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From YouTube: Impact of the CARES Act on State Tax Systems
Description
Part of the NCSL Task Force on State and Local Taxation Virtual Meeting Series.
A
Hey
for
our
first
virtual
assault
meeting,
you
know
we
were
very
excited
and
happy,
and
you
know
motivated
to
hear
that
you
all
still
wanted
to
continue
even
in
this
virtual
format,
I
think
that's
sort
of
where
we
are
it's
going
to
be
our
new
normal
for
at
least
the
near
future.
So
we
appreciate
that
and
appreciate
our
sponsors,
who
were
willing
and
able
to
come
together
for
this
panel
today.
I
know
that
the
impact
of
the
cares
Act
is
something
that's
very
important
for
for
our
states
for
our
members
for
our
sponsor.
A
So
we
want
it
to
be
as
timely
as
we
could
with
respect
to
that
and
get
the
information
out
there
joining
us
today,
of
course,
are
our
sponsors.
We've
got
about
85
other
folks,
members
and
other
fiscal
leaders
from
across
our
50
states.
Jackson
Reynard,
of
course,
from
our
D
Denver
offices
is
also
with
us
today
and
Johnson,
of
course,
working
that
behind
the
scenes
from
our
DC
office.
So
we
thank
them
for
their
help
in
advance.
Let's
go
to
the
next
slide.
Please.
A
Thank
you
so
again.
Here's
the
agenda
for
today,
so
we're
gonna
go
through
three
panel
discussions
here.
The
first,
as
you
can
see,
is
the
federal
stimulus
and
relief
measures.
Next,
we
will
have
a
discussion
on
state
tax
conformity
to
the
chairs,
pears,
Act
provisions
and
then
finally
impacted
the
cares
Act
on
state
tax
commissions
and
we
will
take
Q&A
at
the
end
Jocelyn's
going
to
be
using
the
chat
function.
A
So
if
you
wouldn't
mind
putting
your
questions
in
or
typing
them
into
the
chat
box
for
us
to
consolidate
and
then
ask
at
the
end,
that
would
be
fantastic,
she's
going
to
mute
all
of
your
your
speakers
for
now.
So
please
do
communicate
with
us
via
the
chat
box,
if
at
all
possible,
and
then
that's
that's
it
for
now
and
again.
Thank
you
so
much
for
joining
us
I
know
it's
been
very
strange
for
all
of
us
to
get
used
to
this
I
I
personally
wasn't
set
up
for
virtual
living.
A
So
it's
been
a
little
bit
of
a
challenge
for
me
as
well,
but
but
we
just
have
to
pit
it
and
adapt
and
in
some
ways,
I
feel
like
this
format
is,
is
actually
enabling
us
to
reach
more
people.
So
your
insight,
your
expertise,
your
analysis
and
research
actually
will
be
able
to
reach
more
people
and
be
of
more
benefit
to
to
a
lot
more
of
our
state
leaders
than
perhaps
could
have
been
in
in
more
of
our
in-person
settings.
A
So
I
think
that
maybe
is
a
positive
result
out
of
all
that's
happening
now,
but
again
we
appreciate
your
enthusiasm
and
your
ability
and
your
willingness
to
keep
moving
forward.
You
know
we
do
plan
on
still
continue
to
reinvigorate
the
salt
task
force
and
the
links
with
the
fiscal
leaders
program,
so
we
are
still
going
to
be
moving
full
steam
ahead
in
that
respect
and
use
this
as
a
way
to
sort
of
regroup
and
refocus
with
that
I'm
going
to
turn
it
over
to
representative
aadmi.
Who
is
on
the
phone
here
and
sir?
B
B
Local
taxes
and
the
procedures
that
we
need
to
take
a
look
like
the
value
of
this
I,
really
think
the
sponsors
for
keeping
this
going
as
a
group
of
people
to
take
a
look
at
what's
happening
not
just
in
our
jurisdiction
but
across
the
country,
and
get
great
ideas
about
how
to
approach
problems
and
also
know
that
the
ideas
that
we
get
from
different
parts
of
the
country
may
seem
weird
us,
depending
on
where
we
come
from.
But
in
CFL
does
a
great
job
of
lobbying
Congress
to
make
sure
that
our
voices
are
heard.
C
Think,
like
all
of
you,
we're
looking,
you
know,
we
got
into
this
as
as
kind
of
an
extension
of
our
stewardship
obligation.
We
built
several
companies
throughout
Wisconsin
in
Tennessee,
in
Florida
and
rather
than
sitting
on
the
sofa.
You
know
just
like
many
of
you,
you
decide.
You
know
what,
if
I'm,
if
something's
gonna
happen,
I
need
to
get
down
there
and
do
that
so
we're
serving
for
a
few
years,
and
hopefully
we
can
move
that
forward,
but
I
I
said
back
in
March
of
being
in
finance.
C
I
think
that
the
risk
that
we
have
here
and
the
thing
that's
I've
learned
from
all
of
this
is
did
not
say
yeah,
but
this
time
it's
different,
that's
gonna,
be
our
biggest
risk
is,
if
we
say
yeah,
but
this
time
it's
different
yeah.
The
boogieman
is
different,
but
it's
not
any
different
from
1974
when
we
had
the
oil
embargo
and
we
had
gas
on
every
other
day
and
it's
not
any
different
than
12%
interest
rates
during
for
home
mortgages
during
the
late
70s,
and
it's
not
any
different
than
Black
Monday
in
2000.
C
Excuse
me
in
1984,
when
the
stock
market
crashed
twenty-two
percent
a
single
day
and
it's
certainly
not
any
different
than
911
and
so
I
think
we
do
ourselves
a
disservice
by
bettin
against
the
country
and
betting
against
good
old-fashioned,
Yankee
ingenuity.
So
I'm
very,
very
optimistic
and
I
look
at
what
is
happening
here
in
Wisconsin
and
and
some
of
the
states
that
I
have
a
lot
of
exposure
to
and
I
I'm.
C
Looking
forward
to
the
various
different
views
that
everybody
has
like
Marvin
said,
we
had
some
conversation
where
what
what
their
house
is
doing
and
what
what
we're
doing
here
in
Wisconsin.
Certainly
we
can
talk
to
Kurt
and
find
out
what
they're
doing
in
Utah
and
I
think
that's
a
phenomenal
process,
but
I
think
what's
neat
about
all
of
this
or
Linda
and
I'm
excited.
Is
that
it's
rejuvenating
the
Salt
task
force
in
budget
and
revenue?
C
You
know
salt
was
originally
just
put
together
to
deal
with
the
quill
and
the
wayfarer
decision,
and
through
current
and
Deb
Peters
leadership
and
others,
we
were
able
to
successfully
do
that.
I
think
now
we
get
a
chance
to
move
forward
and
see,
and
it's
my
hope
that
this
committee
gets
stronger
and
better
that
we
find
issues
that
are
germane
to
the
to
the
all
of
the
problems
that
we're
looking
at
and
I.
C
Think
if
you
go
back
to
the
early
80s,
Joel
Barker
wrote
a
book
he's
the
kind
of
the
father
of
paradigm
shifting
when
a
paradigm
shifts
everything
goes
back
to
zero
and
so
I
think
there's
an
opportunity
for
us
to
reset
to
start
taking
a
look
at
those
things
and
let's
use
Maslow.
