5 Practical State Tax Measures to Consider During Extraordinary Times

Introduction

Although today’s volatile economic and state tax environment may present varying degrees of challenges for companies, it also may provide them with an opportunity to manage risk and address those challenges. Keeping the fluid dynamics of the economy and tax policy in mind, this article provides a snapshot of five practical state tax measures to consider during these extraordinary times.

These proactive measures are intended to help companies conserve cash and respond nimbly to an evolving economic and state tax environment by generating potential cash tax benefits through
the review of prior-period returns, managing complexities associated with state tax attributes following the enactment of recent federal relief legislation, maintaining and possibly expanding credits and incentives, reviewing property tax valuations, and investing in the tax department to effectively meet compliance and controversy challenges.