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State & Local Tax Update - 4/20/12

Posted 12:00 PM by

Kentucky to Offer Amnesty Program: Kentucky Governor Steve Beshear has signed legislation authorizing a tax amnesty program to be conducted during the fiscal year ending June 30, 2013. The tax amnesty program will apply to tax liabilities for taxable periods ending or transactions occurring after Dec. 1, 2001, and prior to Oct. 1, 2011. The program will be available to all taxpayers owing taxes, penalties, fees or interest subject to the administrative jurisdiction of the Department of Revenue, with the exception of property taxes or penalties related to cigarettes or fuel licenses. Stay tuned for more information.

Kentucky to Streamline Local Tax Information: Recently passed HB 277 seeks to streamline and facilitate the efficient collection of local net profits, gross receipts, and occupational license taxes by requiring all local tax districts that levy such taxes to submit their tax forms, instructions and ordinances in either electronic or hard copy to the Kentucky Secretary of State for inclusion on the one-stop business portal or similar website before Nov. 1, 2012, and to accept tax returns using a new standard form that is to be developed by the Secretary.

Michigan Issues Guidance on Flow-Through Withholding Rules: The Michigan Department of Treasury has issued a release on the new withholding rules effective Jan. 1, 2012. The release addresses rules for the three categories of flow-through withholding (nonresident individuals, corporate members and flow-through members), returns and due dates.

Nebraska to Move to Market Approach for Income Tax: Beginning Jan. 1, 2014, Nebraska has modified its sourcing method for sales other than sales of tangible personal property. Sales of services, intangibles, lender fees and communications are affected be the new law. See LB872 for details of the changes.

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