Also,
if
we're
using
that
time
frame,
you
know
and
we're
get
to.
Instead
of
the
self
actualization
we
get
to
be
down.
C
A
Thank
you
very
much
appreciate
the
comments
from
our
co-chairs
and
again
we're
just
excited
to
be
moving
forward
and
gathering
everybody
in
this
in
this
virtual
environment,
so
we're
motivated
alright.
So
now
we're
going
to
start
with
our
first
panelist
scott,
roberta
from
Austin
young
sir.
If
you
want
to
take
the
floor,
we're
we're
ready
great.
D
Thank
you
era
Linda
and
then
welcome
everybody.
You
know
I
hope
in
these
our
store
times.
Everyone
is
doing
well.
So
my
task
here
over
the
next
about
15
minutes
is
really
to
sort
of
frame
out.
The
relief
in
stimulus
measures
that
we've
seen
come
out
of
Congress
and
the
federal
government
and
then
Carl
and
rich,
are
going
to
sort
of
dig
deeper
into
those
tax
provisions.
So
we
can
move
on
to
the
first
content
slide,
keep
going
there
we
go.
D
So
if,
if
we
sort
of
look
at
this,
you
know
from
up
from
a
macro
point
of
view,
we're
gonna
spend
most
of
our
time
on
the
cares
Act,
which
is
bill
number
three
but
really
Congress
started.
You
know
earlier
on
with
two
prior
bills
that
focused
on
you
know
providing
additional
funding
for
vaccine
development,
supporting
R&D
in
this
area,
back
funding
the
CDC
and
then
in
bill
number
two
came
in
and
really
with.
D
The
economy
deal
with
I
think
we're
up
to,
and
this
is
just
an
unfortunate
statistics,
one
in
six
Americans
that
are
out
of
work,
providing
funding
for
them
pride
in
funding,
for
you
know,
business
sectors
that
were
significantly
impacted
by
the
government
shutdowns
that
we've
seen
across
many
of
the
states
and
so
forth
and
and
this
this
cares.
Act
was
refunded
again
and
we'll
talk
a
bit
of
more
about
this
on
on
April
24th
so
a
few
weeks
ago.
D
So,
if
we
move
down
to
the
next
slide,
let's
start
peeling
this
back
a
little
bit
because
we're
talking
about
close
to
three
trillion
dollars
of
stimulus
and
relief
measures
that
we've
seen
the
federal
government
put
in
place.
So
this
this
slide
here
sort
of
breaks
it
into
you
know
three
areas.
You
know
direct
aid
for
unemployment
insurance,
we've
seen
some
aid
to
the
state.
This
is
clearly
a
topic
that
will
likely
get
a
lot
of
attention
for
a
potential
fourth
bill.
D
If
we
sort
of
look
at
unemployment
insurance,
as
I
just
stated,
we
have
about
one
in
six
Americans
out
of
work.
This
provides
$600
per
week,
sort
of
an
increase
in
benefits
for
up
to
four
months,
if
states
repeal
what
they
call
the
waiting
week.
So
there's
typically
provisions
prior
to
workers
getting
unemployment
benefits.
D
The
federal
government
will
fund
an
additional
13
weeks
of
benefits
through
the
end
of
2020
after
workers
have
run
out
of
state
unemployment,
benefits,
federal
funding
for
UI
benefits
for
those
not
usually
eligible,
think
about
self-employed
individuals,
independent
contractors,
those
with
limited
work,
history.
Those
are
all
covered
under
this
provision.
Sort
of
an
interesting
issue
that
is
sort
of
something
to
think
about
later
on
is
what
happens
to
employers
experience
rating,
so
in
typical
times
of
recession,
state
exhausts
their
unemployment
funds.
D
They
borrow
from
the
federal
government
to
to
prop
that
back
up
and
then
look
to
businesses,
especially
those
with
a
history
of
you,
know,
having
an
employee
layoffs
to
pay
higher
unemployment
insurance
to
the
state.
So
this
is
obviously
you
know,
while
we've
seen
recessions
in
the
past.
You
know
this
is
more
of
a
forced
economic
shutdown.
So
you
know:
where
do
we
go
and
how
are
those
employee
experiences?
D
See
I'm
looking
at
the
slide,
can
you
go
to
the
slide
that
says
individual
tax
relief?
Let's
walk
through
those
first,
it
should
be
one
more,
no,
let's
not
amazing
it
to
the
deck.
So
let
me
let
me
just
let
me
pull
down
the
provisions
and
talk
a
bit
more
about
and
I'll
break
this
into
so
individual,
then
we'll
look
at
the
business
side.
So
on
the
individual
side.
The
main
item
here
is
a
new
refundable
tax
credit.
We
saw
a
similar
structure
with
regard
to
rebates
in
the
2008
Great
Recession.
D
This
is
not
considered
taxable
income
and-
and
let
me
rephrase
us
so
does
not
consider
taxable
income.
It's
and
it's
therefore
refundable
tax
payers
do
not
have
a
tax
liability
will
actually
receive
this
money,
so
you
don't
have
to
have
a
tax
liability
to
receive
money.
It's
about
it's
$1,200
for
individuals
and
up
to
$2,400
for
couples
additional
$500
for
every
dependent
child,
and
this
phase
is
out
beginning
at
seventy-five
thousand
for
individuals
on
$150,000
for
couples
on
the
with
regard
to
employers.
D
There's
a
delay
in
paying
a
portion
of
the
social
security
tax,
with
50
percent
being
due
at
the
end
of
2021
or
and
and
another
50%
due
at
the
end
of
2022
at
and
sort
of
in
the
interim,
the
Social
Security
trust
fund
will
be
backfilled
through
the
general
fund.
That
Congress
has
the
tcga
provisions.
We
saw
a
number
of
changes
here
and
I
know.
Carl
will
dig
a
little
bit
deeper
into
these.
Some
of
them
were
focused
on
getting
cash
in
the
hands
of
tax
payers.
Others
were
focused
on
making
some
technical
changes.
D
Apologize,
my
slides
are
a
little
messed
up,
so
oh
one,
more
yep,
let's
go
here,
yep
perfect!
Thank
you.
So
the
employee
retention
credit
is
a
refundable
credit
and
it's
available
to
all
businesses
that
have
not
received
a
loan
through
the
Small
Business
Administration's
under
the
Paycheck
protection
program,
and
it's
really
it's
available
to
any
business
that
has
full
or
partial
suspension
of
operations
due
to
any
sort
of
work
from
home,
business
closure
orders
at
the
state
level
or
any
business.
D
That's
lost,
50%
or
more
of
its
gross
receipts
as
compared
to
the
same
quarter.
Last
year,
it's
a
credit
equal
to
50
percent
of
wages
paid,
and
this
includes
health
care
costs
paid
by
the
employer
to
maintain
any
sort
of
group
health
care
plan,
and
this
is
capped
at
$10,000
per
employee
for
it
for
this
year
for
2020
those
businesses
and
includes
exempt
organizations
with
less
than
a
hundred
employees.
