Overview
Tax Notes covered Steptoe's webinar on state and local tax news and trends in an article titled "Texas Economic Nexus Draft Rule 'More Interesting Than it Looks.'" The webinar, hosted by Steptoe partner David Fruchtman, co-chair of the firm's national State and Local Tax practice, analyzed the most significant developments in multistate and local tax legislation, case law, and administrative pronouncements nationwide.
During the webinar, Fruchtman said that the Texas comptroller's draft regulation applying the Wayfair decision for franchise tax purposes "is more interesting than it looks." Fruchtman noted the comptroller's office is reversing a position it took in a private letter ruling issued post-Wayfair, and that provisions of the proposal might be subject to a Public Law 86-272 challenge.
The full article can be read at Tax Notes (subscription required).