State Case Law Updates—Deloitte

Income/Franchise Changes in Wisconsin,  Sales & Use Exclusion in California, Nevada Supreme Court Upholds Margin Tax Initiative

Deloitte State Tax Matters has a new set of updates on state tax law developments and changes. Deloitte’s February 8th Issue includes additional detail on some of the cases cited and excerpted below. For more information, visit Deloitte’s full State Tax Matters archive here.

Income/Franchise
Wisconsin: Department of Revenue Says it is Changing its Position Regarding the Ability to Generate NOLs in Closed Years
The department has issued a new tax release that supersedes the tax release published in Wisconsin Tax Bulletin 139 (July 2004), page 21, Carryforwards of Wisconsin Net Business Losses. Read more  

Multistate Tax Alerts?
Throughout the week, we highlight selected developments involving state taxlegislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.

New California Sales and Use Tax Exclusion for “Advanced Manufacturing”
California recently adopted legislation expanding the authority of the California Alternative Energy and Advanced Transportation Financing Authority (“CAEATFA”) to grant a sales and use tax exclusion for the acquisition of machinery and equipment used in an “advanced manufacturing” project.
[Issued: January 30, 2013] 
Read more

Nevada Supreme Court Upholds Margin Tax Initiative
In a unanimous opinion issued on January 31, 2013, the Nevada Supreme Court reversed an earlier Carson City District Court decision that had ruled invalid an initiative petition that seeks to amend the Nevada Revenue and Taxation Code to add a new state-level margin tax.
[Issued: February 1, 2013] 
Read more 

Changes are Afoot in Wisconsin, California, and Nevada