It
applies
to
all
wages
for
businesses
or
tax-exempt
organizations
with
greater
than
a
hundred
employees.
D
It
applies
only
to
the
wages
paid
to
employees
that
aren't
currently
working
just
based
on
you
know.
Experience
from
my
firm
we've
been
working
with,
you
know
many
companies
to
avail
themselves
of
these
types
of
credits.
The
the
application
process
is
a
bit
cumbersome,
but
once
we
actually
get
through,
as
funding
has
been
coming
through,
we
can
move
on
to
the
Paycheck
protection
program
Jocelin
there
we
go.
Thank
you,
so
this
is
administered
through
the
Small
Business
Administration.
D
This
is
the
program
that
had
you
know,
run
out
of
funds,
and
then
it
was
re-established
with
the
sort
of
bill
3.5
which
was
passed
on
April
27.
So
this
is
eligible.
Businesses
are
with
500
or
fewer
employees.
It's
intended
to
cover
payroll
expenses
and
debt
obligations
for
a
two
month
period
up
to
ten
million
dollars
per
business.
This
loan
is
forgiven
for
federal
tax
purposes
and
it's
used
for
payroll
mortgage
rent
and
utilities.
D
I
know
Richards
going
to
touch
on
this
a
bit
more,
especially
with
regard
to
the
state
considerations
of
this
forgiveness
element
of
the
program,
which
is
critical
because
we
still
haven't
received
guidance
yet
at
the
federal
level.
With
regard
to
this,
and
it's
something
I
think
from
a
state
perspective,
you
all
should
be
aware
of
sort
of
move
on.
In
addition,
you
know
I
put
this
next
slide
in
on
economic
stabilization.
D
Not
this
side,
but
so
let
me
just
talk
about
sort
of
in
addition
to
some
of
the
tax
credits
we've
seen,
we've
seen,
the
federal
government
provide
additional
measures
through
the
US
Treasury
exchange,
Stabilization
Fund,
which
is
provided
or
earmarked
monies
for
companies
that
are
deemed
critical
to
the
United
States
national
security
and
there's
also
elements
of
this.
Where
funding
is
provided
to
States
insider'
in
cities
Congress.
This
is,
you
probably
saw
a
lot
of
interesting.
D
You
know
that's
a
back
and
forth
with
regard
to
providing
funding,
and
so,
if
you
go
back
to
2008
what
were
these
funds
used
for
and
therefore
we
saw
Congress
place
a
number
of
restrictions
on
the
types
of
funds
and
what
those
funds
can
be
used
for
for
ie.
You
know
no
stock,
buybacks
limitations
on
CEO
pay,
etc
and
there's
also
oversight
with
regard
to
this
program
through
the
congressional
oversight
Commission
and
then
the
Special
Inspector
General.
D
So
and
then
we've
seen
you
know
more
funding,
you
know
through
the
SBA
check
program.
As
an
indicated.
Let
me
just
wrap
up
here:
Jocelyn
I'm
down
on
your
last
slide,
the
last
two
slides
fiscal
challenges
and
just
briefly
talk
about
and
I
know.
Some
of
this
will
be
part
of
future
webcasts,
but
you
know
our
modeling
and
modeling
of
a
number
are
the
organization's.
It's
starting.
You
know
the
point
towards
you
know
significant
revenue
duction
within
the
state,
if
you
think
about
sales,
tax
and
any
sort
of
gasoline
excise
taxes
are
down
significantly.
D
It's
just
an
unfortunate
trend,
especially
with
most
states
seeing
their
fiscal
year
end
on
June
30th,
the
questions
still
out
on
income
taxes.
Many
states
couple
are
delayed
payments
of
those
taxes.
You
know
into
July.
You
know
conforming
to
what
the
federal
government
did
both
for
ease
of
administration,
but
that's
also
to
provide
more
cash
back
into
the
economy.
So
we'll
see
how
this
plays
out
from
a
fiscal
point
of
view,
but
I'm
pretty
confident
it's
not
going
to
be
pretty.
D
We've
also
seen
because
of
the
resort
of
the
oil
war
that
is
going
on
and
demand
being
down
significantly.
Those
states
that
rely
on
severance
taxes
have
seen
a
significant
reduction
in
in
their
tax
fiscal
revenue
as
well,
so
a
bit
of
a
double
whammy.
There
nga
and
be
you
known
as
Bo
and
out
indicating
that
Congress
needs
to
act
and
provide
additional
funding
for
the
states
and,
like
I,
said
earlier.
This
may
be
part
of
our
fourth
relief
bill
and
their
argue,
or
articulating
at
least
a
half
a
trillion
dollars
to
the
states.
D
Let
me
just
close
on
my
last
slide
here,
which
just
outlines
a
number
of
measures.
You
know,
while
the
federal
government
has
been
acting,
we've
also
seen
many
states
step
up
and
do
things
primarily
through
mandates
from
their
governor's
offices
and
whether
it's
delayed
in
payments.
Some
states
are
starting
to
think
about
how
they
can
stimulate
their
economy.
D
You
know,
but
one
interesting
takeaway.
These
work
from
home
orders
that
we've
seen
that
have
impacted
the
economy
in
the
business
community
have
also
impacted
all
of
your
states
and
how
your
agencies
operate,
and
it's
really
highlighted
some
interesting
issues
with
just
collecting
and
remitting
taxes
when
your
Department
of
Revenue
isn't
it
work
from
home.
Both
basic
items
like
thinking
about
electronic
filing
electronic
signatures.
D
Things
of
that
nature,
which
you
know
from
a
business
perspective,
seem
pretty
straightforward,
but
not
all
states
and
localities
are
are
capable
accepting
those
types
of
things
and
it's
sort
of
so
how
do
we
sort
of
stabilize
or
make
sure
that
the
revenue
streams
at
state
and
local
governments
can
sort
of
withstand?
You
know
these
types
of
you
know,
pandemics
in
the
future,
so
we've
seen
a
lot
of
states
really
adopt.
D
You
know
new
work-from-home
rules
for
their
state
agencies,
and
you
know
be
interesting
if
that
continues,
as
we
hopefully
and
soon
get
out
of
this
pandemic.
So
that's
really
an
overview
from
a
federal
level.
I
know
a
lot
of
information,
I'm
sure
there'll
be
some
questions
to
Dan
and
I'll
hang
around
it
to
talk
about
those
and
I.
Think
from
here
we're
going
to
turn
it
over
to
Carl
and
he's
going
to
dig
into
some
of
the
TCGA
provisions
and
and
steagle
will
deepen
Carl.
E
Yeah
thanks,
Scott
and
good
afternoon
to
everybody
pleasure
to
be
here,
although
under
certainly
trying
circumstances
for
us
all
and
want
to
thank
our
Lyndon
Jackson
and
the
task
force
for
the
invitation.
If
you
go
to
the
next
slide,
what
I'm
gonna
try
to
do
is
you
know.
Scott
talked
about
a
lot
of
significant
we're
talking
about
two
now
three
trillion
dollars
of
you
know:
relief
to
taxpayers,
businesses,
individuals,
state
and
local
government
and
so
forth,
loans,
loan
guarantees,
grants
and
so
forth.
