State and Local Tax (SALT) partner Bruce Ely was quoted in Bloomberg BNA Weekly State Tax Report regarding the U.S. Supreme Court's decision in Comptroller of Treasury of Md. v. Wynne, which may have an impact far beyond personal income tax. In Wynne, the Court ruled that Maryland discriminated against interstate commerce by taxing resident individuals on all of their income without a credit for taxes paid to other states, while taxing nonresidents on their income sourced to Maryland.
First Marblehead “is the confirmation many practitioners and academics expected—that Wynne will indeed impact states other than Maryland and dimensions of state tax other than personal income tax credits for taxes paid to other states," said Ely.
Read the complete article, “First Marblehead Reflects Broad Implications of Wynne,” which first appeared in Bloomberg BNA Weekly State Tax Report on October 22, 2015. (Login Required)