KBF State Income Tax Newsletter – 4th Quarter 2024

KBF’s quarterly newsletter updates clients on state and local income/franchise tax news, developments, and trends. Please note that this information is for discussion purposes only and does not constitute specific tax advice.

Here are some important updates:

Louisiana

Louisiana enacted sweeping tax code changes, including adjustments to corporate and individual tax rates, immediate expensing options for certain properties and expenditures, modifications to tax credits, and expansion of the sales and use tax base. These changes are effective for tax year 2025.

Massachusetts

Massachusetts clarified its 2023 law regarding the transition to a single sales factor apportionment formula, outlining exceptions where the default single sales factor would not apply, such as when the numerator and denominator are zero, the denominator is less than 10% of a corporation’s taxable net income, or the commissioner deems the sales factor insignificant. This clarification also takes effect in tax year 2025.

Read more about these updates by downloading the newsletter here. For more information or specific tax guidance, please contact Nick McMahon at nmcmahon@kbfcpa.com or connect with a KBF professional here.