E
I'm
just
going
to
focus
on
the
three
major
tax
provisions,
changes
in
the
cares
Act
and
the
Internal
Revenue
Code
that
most
significantly
affects
States,
and
so
what
I'm
gonna
try
to
do
is
you
know
in
15
minutes
just
a
high-level
but
one?
What
were
these
provisions?
What
did
they
do
to
show
you
on
each
of
them
maps
of
50
state
maps
showing
what
the
states
did
or
have
done
in
terms
of
conformity
or
we're
not
conforming?
E
Obviously,
significant
fiscal
constraints
on
the
states-
and
these
are
all
not
surprising,
the
taxpayer
and
business
favorable
changes,
because
they're
intended
to
provide
relief
for
businesses,
but
certainly
something
that
you
should
consider
that
you
know
really
important,
at
least
from
the
federal
and
state
perspective
of
many
of
the
states
and
helping
cash
flow
and
liquidity.
So
what
are
the
three
provisions?
And,
interestingly
they're
all
pretty
much
roll
backs
and
or
in
the
case
of
the
third
one,
the
technical
correction
to
changes
that
were
made
in
the
tax
cuts
and
job
act?
E
Because
if
you
remember,
tax
cuts
and
job
act
at
the
business
level,
provided
a
significant
corporate
tax
cut.
But
in
trying
to
offset
that
at
least
partially
had
a
number
of
base
broader
that
raise
taxes
on
state
businesses
and
remember,
the
states
didn't
pick
up
the
tax
cut,
of
course,
but
they
picked
up
the
base
broaden
or
raising
revenues
in
corporations.
So
these
are
all
just
temporary.
You
know
two
to
three
year,
the
third
one,
with
two
to
three-year
rollbacks
of
some
of
these
babies.
E
Broad
nurse
or
tax
increases
specifically
targeted
things
like
interest
deductions
and
net
operating
losses
which
are
so
critical
to
businesses
during
this
crisis.
So
the
first
one
and
will
stay
on
the
side
for
a
second
but
the
so
the
first
one
is
modifications
the
interest
expense
deduction.
This
was
one
of
the
key
provisions
that
was
put
in
that,
at
least
in
2017
and
the
tcj,
a
limited
interest,
deductions
to
30%
of
adjusted
taxable
income
and
the
reason
it
did
so
was
federal
government
was
providing
and
most
the
states
did
not
adopt
this.
E
But
the
federal
government
provided
for
100%
bonus
depreciation,
so
immediate
expensing
of
most
capital
investments
for
five
years
when
they
did
so,
they
didn't
want
companies
to
borrow
and
then
be
able
to
deduct
that
and
get
sort
of
a
double
dipped,
and
so
they
limited
the
amount
of
interest
deductions.
As
I
said,
most
of
the
states
actually
adopted
this
limitation
about
2/3
of
them,
but
very
few
of
them
adopted
the
100%
bonus
depreciation.
What
the
Congress
has
done
here
is
they've
they've
changed
the
30%
limit
to
50%
limit.
E
You
know,
making
it
possible
to
deduct
more
interest
and
just
as
importantly,
they're
allowing
businesses
that
may
have
lost
his
or
much
less
income
in
2020
to
use
their
2019
adjusted
taxable
income,
which
is
likely
to
be
much
higher
for
almost
every
company
to
calculate
their
2020
interest,
deduction
limitation,
so
very
favorable
provision
intended
to
help
companies
that
are
going
to
probably
have
to
borrow
more
and
more
to
deduct
some
of
that
interest
in
the
short
term
to
help
their
cash
flow.
The
second
provision
was
having
to
do
with
net
operating
losses.
E
You
know
we
haven't
talked
about
those
in
the
last
decade
or
so
great.
You
know,
since
we've
had
such
a
robust
economic
recovery,
but
every
recession
has
you
know,
companies,
you
know
usually
50
40
or
50
percent,
or
more
this
one
made
even
higher
that
go
into
a
net
operating
loss
position,
and
so
what
this
provision
did
was
in
in
the
tcga
and
another
sort
of
revenue-raising
measure.
E
The
Congress
had
limited
NOL,
so
you
couldn't
carry
them
back
and
average
them
against
income
taxes
you've
paid
in
previously
years,
and
you
can
only
use
80%
of
your
carry-forward
losses
in
any
given
year
for
a
two
or
three
year
period.
Now
the
federal
government's
reversed
that
and
they're
gonna
allow
carry
backs
for
five
years.
E
So
if
you
have
losses
in
2020
and
2021
even
2019,
you
can
carry
those
back
and
offset
them
against
income
in
previous
years
and
then
potentially
get
refunds
and
they
also
got
rid
of
the
80%
camp
cap
temporarily,
which
was
capping
how
much
NOL
carry-forward
you
could
use
in
it
in
any
given
year.
The
third
provision
was
more
sort
of
industry
specific
for
retailing,
restaurants,
but
really
there
was
a
widely
perceived
mistake
that
was
made
in
the
tcga
a
where
for
qualified
improvement,
property
sort
of
leasehold
improvements.
E
They
were
classified
as
39-year
property,
which
meant
they
couldn't
get
bonus
depreciation,
which
only
applied
to
property
that
was
20
years,
life
term
or
less,
and
so
they've
sort
of
fixed
that
mistake
and
qualified
this
property's
15-year
property.
So
those
are
the
major
provisions.
One
thing
before
we
break
down
how
the
states
are
conforming
or
not
to
him.
It's
important
to
emphasize
here
is
these
are
not
tax
cuts.
These
are
not,
you
know,
sort
of
loopholes
or
anything
for
corporations.
These
are
just
timing.
Differences.
E
All
of
these
are
deductions
that
companies
get
one
way
or
another.
It's
just
a
timing
of
when
they
get
those,
but
the
timing
is
obviously
critical
in
terms
of
cash
flow
and
liquidity.
So
if
we
turn
to
the
next
slide,
we're
going
to
dive
in
quickly
into
what
the
states
have
done
on
each
of
them,
so
this
is
a
map
for
163
J.
So
this
is
a
map
that
shows
what
the
states
have
done
in
terms
of
conforming
to
the
cares.
E
Act
change,
which
gives
more
flexibility
in
terms
of
interest,
expense,
deductions
and,
as
you
can
see,
the
states
in
pink
here.
These
eleven
states
that
never
conformed
to
one
663
J
in
the
first
place,
so
they're
not
affected
by
this.
The
ones
in
blue
were
the
ones
that
did
fall
of
the
TCA
limitations
on
interest
deductions,
but
because
they're
rolling
conformity
states.
They
are
now
conforming
to
these
changes.
E
So
they
have
the
same
position
as
the
the
federal
government
does,
the
ones
that
are
sort
of
more
concerned
as
a
business
community,
I
guess,
are
the
ones
in
green.
These
are
the
states
that
follow
the
limitations
on
interest
deductions
in
the
tcga,
but
have
not
updated
their
code,
yet
they're
not
they're
fixed
state
conformity,
and
so
until
they
do,
they
won't
get
the
more
favorable
treatment
that
the
federal
government
in
most
of
the
other
states
have
given.
