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 the nation with a particular focus on New England. Bibbo, who serves as the Vice President of the charitable organization, discussed new developments in New Hampshire and Vermont. New Hampshire highlights included the final report issued by the Commission on Worldwide Reporting for Unitary Businesses under the Business Profits Tax, as well as Act 169’s IRC 163(j) interest expense decoupling effective for tax years beginning on or after January 1, 2024. In addition, Bibbo reported on the complications and misconceptions regarding New Hampshire’s taxation of GILTI (Global Intangible Law-Taxed Income), which taxes GILTI net of the IRC 250 deduction when included in federal taxable income, but also taxes the GILTI portion subject to the 250 deduction when the cash is repatriated back to the U.S. Vermont highlights included the roll-out of Act 148 from the 2022 session, which enacted a major corporate income tax reform package effective for tax years beginning on or after January 1, 2023, as well as Act 76’s new payroll tax effective July 1, 2024. Businesses impacted by any of these changes should contact Attorney Bibbo at khb@rathlaw.com.
