Question
Please answer this question, it's specifically asking about TCJA of 2017, thanks!!! Many states have their income tax calculations piggyback the Federal income tax calculation.
Please answer this question, it's specifically asking about TCJA of 2017, thanks!!!
Many states have their income tax calculations piggyback the Federal income tax calculation. In other words, these states income tax calculations incorporate many of the Federal calculations and deductions to make both compliance and verification of tax liability easier. However, given the significant changes implemented via the TCJA of 2017, some state legislatures have passed laws modifying some of these rules for state purposes. Determine how states are reacting to the TCJA of 2017. Specifically, how are states reacting to the TCJA of 2017 changes to personal casualty losses, the excess business loss limitation, and the net operating loss changes (no carryback and 80% of taxable income limitation)? Be sure to state the sources for your answer.
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