Tax News

CCH (cch.taxgroup.com) reports:

  Participants debated whether and how to proceed with revising the Uniform Division of Income for Tax Purposes Act (UDITPA) at the first public meeting of the drafting committee assigned the revision task by the National Conference of Commissioners on Uniform State Laws (NCCUSL). The meeting took place May 30-31, 2008, in Chicago. The committee heard comments from representatives of states, taxpayers, and the public as to both the merits of proceeding with a revision and, if it does proceed, the areas on which the committee should focus.

  At the conclusion of the meeting, the committee's "reporters" (drafters) were charged with developing proposals for those sections of the act identified as most in need of revision. These proposals will be reviewed at the committee's next meeting, scheduled for December. Meanwhile, those who oppose the effort will make their case for discontinuing the committee's work to NCCUSL's Executive Committee in July.