In the Law360 article “State & Local Tax Policy to Watch in the 2nd Half of 2019,” Morrison & Foerster partner Mitchell Newmark said he will be following the federal Tax Cuts and Jobs Act, because for most businesses, the second half of 2019 will be when the TCJA’s impact will begin to be felt. Over the next few months, 2018 federal and state business tax returns will start to be filed, and 2018 is when most of the changes occurred.
“This trend toward boldness will continue as states and cities see results from prior aggressive action and now salivate over constitutionally protected foreign income arising from the Tax Cuts and Jobs Act,” said Mitchell. He added that he’s preparing for further disputes in the second half of 2019 as states take creative new shots at what he calls protected income and transactions.
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