State Tax Chart Results - static.store.tax.thomsonreuters.com

1 State Tax Chart Results Tax Type: Corporate Income Legend:N/A- Not ApplicableNet Capital Gains This Chart shows whether the State requires an addition or subtraction modification for net capital gains in determining State taxable Capital GainsCommentsAuthorityRIA ParagraphAKAdditionFederal net capital gain is recomputed (added back to federal income) and taken as a State deduction (subtraction) after allocation-apportionmentForm 04-611, Alaska Corporation Net Income Tax Return, 14,503 11,018 ALNo ModificationStarting point for computing the corporation income tax is federal taxable income without the benefit of federal net operating Code 40-18-31 ; Ala. Code 40-18-33 11,018 ARN/AArkansas taxes income from net gain but does not adopt the federal capital gains provisions with respect to C corporationsArk.

2 Code Ann. 26-51-815(a) ; Ark. Code Ann. 26-51-424(a)(1) 11,018 AZNo modificationN/AAriz. Rev. Stat. Ann. 43-1101(1) 11,018 CAAdditionThe California net capital gain is added back to federal income and the federal capital gain net income is subtracted from federal incomeCal. Rev. & Tax. Cd. 24990 ; Form 100 Corporation Franchise or Income Tax Return ( 14,501) 11,018 COSubtractionSubtraction allowed for State -federal differences in basis and for Colorado source capital gains. Also, qualified Colorado taxpayers may subtract certain net capital gain income to the extent the gains are included in their federal taxable Rev. Stat. 39-22-304(3)(c) ; Colo. Rev. Stat. 39-22-518 11,018 CTSubtractionThe value of any capital gain from the sale of any land or interest in land to the State , a political subdivision of the State or to a nonprofit land conservation organization may be subtracted, if the land is to be permanently preserved as open space.

3 Capital gains from sales of land to water companies may also be deducted if the land is to be permanently preserved as open space or Class I or Class II water company Gen. Stat. 12-217(a)(1)(E) 11,018 DCN/ADC uses federal gross income as the starting point for computing tax. DC follows the federal treatment of capital gain but federal capital gain must be recalculated to reflect DC's disallowance of federal bonus depreciationInstructions Form D-20, 14,803; Instructions Form D-30, 14,812 11,018 DESubtractionOf gain received from the sale or Del. Code Ann. 30 1903(a)(3) 11,018other disposition of bonds or securities issued by the United states or its instrumentalities or by the State of Delaware or its political subdivisions. FLNo modificationFor Florida income tax purposes, capital gains are considered nonbusiness income, which is allocable to the State , primarily based on the taxpayer's commercial domicile.

4 However, for regulated investment companies or real estate investment trusts, an amount equal to the excess of the net long-term capital gain for the taxable year over the amount of the capital gain dividends attributable to the taxable year must be added to taxable income. Fla. Stat. (2) ;Fla. Stat. (1)(a) 11,018 GANo modificationGeorgia follows federal ruleGa. Code Ann. 48-7-21(a) 11,018 HINo ModificationHawaii follows federal ruleHaw. Rev. Stat. 11,018 IANo modificationIowa follows federal ruleIowa Code (5) , Iowa Code (1)(g) ; Instructions to Form IA 1120, at 14,501 11,018 IDNo ModificationIdaho follows the federal Code 63-3004 ; Idaho Code 63-3011B 11,018 ILNo modificationFollows federal ruleILCS Chapter 35 5/1501(a)(11) 11,018 INNo modificationIndiana follows federalInd.

5 Code 6-3-1-11 11,018 KSSubtractionN/AKan. Stat. Ann. 79-32,138(c)(i) 11,018 KYNo modificationKentucky conforms to the federal treatment of capital gains and losses. However, the version of the Internal Revenue Code used for federal and Kentucky tax purposes may vary and, as a result an addition or subtraction modification may be Rev. Stat. Ann. (13) ; Schedule O-720 Instructions, Other Additions and Subtractions to/from Federal Taxable Income, 14,537 11,018 LANo ModificationLouisiana follows the federal Rev. Stat. Ann. 47 ; La. Rev. Stat. Ann. 47 (A) 11,018 MANo modificationState follows federal ruleMass. Gen. L. Chapter 63 1 ; Form 355 (Corporation Excise Return) Instruction; 14,509 11,018 MDNo ModificationMaryland follows federal ruleMd. Code Ann.

