Treasury Says Conforming State Tax Changes Permissible

April 8, 2021, 1:15 AM

Treasury says that income tax changes that simply conform a state or territory’s tax law with recent changes in federal income tax law are permissible under the offset provision of the recent stimulus law, according to a statement.

  • NOTE: Law includes provision that funding can’t be used to offset certain revenue losses from tax law changes, aiming to prevent it from being used to fill revenue gaps created by tax cuts
  • Treasury says it plans to issue “comprehensive guidance” on the issue

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Max Zimmerman in Tokyo at mzimmerman90@bloomberg.net

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