Section 206.847 – Imposition of Tax; Subject to Certain State and Local Tax Deduction Limitations Under the Internal Revenue Code.
206.847 Imposition of tax; subject to certain state and local tax deduction limitations under the internal revenue code. Sec. 847. The tax created under this part is levied and imposed for any tax year that section 164(b)(6)(B) of the internal revenue code limits the amount an individual is allowed to deduct under section 164(a) of […]
Section 206.811 – Nexus; “Actively Solicits”, “Gross Receipts”, and “Physical Presence” Defined.
206.811 Nexus; “actively solicits”, “gross receipts”, and “physical presence” defined. Sec. 811. (1) Except as otherwise provided in this part, a taxpayer has substantial nexus in this state and is subject to the tax imposed under this part if the taxpayer elects to pay the tax pursuant to section 813 and if the taxpayer has […]
Section 206.813 – Election to Pay Flow-Through Entity Tax; Irrevocable; Timing.
206.813 Election to pay flow-through entity tax; irrevocable; timing. Sec. 813. For tax years beginning on and after January 1, 2021, a flow-through entity may, in a form and manner as prescribed by the department, elect to file a return and pay the tax imposed by this part. Except as otherwise provided under this section, […]
Section 206.815 – Flow-Through Entity Tax; Levy and Imposition; Base; Adjustments; Computation of Tax; Disclosure to Members.
206.815 Flow-through entity tax; levy and imposition; base; adjustments; computation of tax; disclosure to members. Sec. 815. (1) Subject to section 847, beginning January 1, 2021 and each tax year after 2021, there is levied and imposed a flow-through entity tax on every taxpayer with business activity in this state unless prohibited by 15 USC […]
Section 206.817 – Tax Base; Apportionment; Business Activity of the Flow-Through Entity; Chapter 3.
206.817 Tax base; apportionment; business activity of the flow-through entity; chapter 3. Sec. 817. (1) Except as otherwise provided in this part, the business income tax base established under this part shall be apportioned in accordance with allocation and apportionment provisions in chapter 3. (2) For a taxpayer that has a direct, or indirect through […]
Section 206.819 – Tax Credit for Allocated Share of Tax Reported by Flow-Through Entity; Prohibition.
206.819 Tax credit for allocated share of tax reported by flow-through entity; prohibition. Sec. 819. Any taxpayer allocated income as a member of a flow-through entity by the flow-through entity may not claim a credit against the tax imposed by this part for the taxpayer’s allocated share of the tax as reported by the other […]
Section 206.831 – Estimated Payments and Quarterly Returns.
206.831 Estimated payments and quarterly returns. Sec. 831. (1) Except as otherwise provided under this section, a taxpayer that reasonably expects liability for the tax year to exceed $800.00 shall file an estimated return and pay an estimated tax for each quarter of the taxpayer’s tax year in the same manner as provided in section […]
Section 206.833 – Annual or Final Return; Filing; Form and Content; Remittance of Final Liability; Information Return; Extension.
206.833 Annual or final return; filing; form and content; remittance of final liability; information return; extension. Sec. 833. (1) An annual or final return for the tax imposed under this part shall be filed with the department in the form and content prescribed by the department by the last day of the third month after […]
Section 206.835 – Furnishing Copy of Return Filed Under Internal Revenue Code; Amended Return.
206.835 Furnishing copy of return filed under internal revenue code; amended return. Sec. 835. (1) A taxpayer required to file a return under this part may be required to furnish a true and correct copy of any return or portion of any return filed under the provisions of the internal revenue code. (2) A taxpayer […]
Section 206.837 – Added Interest; Exception for 2021 Refunds.
206.837 Added interest; exception for 2021 refunds. Sec. 837. For tax years ending in 2021 only, if a taxpayer elects to pay the tax under section 813 for the tax year ending in 2021 and the annual return filed under this part for that tax year results in a refund, that refund is not subject […]