6 Tax-Gen. 10-310 ; Md. Code Ann. Tax-Gen. (b) 11,018 MENo modificationGenerally follows federal ruleMe. Rev. Stat. Ann. 36 111(1-A) . 11,018 MINo modificationState follows federal rule. Applies to both the corporate income tax (eff. 1/1/2012) and the Michigan Business Tax (until 12/31/2011).Mich. Comp. Laws Ann. (2) ; Mich. Comp. Laws Ann. (2) ; Mich. Comp. Laws Ann. (2) ; Mich. Comp. Laws Ann. (2) 11,018 MNNo modificationState follows federal ruleMinn. Stat. , Subd. 19 11,018 MONo modificationState follows federal ruleMo. Rev. Stat. ; Form MO-1120 Instructions, 14,503 11,018 MSNo modificationMississippi's law on net capital gain is similar to federal Administrative Code (100) 11,018 MTModificationMontana follows federal income tax lawMont.

7 Code Ann. 15-31-113 11,018 NCNo modificationNorth Carolina follows federal Gen. Stat. (15) 11,018 NDNo modificationND follows federal income tax Cent. Code 57-38-01(5) 11,018 NENo modificationNebraska follows federal lawNeb. Admin. R. & Regs. 11,018 NHNo modificationNew Hampshire determines the gross business profits using the amount of the organization's net income as determined under the Internal Revenue Rev. Stat. Ann. 77-A:1, IV 11,018 NJNo Rev. Stat. 54:10A-4(k) ; Admin. Code 18 (b) 11,018 NMNo modificationFor purposes of capital gains and losses, New Mexico follows federal law as adopted by the Internal Revenue CodeInstructions for Corporate Income and Franchise Tax Return CIT-1, 14,501 11,018 NVN/AN/AN/AN/ANYNo modificationN/ANYCRR 20 (c) 11,018 OHSubtractionDeduct any gain resulting from the sale of a capital asset, or a Section 1231 asset to the extent the gain occurred before the beginning of the first day of the taxpayer's Ohio corporation franchise tax taxable year which ended on or after Dec.

8 20, 1971 on which the corporation income tax is computedOhio Rev. Code Ann. (I)(3) 11,018 OKSubtractionCorporations and estates or trusts, are allowed a deduction from Oklahoma taxable income for the amount of qualifying gains receiving capital treatment earned by the corporation, estate or trust, during the taxable year and included in the federal taxable income of the corporation, estate or Stat. 68 2358(D)(1) 11,018 ORNo modificationOregon incorporates the IRC by reference and generally follows the federal rules with respect to capital gains and lossesOr. Rev. Stat. (1) 11,018 PANo ModificationTax preference items under IRC 57 are added back to federal taxable income for purposes of Pennsylvania tax to the extent that such gains are not included in federal taxable incomePa.

9 Stat. Ann. 72 7401(3)(1)(d) 11,018 RINo modificationSpecial rules apply to venture capital partnerships, securities dealers, gains from the sale of research and development facilities, and gains from the sale of pollution control Gen. Laws 44-11-11(a) 11,018 SCNo modificationState follows federal Code Ann. 12-6-40 11,018 SDN/AN/AN/AN/A Information current as of 4/29/2013 10:03 AM CDT 2013 Thomson Reuters/RIA. All rights reserved. TNAdditionTennessee law requires addition of gains on sales of assets not already included in the net earnings computations for federal tax Code Ann. 67-4-2006(b)(1) 11,018 TXNo modificationTexas uses federal gross income, except for cost of goods sold, as the starting point for computation of net taxable marginTex. Tax Code Ann.

10 (c)(1) ; Tex. Admin. Code 34 (d)(1) 11,018 UTNo modificationN/AUtah Code Ann. 59-7-101(19) 11,018 VANo modificationFollows federal ruleVa. Code Ann. (B) 11,018 VTNo modificationN/AVt. Stat. Ann. 32 5811(18) 11,018 WAN/AN/AN/AN/AWINo modificationExcept addition to federal income is required for federal exclusion for conservation dales of qualifying geothermal interestsWis. Stat. (4)(t) 11,018 WVNo modificationN/AW. Va. Code 11-24-3a(a)(44) 11,018 WYN/AN/AN/AN/A