International Bank Tax Newsletter Volume 3, October 2013

International Bank Tax Newsletter Volume 3

This newsletter describes recent state tax developments affecting the banking industry, and provides background on the conclusive presumption rules under Section 166 for foreign banks, and much more.

Related content

State Tax Update A Summary of Recent State Tax Developments affecting the Banking Industry

Banks should consider the impact of the following rate changes on their current and deferred tax provisions:

Connecticut: The 20 percent corporate surtax is extended to tax years commencing prior to January 1, 2016. The surtax does not apply to taxpayers that pay the $250 minimum tax, or that have less than $100 million in gross income for the tax year. However, taxpayers filing unitary or combined returns are subject to the surtax regardless of income. HB 6704 (signed June 18, 2013).

Indiana: For tax years beginning on or after January 1, 2014 the Financial Institutions Tax (FIT) rate is 8.0 percent; for tax years beginning on or after January 1, 2015 the FIT rate is 7.5 percent; for tax years beginning on or after January 1, 2016 the FIT rate is 7.5 percent; and, for tax years beginning on or after January 1, 2017 the FIT rate is 6.5 percent. HB 1018 (signed Apr. 26, 2013).

Read more about the state tax updates in the PDF. 

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG's new digital platform