Kathryn Bibbo Serves on New England Tax Panel

On November 16, 2023, Kathryn Bibbo served as a panelist on the “Top Developments in New England SALT” session for the New England State and Local Tax Forum in Newton, Massachusetts.  The Forum, now in its 12th successful year, provides an annual update to tax practitioners on significant state and local tax developments from across […]

New Hampshire Commission Rejects Worldwide Reporting

On November 1st, the Commission on Worldwide Reporting for Unitary Businesses Under the Business Profits Tax issued its Final Report recommending against the removal of the water’s edge limitation and the adoption of worldwide reporting for purposes of combined reporting under the Business Profits Tax.  The Commission was born out of House Bill 102 from the 2022 legislative session, codified at RSA 77-A:23-b, but substantive working sessions didn’t begin until this past fall.  Testimony from the Council on State Taxation (COST) and the DRA were instrumental in informing the Commission of the unique and specific manner in which New Hampshire already captures and taxes a significant amount of foreign source income, including foreign dividends, Subpart F and GILTI. 

Vermont Enacts Major Corporate Tax Reform Package

After significant debate in the Vermont legislature, a major corporate income tax reform bill was passed this year, impacting corporations for tax years beginning on or after January 1, 2023.  Five major changes were enacted, namely:  (1) a shift from a three-factor formula to a single sales factor, making Vermont the last state in New […]