Source: Tax Notes State
In Tax Notes State’s SeeSALT Digest, Pillsbury State & Local Tax partner Marc Simonetti, special counsel Zachary Atkins and associate Caroline Koo explore the recent Delaware court decision of Verisign and what it means for taxpayers.
The Delaware Division of Revenue’s decades-long policy limiting net operating loss deductions for members of federal consolidated groups hangs in the balance after a Delaware state court invalidated the policy on state constitutional grounds in Verisign. The Delaware Supreme Court will hear the parties’ cross-appeals. Although it is unclear right now whether the lower court’s judgment will hold, there is good reason to think it may.
Read the full article here.