The federal budget reconciliation bill: state tax considerations

Insights from the EY Center for Tax Policy

The final federal budget reconciliation bill, signed into law July 4, includes tax provisions impacting corporate and individual income taxes imposed by state governments on businesses and their owners. Key elements of the new law from a state tax perspective include:

• Extensions of and modifications to Tax Cuts and Jobs Act (TCJA) business provisions, including research and experimental expenditures, interest expense limitations and bonus depreciation
• Modification of several US-international tax provisions, including those related to global intangible low-taxed income, foreign derived intangible income and controlled foreign corporations
• Extensions of and modifications to individual and pass-through entity tax provisions, including the increase of the temporary cap on the state and local tax deduction for individuals to $40,000

Join Ernst & Young LLP as we discuss the state and local implications of the final provisions of the federal legislation and what actions businesses should consider going forward. Presenters will address the post-TCJA state tax landscape, state conformity considerations, and the outlook for state tax policy in response to the federal law.

Please join us for this 75-minute, interactive webcast. We welcome and encourage you to ask questions.

Panelists:

• Lisa Wolski, Washington Council Ernst & Young, Ernst & Young LLP, Washington, DC
• Keith Anderson, Indirect, State and Local Tax, Ernst & Young LLP, Dallas, TX
• Jess Morgan, Indirect, State and Local Tax, Ernst & Young LLP, Cleveland, OH
• Scott Roberti, Indirect, State and Local Tax Policy Services Leader, Ernst & Young LLP, Stamford, CT

Moderator:

• Karen Currie, Leader, State Income Tax, Ernst & Young LLP, Dallas, TX

EY webcast managed and produced by Ernst & Young LLP’s Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax