The 2019 EY Homebuilder Tax Director Roundtable · EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global ... However, revenue

The 2019 EY Homebuilder Tax Director Roundtable

State and local tax update

6 May 2019

The 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las Vegas

Disclaimer

Page 2

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► Views expressed in this presentation are those of the speakers and do not necessarily represent the views of Ernst & Young LLP.

► This presentation is provided solely for the purpose of enhancing knowledge on tax matters. It does not provide tax advice to any taxpayer because it does not take into account any specific taxpayer’s facts and circumstances.

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The 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las VegasThe 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las Vegas

State and local tax issues

Carl JosephErnst & Young LLP

Todd CarperErnst & Young LLP

Page 3


State tax policy overview1

California developments3

State income and franchise tax developments 4

States' responses to Tax Cuts and Jobs Act (TCJA)2

Today’s agenda

Page 4


Revenue outlook

► US Census Bureau: total state and local tax revenue increased 7.0% from Q3 2017 to Q3 2018*► Taxes from property, corporate and individual income, and sales and gross receipts were up 4.6%

► Corporate net income collections up 20.3%► Individual income tax collections increased 6.8%► General sales and gross receipts tax collections only grew by 3.1%

► Urban Institute reports “another stellar quarter” – Q2 2018**► Preliminary FY18 data: total state tax revenue to exceed $1 trillion for the first time► However, revenue growth was uneven among states and across revenue sources► Much of the growth came from double-digit growth in individual income taxes over three consecutive quarters,

mostly due to state conformity to TCJA base expansion and other onetime factors ► Several states (e.g., KS, IL) facing revenue shortfalls at the end of FY17 enacted significant tax changes that will

increase revenue

* US Census Bureau, Quarterly Summary of State and Local Government Tax Revenue: 2018 Q3, December 18, 2018. https://www.census.gov/library/publications/2018/econ/g18-qtax3.html** Lucy Dadayan, State Tax and Economic Review, 2018 Q2: Another Stellar Quarter of State Revenue Growth, But the Pace is Slowing Down, Urban Institute, December 18, 2018, https://www.urban.org/research/publication/another-stellar-quarter-state-revenue-growth-pace-slowing-down

Page 5


State tax policy environment

► Expect state legislative sessions in 2019 to actively focus on taxes► All state legislatures in session ► 20 new governors► Many states still have to address conforming to TCJA► Economic development impact/opportunity► Nexus expansion in response to Wayfair’s elimination of the “physical presence” requirement ► Tax relief vs. need for funding state services and infrastructure improvements ► Impact of federal trade policies on state economies

Page 6


States that changed:► Alaska► Illinois► Kansas► Maine► Michigan► Nevada► New Mexico► Wisconsin

2019 governors by party

Which party controls the governor’s mansion in each state?

AK

HI

ME

VTNH

MANY

PANJ

DEWV

NC

SC

GA

FL

ILOHIN

MIWI

KY

TN

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD

States with Democratic governors in 2019

Source: MultiState Associates.

CT

MD

VT

RI

NH

NJ

DE

MA

26

0

23

States with Republican governors in 2019

States with independent governors in 2019

Page 7


States that changed:► Alaska► Colorado► Maine► Michigan► Minnesota► New Hampshire► New Mexico► New York

2019 state legislatures by party

Which party controls the legislatures in each state in 2019?

AK

HI

ME

VTNH

MANY

PANJ

DEWV

NC

SC

GA

FL

ILOHIN

MIWI

KY

TN

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD

States with Democratic control of Senate and House

CT

MD

VT

RI

NH

NJ

DE

MA

31

1

18

States with Republican control of Senate and House

States with independent control of Senate and House

Page 8



States that changed:► Alaska► Colorado► Illinois► Kansas► Maine► Michigan► New Hampshire► Nevada► New Mexico► New York► Wisconsin

2019 one-party control by state

Which states have one political party control of the executive and legislative branches?

AK

HI

ME

VTNH

MANY

PANJ

DEWV

NC

SC

GA

FL

ILOHIN

MIWI

KY

TN

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD

States with complete Democratic control

CT

MD

VT

RI

NH

NJ

DE

MA

23

16

14

States with complete Republican control

States with split party control

Page 9



Governors’ tax proposals: what’s on the table

Economic nexus

TCJA conformity and decoupling

Closing loopholes

Tax reform

Opportunity zone benefits

Opioid tax

Property tax relief

Single sales factor

Real-time sales tax collection

Taxing services

Combined reporting

Severance tax

Market-based sourcing

Digital goods

Sports betting

Expanding credits

Individual income tax relief

Gas tax increase

Page 10

Taxing marijuana


2019 state regular legislative sessions

AK

HI

ME

VTNHMA

NYCT

PA

WV

NC

SC

GA

FL**

ILOHIN

MIWI

KY

TN

AL**MS

AR

LA***TX

OK*

MOKS

IA

MN

ND

SD*

NE

NMAZ

COUT

WY

MT

WA

ORID

NV*

CAVA

MD

As of February 18, 2019

RI

NJ

DE

DC

Source: Ernst & Young LLP analysis of state laws.

Key:

► Most sessions ... except:

* Begins in February

** Begins in March

*** Begins in April/May

► Approximate session ends

February/MarchAprilMayJune/JulySeptember, November/December2020

► California and Maine begin in December 2018

NJDE

Page 11


Today’s agenda





Page 12


Corporate tax base changes for major provisions in TCJA, 2018–27

Business provision % change in federal corporate tax baseOnetime transition tax on un-repatriated foreign earnings +9.0%Net interest expense limitation (30% of adjusted taxable income (ATI)) +6.4%Modification of net operating loss deduction +5.3%Global intangible low-taxed income (GILTI) inclusion +5.5%

Deduction for GILTI (2.6%)Amortization of research and experimental expenditures +2.9%Repeal of domestic production activities deduction (Internal Revenue Code (IRC) §199)

+1.9%

Limit deduction of fringe benefits +0.7%Limit like-kind exchanges of personal property +0.5%Base erosion and anti-abuse tax (BEAT)* 0.0%Increased expensing under IRC §179 (0.3%)Small-business accounting method reform and simplification (0.8%)Foreign-derived taxable income (FDII) (1.7%)Bonus expensing (IRC §168(k)) (1.8%)Move to territorial system of taxation (5.9%)Total change in federal corporate taxable income from major provisions** +19.1%

Source: Ernst & Young LLP analysis incorporating Joint Committee on Taxation (JCT) revenue estimates* BEAT is a minimum tax and does not impact the regular tax base.** Total reflects only major provisions shown in this table.

Page 13


Federal States

Corporate tax rate reductions States have own rates

Special 20% pass-through entity (PTE) deduction Potentially impacts minority of states tied to federal “taxable income” for personal income tax (PIT) purposes

Limitation in deduction of business interest expense that exceeds 30% of adjusted taxable income State conformity (uncertain application to state filing groups)

Fully expensed investments Two-thirds of states opted out of bonus depreciation

Broadened tax base includes repeal of IRC §199 domestic production deduction

State conformity (although many states already opted out of the domestic production deduction)

Limit net operating loss (NOL) deductions Most states have their own NOL provisions

Amortization of research and experimental expenditures State conformity

Potential state impact of business tax reform provisions

Page 14


Potential state impact of international tax reform provisions

Federal States

100% dividends-received deduction (DRD) for foreign dividends; reduced domestic DRD percentages Most states have their own DRDs

Transition tax on “deemed” repatriated earnings One-quarter of states tax some portion of Subpart F income and/or foreign dividends

Tax on GILTI earned by foreign subsidiaries Likely state conformity (but constitutional limitations)

Deduction of 50% of GILTI income Partial state conformity (but “special deduction” linkage issues)

Reduced tax on FDII of US corporation Partial state conformity (but “special deduction” linkage issues)

BEAT Separate tax base not in federal taxable income; states don’t conform

Longer amortization schedule for foreign research and experimentation (15 years) Likely state conformity (but constitutional issues)

Page 15


States' reactions to the TCJAas of December 31, 2018

Proposal StatesIRC conformity update bills Enacted: AZ, FL, GA, HI, ID, IN, IA, KY, ME, MI, NE, NC, OR, SC, VT, VA, WV, WI

IRC §965 (transition tax on accumulated foreign earnings)

Enacted: GA, ID, IN, ME, NJ, NY, NC, OR, UT, WI Proposed: KS, MD, MN (vetoed)Guidance: AL, AR, AZ, CA, CO, CT, FL, GA, IL, IN, IA, LA, ME, MD, MA, MI, MO, MT, NE, NJ, NY, NYC, NC, ND, OK, OR, PA, RI, TN, UT, VT

IRC §245A (future foreign DRD), §250 (FDII/GILTI deduction), §951A (GILTI)

Enacted: GA, HI, ID, IN, ME, MA, NJ, NY, NC, SC, WIProposed: IL, KS, MN (vetoed), NY Guidance: CT, IN, KY, MI, NY, NC, ND, VT

30% business interest expense limitation (IRC §163(j))Enacted: CT, GA, IN, NJ, SC, TN, WIProposed: MI (vetoed), MN (vetoed), NYGuidance: KY