E
E
One
of
these,
you
know
shows
why
these
provisions
are
so
important
than
why
they
were
targeted
by
the
federal
government
and
the
cares
Act,
and
you
know,
of
course,
debt
just
becomes
a
really
really
important
thing
and
what
we,
what
we've
seen
over
the
last
20
years
as
corporate
debt,
has
gone
up
from
about
four
and
a
half
trillion
to
ten
trillion
dollars.
You
know
about
its
record
peacetime
levels,
and
this
is
statistics
back
to
2019.
E
This
is
before
the
Cova
19
crisis,
so
you've
got
debt,
a
corporate
debt
and
almost
half
of
the
value
of
the
overall
economy
and
a
lot
of
this
accelerated.
During
and
after
the
last
recession,
this
companies
borrowed
for
recovery
and
expansion-
it
you
know
very
low
interest
rates.
So
when
you
put
on
top
of
that,
the
debt
that's
likely
to
be
incurred
in
2021,
but
companies
just
either
trying
to
survive
or
trying
to
dig
their
way
out
of
the
you
know,
economic
crisis
that
we're
all
facing.
E
You
can
see
how
important
it
is
that
interest
deductions
be
allowed,
and
so
that's
why
the
federal
government
and
many,
if
not
most,
the
states,
have
made
this
change
in
my
states
that
haven't
done
this
yet
in
terms
of
conforming
to
the
federal
change
to
consider
doing
so.
That's
the
provision,
then
the
next
slide
shows
a
map
on
net
operating
losses,
and
this
is
one
where,
unlike
163
J,
you
know
most
states
never
adopted
the
federal
changes
in
the
first
place.
E
Most
states
have
their
own
carry
forward
and
carry
back
rules,
particularly
because
carry
backs
can
be
fiscally
expensive
in
some
most
states
decoupled
from
the
historic
Federal
Rule
that
has
allowed
carry
backs.
What
happened
in
the
tcga
was
at
the
federal
government.
Again,
you
know,
as
a
revenue
increasing
measure,
to
offset
the
corporate
tax
cuts.
There
were
the
tcj,
a
limited
n
oels.
E
They
said
no
carry
backs
only
carry
forwards
and
they
put
an
80
percent
cap
on
what
you
could
do
and
now
what
they've
done
as
I
point
out
before,
is
that
they've,
you
know
gone
backwards
as
they've
almost
always
do
in
recessions
and
allow
carry
backs
five-year,
carry
backs
to
try
to
get
more
cash
flow
into
companies
hands
when
they
really
need
it.
If
you
look
at
this
map,
the
states
and
green
are
the
ones
that
have
unlimited
in
a
while
carry
backs
following
the
federal
provision
or
having
their
own.
E
The
ones
in
yellow
are
states
that
have
it
and
oil
carry
backs,
but
but
capped
them
at
a
certain
dollar
amount,
and
then
the
red
ones
in
red
or
ones
that
would
have
an
oil
carry
backs,
but
they're
fixed
state
conformity
states,
and
so
they
would
have
to
update
to
the
current
code
to
do
it.
So
again,
you
know
significant
differences
here
between
the
state
and
federal
position
on
this
on
an
extremely
important
issue
in
terms
of
net
operating
losses.
E
So
they
had
a
lot
of
income
now
they're
doing
poorly.
In
this
case,
you
know,
based
on
totally
unforeseen
unprecedented
health
care
crisis
that
was
not
of
their
own
making
and
therefore,
and
then
oil
carry
back
them
to
average
out
their
losses
in
the
current
year
in
2021
against
some
of
the
income
they
made
before
and
can
potentially
get
them
refunds.
You
know
when
they
when
they
most
need
the
cash
flow,
and
you
can
see
I
put
down
the
statistics
from
the
last
Great
Recession
and
those
may
pale
in
comparison
to
this
one.
E
Unfortunately,
but
NOLs
during
that
recession,
nearly
tripled
from
225
billion
a
year
to
seven
hundred
and
twenty-two
billion
a
year
and
I.
Think
at
that
point
about
45
percent
of
companies
at
the
heart
of
the
at
the
heat
of
the
recession
had
NOLs
that
they,
you
know,
had
to
deal
with
going
to
the
next
slide
in
the
last
provision
here,
and
this
one
doesn't
expect
as
many
industries
and
but
but
it
is
an
important
provision.
You
know
certainly
for
retail
restaurants,
a
lot
of
other
companies
that
have
leasehold
improvements.
E
You
know
that
they
take
their
existing
property
and
fix
it
up
and
then
depreciate
that
over
time
and
again
this
one,
unlike
the
first
two-
was
really
more
of
a
you
know
why
they
conceived
of
as
a
mistake.
This
is
just
a
technical
correction,
but
an
important
one
that
that
makes
this
type
of
a
property
and
changes
it
from
the
39
years
that
it
sort
of
mistakenly
was
within
the
tcga
to
15-year
property,
which
then
allows
it
to
qualify
for
bonus
depreciation.
E
Again,
you
see
why
variation
in
terms
of
what
the
states
have
done
on
this
one,
the
states
that
are
in
pink
conformed
fully
to
the
federal
bonus
depreciation
and
to
these
new
changes
to
the
qualified
improvement
property.
The
ones
in
green
and
blue
are
ones
that
don't
conform
to
federal
bonus
depreciation
again.
This
is
one
that
historically,
a
lot
of
states
have
never
followed
first,
the
50
percent,
and
now
the
hundred
percent
bonus
depreciation.
You
know,
frankly,
because
it
costs
money.
E
You
know
it's
a
revenue
loser
so
they've
decoupled
from
it,
but
there
is
some
concern
here
and
look
at
your
state's
individually.
The
states
that
are
blue
or
ones
that
didn't
couple
the
bonus
depreciation
but
are
coupled
to
this
sort
of
older.
You
know
almost
mistaken
rule
that
this
type
of
a
property
which
is
critical
to
certain
industries
is
now
classified
as
39
years,
and
so
until
they
update
to
the
code,
they
don't
pick
up
the
change
to
the
15-year
qualified
Improvement
property.
So
those
three
are
the
major
provisions.
E
I
just
want
to
finish
with
that.
You
know
if
you
go
to
the
next
slide,
just
with
a
couple
final
comments
on
it
that
you
know
you
know
the
world
we're
all
in
a
mess
here.
You
know
business
in
in
government,
and
so
the
states
are
in
a
very
enviable
precarious
fiscal
situation
where
they
may
have
to
balance
over
the
next
couple
of
years,
as
they
often
do
in
recession.
It's
two
very
conflicting
priorities:
one
is
balancing
their
own
budgets.
E
As
you
all
know,
in
the
face
of
sharply
declining
revenues
and
the
second
one
is
providing
businesses
and
individuals,
you
know
with
tax
or
other
financial
relief
to
help
them
cope
with
these.
You
know
mandatory
shutdowns
slowdowns
and
so
forth.
So
if
you
go
to
the
last
slide,
you
know
given
given
that
duality,
and
then
you
know
certainly
no
one
pretends.
E
This
is
easy
and
there's
a
lot
of
difficult
choices
that
have
to
be
made
but
wanted
to
bring
up
these
three
provisions
both
because
they
were
the
most
important
changes
from
a
tax
code
perspective
in
the
federal
code
within
the
cares
of
act
that
impact
States
and
none
of
them
again,
they're
all
timing,
differences,
they're,
not
corporate
tax
rate
cuts
or
any
other.
