Paul L. Caron
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Friday, September 6, 2019

Shanske Presents The States Should And Can Conform To GILTI Today At Minnesota

Darien Shanske (UC-Davis) presents The States Should and Can Conform to GILTI at Minnesota today as part of its Perspectives on Taxation Lecture Series hosted by Kristin Hickman:

Shanske (2017)Corporate income taxes are a critical revenue source for both state governments and the U.S. federal government. Yet corporate income tax revenue collections have been increasingly plagued by taxpayers’ use of artificial tax avoidance mechanisms that shift profits to tax havens and other (low-tax) foreign jurisdictions. The sweeping Tax Cuts and Jobs Act of 2017 attempted to deal with this problem in a number of ways, the most important of which is the Global Income Low-Taxed Income (or “GILTI”) regime. This presentation will present the case for state conformity to GILTI.

Darien Shanske (UC-Davis) & David Gamage (Indiana), Why States Can Tax the GILTI, 91 State Tax Notes 967 (Mar. 18, 2019):

A centerpiece of the 2017 federal tax legislation’s reforms to international corporate income tax rules is the new global intangible low-taxed income regime (or GILTI). In a prior essay, we argued that U.S. state governments should conform to GILTI. But might there be constitutional restrictions preventing state governments from doing so? This essay argues that state governments can constitutionally conform to the federal GILTI rules and thereby tax GILTI income as part of the states’ corporate income tax bases. However, in doing so, we explain that state governments will need to be attentive to background constitutional principles. 

Darien Shanske (UC-Davis) & David Gamage (Indiana), Why States Should Tax the GILTI, 91 State Tax Notes 751 (Mar. 4, 2019):

A centerpiece of the 2017 federal tax legislation’s reforms to international corporate income tax rules is the new global intangible low-taxed income regime (or GILTI). In a prior essay, we argued that U.S. state governments should conform to GILTI. But might there be constitutional restrictions preventing state governments from doing so? This essay argues that state governments can constitutionally conform to the federal GILTI rules and thereby tax GILTI income as part of the states’ corporate income tax bases. However, in doing so, we explain that state governments will need to be attentive to background constitutional principles.

https://taxprof.typepad.com/taxprof_blog/2019/09/shanske-presents-the-states-should-and-can-conform-to-gilti-today-at-minnesota.html

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