State-Level GILTI Taxes Could Open ‘Tsunami’ of Challenges

It’s a quiet period for states looking to address federal tax changes, as most legislatures have adjourned for the year.

That means states have time to consider their next steps with complicated provisions in the 2017 federal tax act (Pub. L. No. 115-97), speakers told attendees at the National Conference of State Legislatures’ Task Force on State and Local Taxation in Lake Tahoe, Nev., June 29.

“You need to be thoughtful about what your state does or doesn’t do,” said Steve Kranz, a partner at McDermott Will & Emery LLP in Washington.

Kranz’s firm is helping advise a ...