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On April 1 (fittingly), the District of Columbia's new Mayor, Vincent G. Gray, unveiled his proposed budget, B19-0203 "Fiscal Year 2012 Budget Support Act of 2011" (Budget Bill), which includes the long-awaited/feared combined reporting provisions. If the Budget Bill passes as-is, the District will formally adopt a combined reporting regime effective retroactively to tax years beginning after December 31, 2010. In the latest Legal Alert by Sutherland SALT, "Shades of Gray: District of Columbia Combined Reporting Unveiled," we discuss the issues raised by the proposed combined reporting regime, including questions raised by the unique tax aspects of the District, such as its net income tax on unincorporated businesses.
Click to read "Shades of Gray: District of Columbia Combined Reporting Unveiled"