Bradley Partner Bruce Ely Quoted in Bloomberg BNA on State Conformity Issues
State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on how the states were dealing with complex changes as the new federal partnership audit regime is about to take effect. Ely, co-chair of the American Bar Association task force, explained they “are in active negotiations with the Multistate Tax Commission (MTC) and the states” in an effort to craft a single model bill for state legislatures to consider during their upcoming sessions.
“We would like to avoid dueling model acts next Spring,” Ely said. Efforts to reach a compromise are important, because otherwise, “we’re going to wind up killing each other’s bills.”
The MTC has made certain changes to the business groups’ model bill, which are under discussion, according to Ely. Tiered partnerships “is the major issue right now,” among a few others, he said.
The complete article, “State Conformity Issues Loom Over Federal Partnership Audit Law,” appeared in Bloomberg BNA on November 7, 2017. (login required)