of property allowed to be expensed will need to be monitored closely going forward on a state by state basis.
As we learned with the federal due date changes for the 2016 tax year, some states are leaders and others are laggards when it comes to change.
Pennsylvania has already issued guidance on the 100 percent depreciation provision with the issuance of PA公司税务公报2017-02 12月. 22, 2017. 在公告中, the state indicates the 100 percent depreciation deduction must be added back without any current method of cost recovery, meaning the adjustment will not be just a timing difference as it has been in the past, 而是一种不利的永久性调整.
There appears to be an opportunity to recover this cost at the sale or disposal of the asset, 但那是 许多 自购买之日起计的年限.
大多数州都被要求保持预算平衡. 正因为如此, we generally expect states to conform to Federal changes where their tax base would be broadened and decouple when the base would otherwise be diminished. 状态s with the luxury of being able to conform to federal provisions that would diminish the tax base may decide to do so in order to attract business investment. Pay attention for state guidance as the year goes on and be mindful as to when the changes go into effect.
Businesses should consult with their tax practitioner to stay on the front end of these and other tax reform considerations to avoid the additional costs of potentially unintended state tax consequences.
To learn more about the state and local implications of the Tax Cuts & 就业法案，直接打330找我.722.6229. 你也可以 电子邮件的意图 & 比较靠谱的赌博软件 to be put in touch with a tax expert with proven knowledge of how federal tax reform will impact your business’s state tax liability while providing you with insight into how you might appropriately plan for the future.
作者:拉马库斯·克劳德斯(都柏林会计师事务所)