PTE deduction limitation (IRC §199A)Enacted: CT, DC, HI, IN, KY, ME, MT, NJ, OR, SC, WI (decoupled), IA (allowed) Proposed: MN (vetoed)Guidance: MT, VT

Bonus depreciation (IRC §168(k)) Enacted: CT, FL, IA, KY, ME, OH, PA, WI — all decoupledProposed: NY, TN (coupled)

State and local tax (SALT) cap workaround/charitable contribution in lieu of tax

Enacted: CT, NJ, NY, ORProposed: CA (vetoed), DC, ID, IL, MD, RI, VT, WA

Carried interest fee Enacted: NJ (contingent effective date)Proposed: CA, IL, NJ, NY, RI

Employer payroll tax Enacted: NY

New entity-level tax on PTEs Enacted: CT, WI Proposed: AR, CA, MI (vetoed), NJ, NY

Page 16


Virginia’s TCJA conformity legislation

► HB 2529/SB 1372 (enacted February 15, 2019) – updates Virginia’s date of conformity to the IRC to December 31, 2018, effective for taxable years beginning on and after January 1, 2018

► Modifications: ► Corporate taxpayers: net GILTI inclusion (IRC §§951A, 250) subtracted from federal taxable income for determining

Virginia taxable income (i.e., GILTI not taxed in Virginia) (Virginia Department of Taxation Tax Bulletin 19-1)► Individuals can’t make the same subtraction; GILTI (without IRC §250 GILTI deduction) still subject to Virginia

individual taxation ► Corporate and individual income taxpayers: business interest deduction limitation under IRC §163(j) applies but

taxpayers get an additional 20% deduction for disallowed business interest ► Separate Virginia carryforward computations required?

► Additional TCJA provisions applicable for tax year 2018 and thereafter, include: ► Changes to the NOL provisions (i.e., 80% income offset limitation, no carryback, unlimited carryforward)► Increases to the IRC §179 small-business expensing► Changes to cash method of accounting

Page 17


Recent state tax department guidance

► Idaho – temporary regulation amends water’s-edge combined reporting treatment of dividends to avoid double taxation of income under IRC §965 (transition tax) and GILTI (IRC §951A)

► Missouri – guidance on GILTI and FDII ► Nebraska – Department of Revenue issues guidance on state income tax treatment of IRC §965 income► New Jersey – Division of Taxation releases guidance on GILTI and published a list of answers to questions about the

taxation of IRC §965 transition tax income and IRC §951A GILTI income for individuals and pass-through entities► New York state – Department of Taxation and Finance includes apportionment guidance on GILTI in its 2018 tax

return instructions, issues TSB-M-19(1)C on the treatment of IRC §965, GILTI, FDII for businesses and TSB-M-19(1)I on the treatment of IRC §965 and GILTI for individuals and fiduciaries

► Oklahoma – Tax Commission has proposed an amended regulation to clarify that, in line with previously issued guidance, IRC §965 income and GILTI will be considered dividend income for purposes of 68 Okla. Stat. §2358(A)(4)(b)

► Pennsylvania – guidance on GILTI and FDII► Philadelphia – guidance on IRC §965, GILTI, FDII and IRC §199A

Page 18


Today’s agenda





Page 19


California budget for 2019–20

► New California Governor Gavin Newsom unveiled his $209 billion state budget for the 2019–20 fiscal year on January 10, 2019. ► Asked about the split-roll measure near the end of his nearly two-hour budget press conference,

Newsom said he has supported the split-roll concept in the past but hopes that the initiative “anchors a conversation” about other tax increases.

► This includes sales tax on services, which he indicated he had discussed with proponents. He acknowledged the difficulties of large-scale tax reform.

Page 20



► The budget includes a federal tax conformity package intended to raise $1 billion in 2019–20.

► The budget proposes more than doubling the existing earned income tax credit and renaming it the Working Families Tax Credit, funded by federal conformity.

Federal conformity proposal to raise revenue

► According to proposed trailer bill language, the conformity items will relate to: ► Elimination of NOL carrybacks► Limitations on fringe benefit deductions► Limitations on like-kind exchanges► Limitations on and losses for noncorporate

taxpayers► Technical termination of partnerships► Elimination of separate 338 elections► Others

Page 21



► The budget assumes that the California Department of Tax and Fee Administration’s implementation of the U.S. Supreme Court’s Wayfair decision began April 1, 2019. It estimates that the new collections will bring in $219 million in 2018–19 and $554 million in 2019–20.

► The budget proposes that the Franchise Tax Board create a penalty on California residents who do not have health insurance and do not enroll in the state’s Covered California program.

Wayfair implementation Individual mandate

Page 22


Initiative and legislative developments

Split-roll initiative► The initiative that will appear on the November 2020 ballot would require property tax reassessment

of California commercial and industrial property at fair market value (FMV) least once every three years.► Not residential or agricultural► Includes a limited exemption from the reassessment requirement if the market value of all property owned by

the taxpayer in the state and used for business operations totals less than $2 million, and a limited small-business exception

Assembly Constitutional Amendment 1 (ACA 1)► ACA 1, by Assemblywoman Cecilia Aguiar-Curry (D-Winters). This constitutional amendment would

lower the voter threshold for the approval of local bond and special tax measures from two-thirds to 55%

Page 23


Market sourcing

California still has not finalized or clarified its market sourcing rules:Most recently, on Friday, May 18, 2018, the California Franchise Tax Board (FTB) held its third Interested Parties Meeting (IPM) to continue ongoing discussions for the next round of proposed amendments to its market-based sourcing rules promulgated under California Code of Regulations (CCR), Title 18, Section 25136-2. The following topics were raised at the IPM:► Introduction of five simplifying rules for sales of services to businesses and government entities► Introduction of proposed “predominance” rule► Looking to US population and geographic areas► The FTB has not proposed an effective date for this round of changesThe FTB intends to hold a fourth IPM in 2019, potentially with significant changes; however, a meeting was postponed and none are currently scheduled.

Page 24


Hot issues we are seeing in California audits

► Corporate audits► Market sourcing► Distortion and the Distortion Committee► Water’s-edge filing vs. worldwide combined► Credit assignment

► Partnership audits► Business vs. nonbusiness► Sale of property

► What are you seeing?

Page 25


Today’s agenda





Page 26


Economic/Geoffrey nexus: nonfinancialAs of March 22, 2019

* But see J.C. Penney case, which requires a physical presence

AK

HI

ME

VTNHMA

CT

PANJ

DEWV

NC

SC

GA

FL

ILOHIN

MIWI

KY

TN*

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD

NYC

Physical presence not required

Physical presence required

No guidance

For purposes of this map, whether physical presence is not required is based on statutes, regulations, administrative pronouncements and decisions (i.e., rulings from state supreme courts, state appeals, state circuit and district courts, tax appeal board opinions and administrative-level decisions).

RI DC

Page 27


NY2015

effective date


Economic/MBNA nexus: financial institutions As of March 22, 2019

AK

HI

ME

VTNHMA

CT

PANJ

DEWV

NC

SC

GA

FL

ILOHIN

MIWI

KY

TN*

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD

NYC

* PA is limited to a bank, a trust company or a savings bank that is subject to either the Bank Shares Tax or Mutual Thrift Institutions Tax. ** NYC applies only to credit card banks.

RI DC

Physical presence not required

Physical presence required

No guidance

For purposes of this map, whether physical presence is not required is based on statutes, regulations, administrative pronouncements and decisions (i.e., rulings from state supreme courts, state appeals, state circuit and district courts, tax appeal board opinions and administrative-level decisions).


NY2015

effective date

Page 28


Expansion of combined reportingAs of March 22, 2019

AK

HI

ME

VTNHMA

CT

PANJ***DE

WV

NC

SC

GA

FL

ILOH*IN

MIWI

KY***

TN*

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD

NYC

RI CT

Combined reporting/consolidated return required prior to 2004

Combined reporting/consolidated return adopted for 2004 or later

Combined reporting legislation proposed in 2018

Separate return state

No income tax

DC

For purposes of the Commercial Activity Tax (CAT)** Limited to big-box retailers before 2020; adopted on a larger scale beginning January 1, 2020*** Combined reporting starts in 2019Source: Ernst & Young LLP analysis of state laws.

NY2015

effective date

Page 29


Conformity to IRC (corporate income tax)As of March 22, 2019

AK

HI

ME

VTNHMA

CT

PANJ***DE

WV

NC

SC

GA

FL

ILOHIN

MIWI

KY***

TN*

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD

NYC

RI NJ DE

Fixed

Rolling

Selective

No income tax

DC

► Generally, CA selectively incorporates certain specific provisions of the IRC as of 1/1/2015.

► IA currently conforms to the IRC as of 1/1/2015, but updates IRC conformity to 3/24/2018 for tax years beginning on or after 1/1/2019. For tax years beginning on or after 1/1/2020, IA becomes a rolling conformity state.

► MI conforms to the IRC as of 1/1/2018 (or at the option of the taxpayer, as in effect for the current tax year).

► TX conforms to the IRC as of 1/1/2007.

► NJ and PA arguably could be classified as “rolling” in many instances.

► MD is “rolling,” but if IRC changes impact MD income tax revenues > $5 million, then conformity is generally deferred one year.

Page 30


NY2015

effective date


2000: states with a three-factor formulaAs of March 22, 2019

AK

HI

ME

VTNHMA

CT

PANJ

DEWV

NC

SC

GA

FL

ILOHIN

MIWI

KY***

TN*

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD

NYC

DE

Three-factor formula

Single sales factor formula

No income tax

* Some additional states were in the process of phasing in a single sales factor apportionment formula.

Page 31


NY2015

effective date


2019: states with a three-factor formulaAs of March 22, 2019

AK

HI

ME

VTNHMA

CT

PANJ

DEWV

NC***

SC

GA

FL

ILOHIN

MIWI

KY

TN**

ALMS***

AR

LATX

OK***

MO**KS

IA

MN

ND

SD

NE

NM**AZ**

COUT

WY

MT

WA

ORID***

NV

CA***VA**

MD*

NYC

* MO – SSF will be mandatory in 2020.** Single sales factor is either electable or being phased-in.*** Different apportionment rules apply to certain industries.

Three-factor formula: equal weighting

Three-factor formula: unequal weighting

Single sales factor formula

No corporate income tax

DC

DE*

RI

NJ

Page 32


NY2015

effective date


2000: sourcing of multistate service revenueAs of March 22, 2019

AK

HI

ME

VTNHMA

CT

PANJ

DEWV

NC

SC

GA

FL

ILOHIN

MIWI

KY

TN

ALMS

AR

LATX

OK

MOKS

IA

MN

ND

SD

NE

NMAZ

COUT

WY

MT

WA

ORID

NV

CAVA

MD*

NYC

Source to state where greater portion of income producing activity performed (“all or nothing”)

Source to state to the extent services performed in state (“to the extent of” or “direct”)

Source to state where benefit of service received (“benefit” or “market”)

No income tax

DE

RI

DC

Page 33


NY2015

effective date


2019: sourcing of multistate service revenue As of March 22, 2019

AK

HI

ME

VTNHMA

CT

PANJ 2019effective date

DEWV

NC

SC

GA

FL

ILOHIN

MIWI

KY

TN

ALMS

AR

LATX

OK

MO2020

effective dateKS

IA

MN

ND

SD

NE

NMAZ

CO2019

effective date

UT

WY

MT

WA

ORID

NV

CAVA

MD*

NY City

Source to state where greater portion of income producing activity performed (“all or nothing”)

Source to state to the extent services performed in state (“to the extent of” or “direct” )

Source to state where benefit of service received (“benefit” or “market”)

No income tax

RI

MA

NJ

Years indicate when market-based sourcing takes effect.

DC

DE

Page 34


NY2015

effective date


Wisconsin PTE entity-level tax election

► SB 883 (enacted December 14, 2018) allows pass-through entities (PTEs) to elect to be taxed at entity level at the 7.9% corporate tax rate. ► PTEs include partnerships, limited liability companies and tax-option corporations (e.g., S corporations).

► Owners in the PTE are allowed an exclusion for the investor’s distributive share of income subject to the new PTE tax.► The PTE owner cannot claim a credit for taxes paid by the electing PTE.

► If the election is made, the PTE will compute and situs its income as if the election were not made.► If the election is made, the PTE may not claim losses or tax credits except for the credit for taxes paid

to other states.► The election may be made for taxable years beginning in 2018 for tax-option corporations and 2019

for all other PTEs.► The election must be made by the due date, including extensions, of the return.

Page 35


Kentucky

► HB 354 (enacted March 26, 2019) – “cleans up” various provisions adopted in 2018 through HB 487► Income tax

► Updates IRC conformity for 2018 to IRC as of December 31, 2017; for 2019 and forward, Kentucky adopts IRC as of December 31, 2019

► For IRC §179 expensing, updates to IRC as of December 31, 2003 ► Limited liability entity tax (LLET) modifications► Combined reporting changes include “combined group” definition change, exclusion of certain countries from “tax haven”

classification, water’s-edge basis reporting with intercompany receipts eliminated and 80/20 test adoption► Shortens consolidated group election to 48 months (from 96 months)► Bank franchise tax sunsets after 2021

► Sales tax► Marketplace provider nexus provisions, applicable beginning July 1, 2019► Changes to several exemptions

► Incentives changes, including changes to recycling credit► Prevents certain Department of Revenue guidance from being made public

Page 36

The 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las VegasThe 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las Vegas

Questions?

Page 37

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The 2019 EY Homebuilder Tax Director Roundtable · EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global ... However, revenue