One of the (many) surprising outcomes of the November 2016 election is that comprehensive federal tax reform could be a real possibility.
With President Trump in the White House and Republicans holding a majority in both the House and the Senate in the 115th Congress, the prospects for significant federal tax legislation being enacted in 2017 or 2018 have increased substantially. There are still many unknowns. Details are still evolving, and enactment is not certain.
Still, while much attention and debate has been focused on the substantive provisions and ramifications of the proposals at the federal level, any federal reform—if enacted—would have both direct and indirect implications for the U.S. states and their income tax structures.
A KPMG report of "frequently asked questions" (FAQs) outlines why and how federal reforms could generally affect states, and discusses the state tax implications of specific components of the major tax reform proposals outlined by President Trump in his campaign and proposed by House Republicans in last June’s tax reform “blueprint.”
The FAQ document is organized as follows:
Read a February 2017 report [PDF 816 KB] prepared by KPMG LLP: State tax implications of federal tax reform: FAQs
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