Problem - For your state and one of its neighbors, (I live in New Jersey) find the following income tax rules. Place your data in a chart, and e-mail your findings to your instructor.
a. To what extent does each state follow the rulings of the Multistate Tax Commission?
b. Does the state adopt pertinent changes to the Internal Revenue Code? If so, as of what date?
c. What is the highest tax rate for corporations?
d. Is the tax effectiveness of a passive investment company limited in some way? Has the state adopted the Geoffrey approach to the taxation of income from intangibles? Explain.
e. Does the state apply entity-level income taxes for S corporations, partnerships, and LLCs? If so, what are the terms of those taxes?
f. Does the state levy a "minimum tax" or "alternative minimum tax"? If so, what are the terms and rates for the tax?