On August 1, 2025, legislation went into effect amending the Delaware General Corporation Law (DGCL) of the state of Delaware as contained in Senate Bill No. 95. The following is a brief summary of some of the more...more
As originally enacted, 2024 Public Chapter 950 provides that if a taxpayer paid the franchise tax based upon the minimum measure tax base found at Tenn. Code Ann. Section 67-4-2108, then the Tennessee Department of Revenue...more
Corporations subject to North Carolina’s franchise tax have an opportunity to seek refunds of their 2021 and 2022 franchise taxes but should act promptly to preserve their rights....more
Gov. Bill Lee recently signed into law Public Chapter 950, which creates significant changes in how Tennessee's franchise tax is calculated. Until now, the franchise tax has been calculated based on 1) a taxpayer's...more
A compromise version of House Bill 1893/Senate Bill 2103 was passed by both Legislative Chambers on April 25, 2024 (the Bill). Subject to Governor Lee signing the Bill into law (which is expected to occur), the following is...more
Commissioner of the Tennessee Department of Revenue (Department), David Gerregano, recently testified before the Revenue Subcommittee of the Senate Finance, Ways and Means Committee, regarding the Department's proposed...more
Texas, famously, does not tax individuals’ income, but it does impose franchise taxes on “taxable entities”, such as limited liability companies. Federal tax law treats them as partnerships unless they elect to be treated...more
The issue of whether receipts from the sale of securities should be included in the franchise tax apportionment factor on a gross or net basis may be heard by the Texas Supreme Court after all. There are two cases, Citgo...more
The California Franchise Tax Board (“FTB”) started 2017 with a setback as the Court of Appeal for the Fifth Appellate District held in Swart Enterprises, Inc. v. Franchise Tax Board that the FTB could not impose California’s...more
This Alert summarizes the major tax provisions included in legislation passed by the 2015-2016 North Carolina General Assembly in its short session, which concluded earlier this month. The most widely discussed tax...more
Filing an amended tax return does not negate the need to file a timely petition for refund with the Pennsylvania Department of Revenue’s Board of Appeals. In a case decided in June, Quest Diagnostics Venture, LLC v....more