Corporate Income Tax: Computing Taxable Income. Cindy Avrette, Research Division Revenue Laws Study Committee September 5, 2006
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1 Corporate Income Tax: Computing Taxable Income Cindy Avrette, Research Division Revenue Laws Study Committee September 5, 2006
2 How Should State Compute Corporate Taxable Income? The authority of the Secretary of Revenue to require taxpayers to file consolidated returns. The study of this issue may include consideration of whether the State should require some corporations or all corporations to file a consolidated return. Review of Recent Corporate Income Tax Policy Decisions Overview of State Filing Options Look at Filing Requirement in NC How Should NC Compute C Taxable Income?
3 What is Happening? Corporate Income Tax as Percentage of GF Revenues State Policy Decisions Tax credits Adoption of federal taxable income Structural Weaknesses in State Corporate Tax Systems State Filing Options
4 NC Policy Decisions Tax Incentives for New & Expanding Businesses Set income, health insurance, and environmental standards Cap credit Forfeiture provisions Credits sunset Annual reports Federal Taxable Income Annually review
5 Corporate Tax Loopholes Product of structural weaknesses in state corporate income tax statutes Separate Entity Returns Corporations with subsidiaries in multiple states can devise ways to shift income from high effective tax rate state to a low effective tax rate state
6 NC and Corporate Tax Loopholes Definition of business income 2002 enacted broad definition All income that is apportionable under the United States Constitution Nowhere income 2005 considered throwout legislation Income shifting through Passive Investment Company (PIC) 2001 enacted royalty income reporting option Tweaked legislation several times 2006 expanded reporting option to include other intangible assets
7 Shortcomings of Anti-PIC Laws Anti-PIC legislation addresses only one mechanism by which a corporation may seek to minimize its tax liability through income shifting Corporations have legitimate reasons other than tax avoidance for creating PICs Difficult to draft legislation that distinguishes a legitimate from a tax-motivated payment
8 Corporate Tax Loopholes Multi-state corporations can devise ways to shift income Product of how state computes corporate taxable income Based upon a state s filing method SEPARATE ENTITY RETURNS
9 Calculation of Corporate Income Tax Determine amount of profits subject to apportionment Federal taxable income + State modifications State filing options Apply NC apportionment formula to determine NC taxable income Three factors Sales, Property, Payroll Double-weighted sales Multiply NC taxable income by tax rate and subtract applicable tax credits
10 Calculation of Profits Determine amount of profits subject to apportionment Federal taxable income + State modifications State filing options Apply NC apportionment formula to determine NC taxable income Three factors Double weighted sales Multiply NC taxable income by tax rate and subtract applicable tax credits
11 State Filing Options Five Broad Categories Mandatory separate entity returns Elective consolidated returns Mandatory combined unitary reporting Discretionary combined unitary reporting A hybrid system Lack of Uniformity among States MTC: Model Statute approved that would require combined reporting for corporations engaged in a unitary business (June 21, 2005)
12 State Filing Options Separate Entity Returns Corporation with nexus determines its income based on stand-alone operations of its business Multi-state corporations Apply apportionment formula Creates an opportunity to create legal structures and intercompany transactions that shift income 5 states require separate entity returns with no exceptions
13 State Filing Options Consolidated Returns Affiliated corporations must file consolidated financial statements under GAAP Affiliated corporations may file consolidated federal return Parent and subsidiary structure in which all affiliates are at least 80% owned by another group member About 30 states permit consolidated returns
14 State Filing Options Combined Reporting Based on unitary group A unitary group is two or more commonly controlled corporations that are engaged in the same trade or business Members of a unitary group determine their state taxable income by apportioning the group s combined business income to the taxing state on the basis of combined apportionment factors About 17 states require combined reporting
15 North Carolina Hybrid Filing Separate Return G.S Cannot file a consolidated return unless specifically directed to do so by Secretary Must determine State net income as if a separate return had been filed for federal purposes
16 North Carolina Hybrid Filing Secretary may require consolidated return G.S Net income of a corporation that is a parent, subsidiary, or affiliate of another is to be determined by eliminating all payments and charges in excess of fair compensation G.S (a)(9) and G.S (b)(2) If separate company returns do not disclose the true earnings of the corporation as a result of the use of intercompany transfer prices in excess of fair compensation
17 North Carolina: Hybrid Filing Secretary may require different method of calculating income to more clearly reflect true income G.S G.S Neither statute mentions consolidated return Debate over Secretary s authority to require consolidated return Scope of authority, procedure, and penalties Issue currently under litigation in Wal-Mart case
18 Is there a Comprehensive Solution? Combined Reporting Comprehensive way to nullify income shifting strategies Single most important state corporate tax reform measure Means to modernize state tax codes to adapt to the growth in multi-state corporations State Corporate Income Taxes , February 2005 Joint Project of Citizens for Tax Justice & the Institute on Taxation and Economic Policy
19 Combined Reporting WHAT IS IT? It is a method of calculating the income of a group of related corporations for tax purposes HOW? It looks beyond the legal structure of separate incorporations to determine whether two or more related corporations are engaged in a single unitary business WHY? To ensure the income of a multi-state corporation is computed and apportioned in the same manner as a single corporate business
20 Issues re: Combined Reporting Optional or mandatory Definition of unitary business Type of combined reporting Worldwide Water s edge Domestic Which affiliates to include Administrative and compliance costs Transitional issues Fiscal impact
21 How Should NC Compute Corporate Taxable Income? Make current statutes clearer Require consolidated return if corporations file federal consolidated return Require combined reporting
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