Financial Accounting News

States Eyeing Wayfair Revenue Avoided GILTI Debate (1)

Oct. 5, 2019, 1:36 AMUpdated: Oct. 5, 2019, 7:19 PM

Most states avoided adopting federal rules for taxing a new category of foreign income that could boost revenue because they are expecting plenty of revenue from another source: online sales taxes.

“I’ll sum it up in a single word: Wayfair,” Bruce Fort, counsel for the Multistate Tax Commission, told attendees of the American Bar Association tax section meeting Oct. 4 in San Francisco. “It’s a new source of income that took away all the pressure on corporate income tax.”

  • Only 10 states, the District of Columbia, and New York City have at least partially tied their rules to...
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