You
know
sort
of
early
for
corporations
they're
just
deductions
that
they
would
get
eventually,
but
getting
them
sooner
is
of
extreme
importance.
E
You
know,
particularly
on
the
NL's
and
on
the
interest,
expense
deductions
and
certainly
encourage
states
when
they
look
at
the
map.
You
know
the
reason
the
federal
government
targeted
these
was
precisely
because
they
felt
they
were
important
and
that
administrative
léo,
so
they're
very
straightforward.
Unlike
the
sba
and
other
programs
that
are,
you
know,
obviously
struggling
to
deal
with
the
onslaught
of
applications
and
so
forth.
These
required
no
applications,
they're.
Simply
provisions
that
you
know
you
file
your
corporate
tax
return,
your
amended
return
and
you
can
get
them
and
I.
E
F
Thank
You
Carl:
this
is
Richard
Graham
with
the
Malta
state
tax
commission.
It's
a
pleasure
to
join
everybody
on
this
distinguished
panel
of
the
ncsl
salt
task
force.
I'll
talk
about
the
yes,
some
impacts
of
the
cares
Act
on
a
couple
of
the
features
that
Scott
talked
about,
and
then
I'll
also
get
in
briefly
to
some
nexus
issues
that
have
been
created
by
the
change
to
teleworking
patterns
that
businesses
have
experienced
as
a
result
of
state
emergency
declarations
and
stay
home
waters
next
slide.
F
Please
Scott
talked
about
the
loans
under
the
payment
protection
program
and
those
are
available
to
small
businesses,
nonprofits,
etc.
They
are
forgivable
in
assuming
the
business
maintains
its
payroll.
These
loans
are
intended
to
cover
payroll
costs,
utilities
rent
mortgages
Scott
mentioned,
but
if
the
payroll
is
maintained,
the
way
it
was
meant
for
the
eight
weeks
following
the
the
loan
origination,
then
that
loan
can
be
forgiven
traditionally
under
federal
income
tax
law,
loan
forgiveness
is
considered
part
of
the
part
of
income
which
the
state
which
is
potentially
taxable
the
cares.
F
Very
few
states
have
published
any
guidance
on
this.
I
just
saw
I
think
today
that
Hawaii
Department
of
Taxation
published
released
number
20
2002,
where
they
indicate
that
under
Hawaiian
income
tax
law,
the
loan
forgiveness
income
under
the
payment
protection
program
is
considered
taxable
for
income
tax
purposes.
They're
going
there.
The
revenue
department
is
going
to
recommend
to
the
legislature
that
a
exemption
be
enacted
for
that
also.
F
Another
part
of
this
is
well
what
about
the
the
business
expenses
that
were
incurred
and
paid
for
with
payment
protection
loan
proceeds
that
were
eventually
forgiven
is:
is
the
business
still
going
to
be
able
to
claim
those
as
a
federal
tax,
business
expense
deduction
or
not
if
they
were
allowed
to
do
that?
That
would
appear
to
give
them
essentially
a
a
double
deduction.
The
loan
forgiveness
income
would
be
forgiven.
In
addition,
they
could
claim
those
same
expenses
that
were
covered
with
the
forgiven
loan
proceeds
as
a
as
a
business
deduction.
F
F
F
F
F
Everybody
everybody's
been
asking
well,
is
that
considered
first
question:
is
that
subject
to
federal
income
tax
answer
that
pretty?
Clearly?
No,
as
Scott
mentioned,
it's
considered
a
federal
income,
tax
rebate
of
twenty
twenty
taxes,
and
even
if
it's
refundable
taxpayer
doesn't
have
income
tax
liability,
it's
still
going
to
not,
but
not
going
to
be
considered
taxable
at
the
federal
level.
F
The
state
level
treatment,
though,
is
going
to
depend
on
whether
the
state
provides
a
in
essence
an
itemized
deduction
for
federal
income
tax
paid.
If
they
do,
then
the
stimulus
P,
the
stimulus
payment
could
play
into
that.
As
its
you
know,
it's
a
reduction
of
your
federal
income
taxes,
so
that,
in
turn,
would
reduce
your
deduction
that
you
could
claim
against
your
state
taxes,
so
it'll
depend.
F
Unless,
unless
the
state
insist,
if
the
most
states,
probably
they'll
start
with
federal,
adjusted
gross,
come
interment
in
determining
state
income
tax
and
they
may
have
their
own
sort
of
itemized
deductions,
it
doesn't
include
federal
income
tax
liability,
but
for
those
states
that
do
it
would
be
helpful
to
get
guidance
on
how
they're
gonna
treat
that
several
states
have
published
guidance.
I've
got
them
listed
there
below
Arkansas,
actually
enacted
legislation,
House
bill,
20
83,
which
expressly
provides
that
these
stimulus
payments
are
not
going
to
be
taxable
at
by
the
state.
F
Another
kind
of
small
feature
of
the
cares
Act
was
it
provides
a
what's
called
an
above
the
line,
charitable
contribution
deduction
to
individual
income,
taxpayers
who
claim
the
standard
deduction
and
don't
itemize.
Normally
the
only
only
way
you
can
claim
charitable
deductions
on
your
federal
returns
if
you're
itemizing.
F
F
Some
states
that
may
not
have
large
population
centers
on
the
state
borders
and
may
not
come
into
play
so
much.
But
you
know
the
question
would
be:
is
a
state
going
to
claim
that
a
business
has
Nexus
simply
because
they've
now
got
teleworkers
from
that
business?
Who
are
working
at
home
now
and
therefore
giving
a
a
presence
in
the
state
through
those
teleworkers
versus
prior
to
the
Cova
19
pandemic?
They
were
commuting
to
their
out-of-state
business,
employers,
location
and
it
looks
like
there's
two
approaches
developing
on
this.
F
York
New
Jersey
is,
or
vice
versa,
New
Jersey's
going
to
ignore
the
fact
that
those
employees
that
were
working
in
New,
York
or
now
working
in
in
New
Jersey,
and
also
that
if
they've
got
New
York
employees
coming
into
New
Jersey
they're
going
to
ignore
that
for
corporate
income
tax
Nexus
purposes
during
the
emergency
declaration
period.
And
the
question
remains
what's
going
to
happen
after
that.
Emergency
declaration
period
expires,
but
the
these
guidance
that
states
have
published
only
deal
with
the
situation
during
them.
F
There
they're
saying
we're
just
simply
going
to
apply
our
existing
nexus
rules,
so
if
you're,
a
out-of-state
business
that
has
Maryland
residents
and
we're
working
at
your
out-of-state
location
and
they're
now
working
in
Maryland,
that's
that
could
result
in
Nexus
in
Maryland
now
so,
but
those
are
kind
of
the
two
approaches
one
is
to
essentially
ignore
the
changes
caused
by
the
teller
work
patterns
as
a
result
of
stay
home
orders.
The
other
approach
is
to
say:
well
we're
just
going
to
apply
our
current
rules
to
that
next
slide.
