State Tax Implications of Federal Tax Reform
- Monday, March 12, 2018
Authors: Terence Avella, J.D., LL.M. and Jesse S. Cohen, J.D., LL.M.
While the recently enacted Tax Cuts and Jobs Act (TCJA) has tax practitioners and taxpayers alike eager to see the federal implications carried out, federal tax reform will also have far-reaching effects on state taxation. Generally, business or individual state income tax computation begins with federal taxable income or adjusted gross income. Therefore, any and all TCJA provisions that alter the federal tax base will affect state tax liabilities.