Tuesday, November 16, 2010
State Tax Law
Although a state may wish to boost its economy by adopting some of the business incentive provisions, they cannot afford to create deeper revenue shortfalls. How the states respond to legislation impacts taxpayers in 2010 and subsequent years. This is especially true regarding a state's treatment of bonus depreciation and the increased Code Sec. 179 deduction which may also impact a decision to accelerate AMT and investment credit. The state's treatment of these and many other provisions should be a significant consideration when tax planning.