US Supreme Court lets Equifax tax ruling stand
Headline Legal News
The U.S. Supreme Court said Monday that it won't hear an appeal from credit bureau Equifax Inc. involving what it considered an adverse tax ruling in Mississippi.
The appeal was a reaction to a 2013 Mississippi Supreme Court decision that Equifax had to prove that it didn't earn any taxable income in the state. The state Department of Revenue examined Equifax's income and allocated some to Mississippi, ruling it owed taxes and penalties.
The Mississippi court upheld the Revenue Department's calculation of the company's taxes based on revenue earned in Mississippi, thus increasing its tax liability from zero to over $700,000, according to court documents.
The Council on State Taxation, Georgia Chamber of Commerce and The Institute for Professionals had filed "friend of the court" briefs in the case.
Lawmakers responded during the 2014 session by passing a law to change how the state collects taxes.
A key part of the law could make it harder for the state to rule that multistate corporations are paying too little in taxes to Mississippi. It says the Department of Revenue would have to present clear and convincing proof before it could reallocate how a company splits its income among states, and only do so in "limited and unique, nonrecurring circumstances."
The Department of Revenue estimates all changes in the law, including a phase-in of lower interest rates for overdue taxes, will cost Mississippi $100 million a year.
Related listings
-
Court rejects appeal of gay jury selection case
Headline Legal News 06/25/2014A federal appeals court on Tuesday refused to reconsider its ruling granting heightened legal protections to gays and lesbians, prompting three dissenting judges to warn of far-reaching implications in same-sex marriage cases in the Western United St...
-
Court: No blanket exemption for police dashcams
Headline Legal News 06/13/2014The state Supreme Court has ruled that state dashboard cameras can't be withheld from public disclosure unless they relate to pending litigation. Five of the high court's members said Thursday that the Seattle Police Department wrongly used a state s...
-
High court won't hear California's prison appeal
Headline Legal News 06/10/2014The U.S. Supreme Court on Monday let stand a lower court ruling that California bears responsibility for nearly 2,000 disabled parolees housed in county jails. The decision could leave state taxpayers liable for problems at some of the jails, said Je...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.