State and local tax implications of federal tangible property repair regulations

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The federal property repair regulations should affect the federal and state taxable income calculation of every taxpayer that acquires, produces, improves, or disposes of tangible personal property. Taxpayers should review federal conformity provisions in states where they file corporate income tax returns to determine whether the federal repair regulations will be adopted for state tax purposes. There are several opportunities and risks that a taxpayer should consider.


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