Transparency and SALT
Transparency in State and Local Tax (SALT) is a continued trend that is bringing an entirely new flavor to this ever-increasing, important area of tax. From leading trade groups creating task forces and issuing white papers to more public awareness and transparency in the areas of economic development and state and local government tax incentives, and from governmental and private sector financial disclosure to heightened transparency in day-to-day SEC disclosures, SALT seems to have a different taste of late.
Over the last several years, the Council on State Taxation (COST) and the American Bar Association Section of Taxation Committee on State and Local Tax have shined much-needed light on the topic of transparency in state and local tax matters overall. COST now includes as a part of its annual “score card” a ranking for each of the 50 states on the subject of transparency in state and local tax enforcement and administration. Often seen as the benchmark for a state in terms of fair and balanced rankings, the addition of transparency is significant.
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