business income

TEI Requests Guidance from States Regarding Penalty Relief for State Corporate Tax Returns Filed by November 15, 2021

On September 22, 2021, TEI submitted an open letter to states that have not amended their corporate return due dates to November 15. The letter requests that such state automatically waive penalties for failure to file corporate tax returns due on October 15, 2021 if the taxpayer files such returns no later than November 15, 2021.

TEI Files Amicus Brief in Alabama's Kimberly-Clark Business/Nonbusiness Income Case

On October 26, 2012, TEI filed an amicus brief with the U.S. Supreme Court in a case involving the characterization of income from the sale of assets as apportionable business income versus allocable nonbusiness income for state tax purposes, Kimberly-Clark v. Alabama Department of Revenue. The Institute's brief urged the high court to reverse lower court decisions in Alabama holding that gain from the sale of property used in a taxpayer's unitary business constituted nonbusiness income allocable in full to Alabama.