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Welcome to the US State Income Tax Digest. We highlight significant income and business tax legislation, regulatory adoptions, judicial decisions, and administrative guidance.
In this issue
Featured article: California budget legislation includes permanent business tax credit limitation
Multiple states adjust conformity to federal P.L. 119-21, OBBBA
- Arizona updates IRC conformity, requires Section 168(n) modification beginning in 2026
- Florida decouples from Section 168(k), 168(n), 174A, and 163(j) OBBBA changes
- Massachusetts requires Sections 174A, 168(n), and 163(j) modifications
- Rhode Island legislation amends conformity for Sections 174A and 163(j)
- Texas Comptroller finalizes margin tax COGS rule amendments to align with IRC conformity interpretation
- Vermont requires modifications for Sections 168(k) and (n), 174A, and 250
Net operating losses
- Illinois retains $500,000 NOL carryover limitation, introduces “greater of” income percentage limitation
- New Jersey adopts temporary $1 million NOL cap
Unitary combined reporting
- Colorado enacts worldwide combined reporting regime with water’s-edge election, repeals 80/20 company treatment
US State Income Tax Digest - June 2026
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