Unitary/Combined Reporting Results Mixed for States and for Business

Unitary/Combined Reporting Results Mixed for States and for Business

HEAR PHIL OLSEN OF McCARTER & ENGLISH, LLP DISCUSSING THE MASSACHUSETTS UNITARY TAX REGIME IN A PODCAST INTERVIEW ON THIS WEB SITE!

 

As the states strive to generate additional revenue during distressed economic times, movement to unitary combined reporting tax regimes may be misguided.  Projections for states that have not yet moved to combined reporting are mixed.

For example, a recent study conducted by the University of Tennessee Center for Business and Economic Research concludes that Tennessee would not generate considerable additional revenue from adopting combined reporting.  On the other hand, the Florida Center for Fiscal and Economic Policy projects that Florida would realize over $376 million additional revenue by adopting combined reporting.

 

In his podcast interview on this LexisNexis Tax Law Center site, Phil Olsen of McCarter & English, LLP tells us it is too early to forecast what the new unitary tax regime in Massachusetts will yield in additional revenue.  The new regime is effective for tax years beginning January, 2009, but regulations governing administration are emerging just now.  Listen to Phil Olsen explain the dynamics of Massachusetts unitary taxation and what implications it could have for the Commonwealth and for corporations conducting business there.