The Tax Foundation outlined a number of important state tax changes in 2020 in thirty-five states, including updates to both individual and corporate taxation. Regarding the latter, some major changes were implemented January 1, such as increases or decreases in—or even elimination of—corporate rates. Other updates tend to be related to apportionment or post-Wayfair nexus standards.
No matter what state(s) in which your company does business, in-house tax professionals must be apprised of the ever-evolving corporate tax environment in the United States. Below are a few highlights the Tax Foundation noted in its report. To see the Tax Foundation’s more thorough breakdown of state tax changes in 2020, visit www.taxfoundation.org/2020-state-tax-changes-january-1.