Overview
Diann Smith said regarding delayed effective tax dates that once an effective date nears, “legislatures will frequently delay it again. We’ve seen that happen with the states that have gone to combined reporting and have had special provisions that account for the financial statement impact to companies.” Stephen Kranz agreed that “an articulated, expressed effective date from a fiscal analysis perspective” is essential for business taxpayers in such instances, particularly if the law applies to open tax years.
