State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on Georgia becoming the third state to introduce legislation in response to the new federal partnership audit regime. Georgia’s Internal Revenue Code conformity bill comes amid an appeal from several practitioners for states to adopt a “wait and see” approach as federal officials work through technical corrections legislation and implementing regulations.
“There is simply too much uncertainty surrounding the proposed—and now withdrawn—regulations, and the technical corrections bill that everyone agrees is critical,” said Ely. He also noted that there is a rumor that the effective date for the legislation may be pushed back a year.
The complete article, “Partnership Audit Bill Surfaces in Georgia,” appeared in Bloomberg BNA on February 10, 2017. (login required)