F
This
also
plays
into
corporate
income
tax
apportionment.
You
know,
we've
got
the
three
factor:
formula:
payroll
sales
property.
So
for
the
payroll
factor.
You
know
it's
generally
the
what's
your
payroll
in
the
state
versus
everywhere
else,
and
if
you've
got
now,
you've
got
either
people
who
were
working
in
your
location
now
they're
working
at
home
and
vice
versa.
F
That's
going
to
change
your
payroll
factor
numerator,
so
many
of
those
same
states
that
say
they're
going
to
ignore
this
teller
working
pattern,
change
during
the
emergency
declaration
period
for
corporate
income
tax
Nexus
purposes,
they're
also
going
to
do
the
same
thing
in
terms
of
the
payroll
factor.
Numerator,
the
business
is
not
going
to
chain
have
to
change
their
numerator
if
the
if
their
employees
are
working
from
home,
simply
because
I
stay
home
orders
and
Maryland
likewise,
is
following
the
same
pattern.
F
F
F
Mensa
Blayne,
Pennsylvania,
Minnesota
and
Pennsylvania
have
indicated
that
they're
going
to
not
not
consider
physical
presence
as
a
result
of
stay
home,
orders
to
create
Nexus
and
last
slide
next
slide
and
then,
finally,
just
to
finish
up.
That
also
has
impacts
to
employer
withholding
requirements
again.
You've
kind
of
got
to
two
different
approaches:
Massachusetts
Mississippi,
New,
Jersey
they've,
said
we're
going
to
not
require
employees
to
change
their
employers
to
change
their
employer
withholding
patterns
as
a
result
of
stay
home
waters
Maryland
and
Minnesota.
F
G
G
D
D
Haven't
heard
that
it's
been
completely
run
out,
I
know
there's
been
discussions
along
with
sort
of
a
another
round
of
stimulus
for
the
states
on
refunding
it.
There's
also
I'm
sure
folks
have
read
the
paper
this
some
light,
shined
on
who's
receiving
those
funds,
so
I
have
not
heard
that
it's
run
out
of
funding.
Yet,
with
regard
to
the
second
round.
D
D
You
know
most
of
our
economy
is
driven
by
consumer
spending,
so
but
I
would
also
say
in
the
income
tax
side,
because
many
tax
payers
have
taken
an
advantage
of
delaying
their
payments
with
regard
to
personal
income,
taxes
and
corporate
taxes,
we've
seen
those
states
sort
of
equally
hurt
how
this
plays
out
in
six
months
or
so
is
to
be
determined.
There
are,
you
know,
like
I,
said
a
number
of
ways
to
model
this.
You
know,
but
you
know:
where
will
states
be?
You
know,
states
they
rely
more
and
sales
taxes.
D
D
So
that's
the
delay
factor
right.
That's
the
delay.
Factor
of
you
know.
So
so
companies
are,
you
know
filing
they're
2019
tax
returns.
You
know
now
we're
in
using
the
extended
due
dates,
making
estimated
payments
and
some
some
states
those
have
been
delayed
as
well
so
they're
2020
returns.
You
know
they'll
make
estimated
payments
this
year,
but
they
won't
file
those
actual
returns
until
2021,
so
yeah,
there's
always
a
delay
factor
with
regard
to
any
sort
of
income
tax.
A
H
D
E
Mean
I
think
that's
gonna
kind
of
cut
both
ways,
I
mean
I,
think
states
are
going
to
be
sensitive
to
you
know
the
perils
of
individuals
in
this
circumstance.
Isn't
they?
You
know
I
mean
you
know
kudos
to
the
states
for
generally
following
what
the
federal
government
has
done
in
terms
of
delays
on
filing
deadlines
and
also
on
payment
deadlines
which
are
really
costing
the
states
in
the
short-term.
On
the
other
hand,
there's
going
to
be
both,
you
know
the
next.
E
You
know
six
to
18
months
of
relief
measures
and
things
to
get
us
all
out
of
this
mess
and
then
there's
going
to
be
revenue
raising
over
time.
Certainly
at
the
federal
level
to
try
to
you
know,
pay
backs.
You
know
some
of
those
loans
and
so
forth.
So
I
think
the
answer
is
it's
going
to
cut
both
ways?
E
No,
no
easy
way
to
do
it,
but
hopefully,
certainly
in
the
short
term
is,
is
you
know
a
lot
of
the,
maybe
not
all
of
them,
but
a
lot
of
the
states
have
been
also
delaying
certain
things
in
terms
of
court.
You
know
court
litigation
and
so
forth
to
provide
flexibility
for
tax
payers
who
can't
get
into
their
offices
and
so
forth.
So
one
would
hope
that
you
would
see
a
lot
of
flexibility
in
the
next
12
to
18
months
and
then
maybe
that'll
shift
over
time.
Any
thoughts,
Scott
yeah.
D
You
know
it's
it's,
it's
really
an
interesting
question
because,
as
I
sort
of
stated
earlier
on
these,
these
work-from-home
provisions
have
really
impacted
how
revenue
agencies
can
operate,
and
you
know
at
the
end
of
the
day,
taxpayers
need
some
certainty
predictability,
especially
with
all
these
provisions
from
the
federal
government.
So
they
answered
a
question
a
bit
more
more
broadly,
you
know
we're
encouraged
by
you
know
some
Department
of
revenues
that
have
been
you
know
able
to
sort
of
work
from
home
work,
remotely
sort
of
move
through
there.
What
I
would
say
traditional,
you
know
duties.
D
We
have
a
number
of
clients
that
that
are
looking
for
that
look.
Do
it
do
we
see
you
know,
we've
seen
it
before
states
have
provided
you
know,
amnesty
programs
during
times
of
recession
or
times
of
coming
out
of
recession
that
generate
you
know
more
revenue
to
try
to
accelerate.
You
know
tax
collections
and
I'm,
pretty
confident,
we'll
see
you
know
more
of
that.
You
know
come
later
this
year,
when
states
come
back
in
a
session
or
in
2021
yeah.
E
And
I
think
there's
a
just
less
coming.
You
know,
there's
this
sort
of
tax
administration
side
of
that
and
then
there's
the
tax
policy
side
of
that,
which
is
what
most
of
the
people
in
line
here.
I
think
we're
dealing
in
the
tax
policy
side,
and
you
know
again
going
back
to
the
subject
that
I
covered
there
there's
going
to
be
just
really
difficult
choices.
E
The
states
are
going
to
have
to
make
here
in
terms
of
balancing
their
own
budgets,
but
also
helping
their
businesses
within
their
states
and
that's
why
I
certainly
encourage
the
states
to
look
closely
at
those
two
primary
issues
really
long
AUSA's
net
operating
losses
which
you
can
do
with
them,
and
also
interest
deductions,
because
those
are
both
of
crucial
important
to
business
in
their
state
and
the
sooner
businesses
recover.
Then.
E
Obviously,
the
sooner
state
revenues
recover
to
the
normal
levels
and
tough
trade-offs
there,
but
federal
government
is,
is
shown
flexibility
there
and
you
know
more
tax
payer
if
they
ever
bought
provisions
for
the
next
couple
years.
As
have
you
know
a
plurality
to
a
majority
of
the
states
on
each
of
the
things.
