Stephen P. Kranz
Subscribe to Stephen P. Kranz's PostsStephen (Steve) P. Kranz is a tax lawyer who solves tax problems differently. Over the course of his extensive career, Steve has acquired specific skills and developed a unique approach that helps clients develop and implement holistic solutions to all varieties of tax problems. He combines strategic thinking with effective skills for the courtroom, the statehouse and the conference room. Read Stephen Kranz's full bio.
Governor Cuomo’s Amended Budget Bill Would Address the Deemed Repatriation Dividend Provisions
By Diann Smith and Stephen P. Kranz on Feb 20, 2018
Posted In Federal Tax, Income Tax, New York
New York is the latest state to address certain state tax implications of the 2017 federal tax reform bill, the Tax Cuts and Jobs Act. Governor Andrew Cuomo’s 30-day amendments to the Governor’s Budget Bill were released on February 15 and one piece of the amended Bill explicitly addresses the foreign-earnings, deemed federal repatriation provisions...
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Connecticut Responds to the Federal Repatriation Tax
By Diann Smith and Stephen P. Kranz on Feb 16, 2018
Posted In Connecticut, Federal Tax, Income Tax
Earlier this month, Connecticut Governor Dan Malloy released his Governor’s Bill addressing the various state tax implications of the federal tax reform bill enacted by Congress in December 2017, commonly referred to as the “Tax Cuts and Jobs Act.” Among other things, the Governor’s Bill addresses Connecticut’s treatment of the foreign earning deemed repatriation tax...
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Washington Legislature Introduces Revised Uniform Unclaimed Property Act
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Jan 18, 2018
Posted In Nationwide Importance, Unclaimed Property, Washington
On January 10, 2018, a bill was introduced in the Washington State Legislature that would substantially enact the Revised Uniform Unclaimed Property Act (RUUPA) finalized by the Uniform Law Commission (ULC) in late 2016. The bill, House Bill (HB) 2486, is sponsored by Representative Paul Graves at the request of the ULC and would be...
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District of Columbia Takes First Step to Decouple from Federal Tax Reform
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Dec 29, 2017
Posted In District of Columbia, Federal Tax, Franchise Tax, Local Tax
On December 19, 2017, DC Councilmember Mary Cheh introduced the District Tax Independence Act of 2017 (Act), which would require the Chief Financial Officer (CFO) to submit a report outlining the steps and amendments necessary to decouple the District’s tax deduction laws from federal law. As introduced, the Act would require this report by no...
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Litigation Alert | Third Circuit Reaffirms Scope of Federal Priority Rules
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Dec 7, 2017
Posted In Audits, Delaware, Procedure, Unclaimed Property
On December 4, 2017, the US Court of Appeals for the Third Circuit issued its much-anticipated precedential opinion in Marathon Petroleum Corp. et al., v. Secretary of Finance et al., No. 16-4011. The opinion affirms the Third Circuit’s existing view (described in its 2012 New Jersey Retailers Association decision) that US Supreme Court precedent permits a...
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State Income Tax Implications of Base Broadening Components of House and Senate Tax Reform Bills
By Diann Smith, Mark Nebergall and Stephen P. Kranz on Dec 5, 2017
Posted In Nationwide Importance, Tax Base, Uncategorized
While there are differences between the House and Senate tax reform bills that remain to be worked out between the two chambers, both bills are positioned to broaden the tax base and reduce the tax rate. This article highlights the possible impact on state income tax liabilities stemming from the base broadening provisions. Continue Reading.
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Get Ready for the Countdown: Final Delaware Unclaimed Property Regulations Published
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Oct 5, 2017
Posted In Audits, Delaware, Unclaimed Property
On October 1, 2017, the Delaware Department of Finance published final regulations in the Register of Regulations repealing its former unclaimed property regulations and promulgating a new reporting and examination manual. See 21 DE Reg 336 (Oct. 1, 2017). The final reporting and examination regulation contains no substantive changes from the revised version that was...
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South Dakota Petitions US Supreme Court for Opportunity to Overturn Quill
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Oct 3, 2017
Posted In Constitutional Issues, Nationwide Importance, Nexus, Sales Tax, South Dakota, Transaction Taxes
On October 2, 2017, the State of South Dakota (State) filed its petition for a writ of certiorari with the United States Supreme Court (Court). A copy of the cert petition is available here and the case, South Dakota v. Wayfair, Inc. et al., is expected to be docketed on October 3, 2017. The State...
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Holders Beware: Delaware Department of State Notices to be Mailed in Two Weeks!
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Sep 29, 2017
Posted In Audits, Delaware, Unclaimed Property
In two weeks, the Delaware Secretary of State (SOS) will begin mailing notices to holders who have been identified as likely being out of compliance with Delaware unclaimed property law. Holders that do not enroll in the SOS Voluntary Disclosure Agreement Program (VDA Program) within 60 days of the mailing of this notice will be...
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South Dakota Supreme Court Rules in Favor of Remote Retailers; Next Step US Supreme Court?
By McDermott Will & Emery, Eric D. Carstens and Stephen P. Kranz on Sep 15, 2017
Posted In Constitutional Issues, Nationwide Importance, Nexus, South Dakota
Yesterday, the South Dakota Supreme Court released its much-anticipated opinion in the Wayfair litigation, affirming a March 2017 trial court decision granting the remote retailer’s motion for summary judgment on the basis that the economic nexus law enacted in 2016 (SB 106) is unconstitutional and directly violates the US Supreme Court’s dormant Commerce Clause precedent...
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