State of Tax: Minnesota Apportionment, Phantom Debt Tax Break

The week in state tax news: A recent ruling at the Minnesota Supreme Court resulted in a new test for the state’s income apportionment rules. Meanwhile, practitioners are eager to see if the California Office of Tax Appeals will flex its power to swat away rules issued by the state’s other tax agencies. Plus, a data center complex uses so-called phantom debt to land a big tax break in New Mexico.

Minnesota Ruling Adopts New Apportionment Test

The Minnesota Supreme Court’s ruling upholding EIDP Inc.’s $11.5 million state corporate franchise tax bill creates a blueprint for apportionment rules by adopting ...