I
talked
about
some
other
states
should
certainly
seriously
look
at
that
and
look
at
what
the
trade-offs
involved
are
and
the
federal
rules.
F
Yeah,
this
Richard
I
would
just
add,
I
think
you
know
right
now.
The
states
are
trying
to
kind
of
bend
over
backward
to
accommodate
tax
payers,
granting
extensions,
extending
deadlines.
They
realize
that
you
know
the
business
businesses
have
to
survive
in
order
to
have
generate
tax
revenue
in
the
future.
So
certainly
in
the
in
the
short
term,
that's
going
to
be
the
focus.
I
I
There
everybody
just
wanted
to
add
that
you
will
never
see
a
tax
agency
have
better
enforcement,
except
during
the
times
when
it
has
money,
and
it
doesn't
have
money
going
forward.
So
actually
I
expect
some
to
be
some
hard
thinking
on
where
this
tax
agencies
are
putting
their
enforcement
dollars
over
the
next
fiscal
year
or
two
with
everybody
has
been
talking
about
how
much
states
are
bending
over
backwards
to
accommodate
these
weird
times
that
we
live
in
I
expect
that
to
continue
I
don't
see
any
way.
I
Even
if
you
didn't
agree
that
their
hearts
are
in
the
right
place
as
a
matter
of
reality,
I
don't
see
any
way.
A
tax
agency
could
have
more
enforcement
going
forward
and
it's
had
in
the
last
three
years.
It's
not
going
to
have
as
many
people
those
people
are
going
to
be
doing
more
tasks.
It
is
going
to
be
catching
up
from
the
work
that
hasn't
been
done,
or
that
has
been
done
in
weird
ways.
Over
the
last
few
months.
I
They
will
keep
their
eye
on
where
the
critical
activities
are,
but
I
wouldn't
be
looking
for
them
to
scrape
up
every
last
dollar.
Based
on
the
back
of
enforcement,
enforced
collections
are
a
relatively
small
percentage
of
where
the
tax
revenues
come
from.
So
you
don't
look
there.
First,
when
you're
trying
to
make
up
dollars,
it's
the
Legislature's
place
to
make
up
the
dollars
tax
agency's
supposed
to
collect.
What's
due
and
stop.
I
G
F
E
Because
it
usually
is
when
you
give
it,
it's
usually
comes
in
to
income,
but
then
I
think
federally.
That's
not
going
to
be
the
case
with
the
PDP
would
conform
to
the
more
you
know
generous
provision
at
the
federal
level.
That's
aimed
at
helping
small
businesses
if
they're
getting
this
new
money
is
cash
flow
and
they're
getting
loans
forgiven
that
that
not
also
then
be
taxed
at
the
state
level.
We'll
see
what
happens.
G
D
Clarity
is
sort
of
I
guess
in
the
eye
beholder
right.
You
know
we're
seeing
models
starting
to
come
out
from
some
of
the
states
either
ones
that
they've
done
themselves
or
they've
worked
with.
You
know
third
parties
to
develop,
look
I
think
it
all
depends
on
how
the
states
that
are
closed
right
now
opened
back
up
over
the
next.
You
know
two
to
three
months:
I'd
say
we're.
Probably
looking
you
know
sometime,
you
know
mid
to
late
summer
to
see
something
of
that
nature.
We
get
some
clarity.
I
know,
that's
not
helpful
right.
D
Many
states
have
a
fiscal
year
end
that's
approaching
in
the
next
two
months,
and
those
are
some
very
tough
discussions.
You
know
rainy
day.
Funds
are
gonna,
be
quickly
exhausted
and
then
to
where
where's
that
lead
state's
going
into
their
next
fiscal
year.
So
sorry
for
the
sort
of
not
clear
answer
but
I
think
right
now
we're
relying
on
modeling
and
trying
to
see
how
you
know
opening
up,
and
you
know
how
quickly
do
people
get
back
to
leading
some
sense
of
normalcy
and
and
so
forth,
traveling
going
to
restaurants,
things
of
that
nature,
yeah.
E
I
mean
just
one
other
observation,
and
you
know
I
think
one
of
the
sort
of
elephant
in
the
room,
brass
or
state
local
government
is
the
next
round
of
financing
or
fiscal
aid
from
the
federal
government
and
I
think
probably
state
and
local
government
and
business.
Most
businesses
share
a
common
interest
there
that
the
state,
local
governments
desperately
need
more
money
given
sort
of
the
unprecedented
share
of
some
of
the
deficits
they're
going
to
face.
E
On
the
other
hand,
if
businesses
are
going
to
get
some
targeted
relief,
the
state
level
which
I
think
they
need
not
just
the
federal
level
they're
going
to
need
federal
government
to
help
help
out
the
state
and
local
governments
as
well.
So
that's
obviously
in
front
of
mine,
for
instance,
is
selling
a
lot
of
others
is
what's
going
to
happen
in
the
next
round
of
funding.
Is
there
going
to
be
additional
hundreds
of
billions
for
state
local
government
as
well.
G
A
Mean
it's
actually
a
lot
of
these
questions
we
can
take
up
and
in
the
next
couple
sessions,
for
instance,
our
next
session
is
going
to
be
state
tax
administration
and
compliance,
so
we'll
be
discussing
some
of
those
issues
there
and
then
finally,
you
know
revitalizing
tax
revenue,
streams
and
basis
will
be
our
final
panel,
so
we
will
definitely
be
tackling
some
of
these
larger
issues
at
that
point.
So.
H
On
that
tax
issue,
there
are
states
like
Utah,
where
property
tax
is
in
the
Constitution,
and
so
the
legislature
can't
come
in
and
say
we're
going
to
waive
property
taxes,
because
it's
a
it's
a
constitution
and
most
property
taxes
are
imposed
by
the
individual
political
subdivisions
in
Utah.
The
actual
rate
of
taxes
are
imposed
at
the
local
level,
not
at
the
state
level.
So
it'd
be
very
difficult.
H
E
And
just
one
other
thing
is
I
know,
cost
and
a
number
of
other
organizations
have
been
working
on
the
filing
deadline,
issue
and
payment.
Is
you
know,
leaving
aside
how
much
is
oh,
it's
much
harder
to
coordinate
that
as
the
states
have
coordinated,
with
the
federal
the
filing
deadlines,
most
of
moving
back
to
July
15,
but
there's
really
been
a
push
at
the
county
and
local
level
to
try
to
get
localities
to
use
similar
flexibility,
pushing
back
filing
deadlines,
30
days
or
60
days
or
whatever
to
you
know,
do
the
same
thing.
E
A
Great
I
think
that
about
covers
it
for
the
time
that
we
have
set
aside
today,
friends.
So
yes,
thank
you
so
much
for
joining
us
today
again,
our
next
two
sessions
will
be
the
next
two
following
Friday's
same
time
as
you
can
see
here:
state
tax
administration
and
compliance
and
then
finally,
the
revitalizing
state
revenue
streams,
which
I
know
will
be
very
interesting
to
all
of
our
members
and
sponsors
here.
So
thank
you
again
and
we
will
be
posting
and
again,
thank
you
to
all
of
our
sponsors.