Spring 2018 issue of Horizons

In the states starting with federal taxable income and some other states, like Missouri, the federal return determines the choice of whether or not to itemize. This choice deserves special attention for taxpayers in these states. Expect State Legislation As states react to the new tax reform bill, many states may find that legislative action is required. Most states will likely experience an increase in revenue due to the amount of base-broadening provisions in the new federal tax reform bill.

For this reason, many taxpayers will experience an increase in their state tax liabilities. RubinBrown expects a myriad of states will either propose cuts to individual and corporate income tax rates, decouple from some base-broadening provisions or take a creative approach to address the needs of taxpayers. Regardless of the approach, widespread changes in state taxation are assured in 2018 and the years following.

STATE & LOCAL TAX SERVICES GROUP

The RubinBrown SALT Services Group offers a complete range of consulting, compliance and dispute resolution services to meet the challenge of managing your growing operations. For more information, visit www.RubinBrown.com/SALT .

Jeff Schuetz, CMI Partner State & Local Tax Services Group 314.290.3375 jeff.schuetz@rubinbrown.com Rhonda Sparlin, CPA Partner-In-Charge State & Local Tax Services Group 303.952.1243 rhonda.sparlin@rubinbrown.com

Matt Cathcart Accountant State & Local Tax Services Group 314.678.3618 matt.cathcart@rubinbrown.com

12 The New Federal Tax Law has a Big Impact...Even on Each State