Corporate Officers NOT Liable for TX Franchise Tax -- Why Not?

In this case (Paccar Financial Corp. v. Potter, Texas Court of Appeals, Fifth District, No. 05-05-00403-CV, October 31, 2007), the individuals who had been corporate officers when a corporation's Texas franchise tax report was due had actually resigned before the corporate debt was incurred after the report was not filed. As a result they were not personally liable for the corporation's debts.
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Legal Experts Say High Court Will Not Dare Upset the Municipal Bond Market

In an earlier post, we discussed the pending US Supreme Court case on the issue of whether KY can tax out-of-state municipal bond income while exempting in-state bond income. It seems unconstitutional on its face. But according to this article in the Wall Street Journal, legal experts are pretty much agreeing the Court will let the states continue to tax them that way.

Everything's Bigger in Texas -- But This New Franchise Tax Is No Joke

Many of you know that Texas has recently enacted sweeping changes to its corporate income tax. Oh I know, Texas has no income tax – that would be unconstitutional. I’ve been asking myself -- How did we get to this?
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She's Married with Children in New York - Or is she?

One and one is two, unless you're an accountant or an official with any department of revenue. I saw this summary of a recent NY case on CCH (Ilyaich, New York Division of Tax Appeals, Administrative Law Judge Unit, DTA No. 820875, October 18, 2007).
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Supreme Court Ruling Could Roil Municipal Bond Markets

The Supreme Court will hear arguments Nov. 5 on whether Kentucky violates the Constitution by taxing income earned on out-of- state bonds while exempting interest on ones issued by its own cities, school districts and other debt-issuing authorities. According this article from Bloomberg.com, "barring such preferential treatment would force 42 states, including New York and California, to either tax their own bonds or give identical breaks to out-of-state bonds."
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The Extended Moratorium on Taxation of Internet Access Has Some Income Tax Implications

You might not immediately think of the recently signed Internet Access taxation ban as having anything other than an effect on state sales taxes, but there was a potential loophole in it that states like Texas smoked out.
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