The Ohio Department of Taxation, last week, issued a rule now defining “non-profit organizations” for the purposes of commercial activities. CAT statutes exclude non-profits, but did not define them for commercial purposes. The new rule also addresses exclusions for certain fees and contributions. (OAC 5703-29-10 per information release CAT 2005-14)
Kentucky has issued an “emergency regulation” clarifying the apportionment formula for financial organizations computing corporation income taxes in that state.
Business income earned by financial organizations & loan companies in Kentucky has to be determined using an apportionment formula comprised of a property, payroll, and double-weighted sales factor. (See 103 KAR 16:150E)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment