State and Local Tax (SALT) partner Bruce Ely was quoted in Bloomberg BNA Daily Tax Report on a report from the Multistate Tax Commission that found the draft of a model statute from a coalition of industry groups regarding partnership audits too complex. The proposed model is designed to promote uniformity among states conforming with the new federal partnership audit regime, thereby aiding multistate entities with compliance. The interested parties hope the MTC will give the model statute its blessing in time for the coalition to provide a final version to state lawmakers before the start of legislative sessions.
Ely explained that co-authors of the model statute had not yet had a chance to finish reviewing the MTC report, but they would get together at a later date to review.
“We were surprised at the breadth and number of requested changes to the draft model act, but we continue to hope we can find common ground with the MTC and the states,” said Ely, who is co-chair of the ABA task force. “Nobody wants dueling model acts in the state Legislatures next Spring.”
The complete article, “Model Partnership Audit Law for States ‘Too Complex’: Report,” appeared in Bloomberg BNA on October 27, 2017. (login required)