04/24/2009 02:06:21 PM EST
Bender’s State Taxation: Principles and Practice: Financial Institutions Face Multiple State Tax Nexus Issues
Bender’s State Taxation: Principles and Practice: Financial Institutions Face Multiple State Tax Nexus Issues
State and local taxation of financial institutions over the years has been marked by judicial and legislative intervention. Today, most states impose a financial institutions tax (FIT) on all banks or other financial institutions. The prevailing issue that has emerged with respect to FIT is what nexus concept a state applies when imposing its FIT on banks. States may adopt the traditional nexus standard developed in the sales and use tax area, which focuses on physical presence in the state. On the other hand, states may focus instead on economic presence. States utilizing a standard of economic presence in lieu of physical presence must still satisfy the mandates of the Commerce Clause.
Exclusively from LexisNexis: Bender’s State Taxation: Principles and Practice is a comprehensive resource for full and practical understanding of today’s complex SALT issues, and it is ready to help you navigate all the real-world twists and turns you encounter in this fast-evolving area of law. Authored by top practitioners from the legal, accounting, corporate, government, and academic professions, Bender’s State Taxation: Principles and Practice provides full insight into the often detailed and always complex principles governing state tax law, compliance, and planning.
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