The Legacy Tax Provision (State) report in the Estimated Payments dataset displays state tax provision calculations for the state selected in the Reporting page. Supporting detail for calculations can be viewed on separate reports.

 

Provision Items

•Current State Tax Expense

•Deferred State Tax Expense

•State Equity Offset to Current Expense

•Total State Tax Provision

 

Report Views

•Defaults to a detail view.

•Selecting Unit breakout generates an Excel spreadsheet that details unit-by-unit underlying calculations for the state's provision expenses.

 

Line by Line

•Federal Taxable Income: Federal Taxable Income Post-NOL line from the federal Tax Provision report. In the consolidated and sub-consolidated views, each unit must have the state record activated in order to include its Federal Taxable Income in the state level report. If the record has not been activated, there is a difference in the two reports. The state does not have to have a tax rate or apportionment.

•Backout: Permanent Differences not includable for State: Data Entry > Permanent Differences and InterCompany Transaction Entry, where includable status is No.

•Backout: Temporary Differences includable for State: Data Entry > Temporary Differences - Tax Basis and Temporary Differences - Book/Tax Basis, where includable status is No. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Add-back: Deductible State Tax: Deductible State Tax line from the Federal Tax Provision report.

•Adjusted Federal Taxable Income: Sum of Federal Taxable Income, Backout: Permanent Differences not includable for State, Backout: Temporary Differences includable for State, and Add-back: Deductible State Tax.

•Modifications: Data Entry > State Permanent Differences.

•Temporary Difference Adjustments: Data Entry > State Temporary Differences - Tax Basis. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Allocable Income: Sum of Adjusted Federal Taxable Income, Modifications, and Temporary Difference Adjustments lines.

•State Apportionment Percentage: My Datasets > Units > Jurisdictions > Edit > Apportionment PCTS. Only displays at the Unit level. To view this line in the consolidated or sub-consolidated level, select Unit breakout.

•Apportioned Income Pre-NOL: Allocable Income line times State Apportionment Percentage line.

•NOLs: Data Entry > State After Apportionment Temporary Differences - Tax Basis.

•Apportioned Income: Sum of Apportioned Income Pre-NOL and NOLs lines.

•State Tax Rate: My Datasets > Units > Jurisdictions > Edit > Tax Rates. Displays only at the Unit level. To view this line in the consolidated or sub-consolidated level, select Unit breakout.

•Tax Before Credits: Apportioned Income line times the current State Tax Rate line.

•After Tax State Temporary Differences: Data Entry > State After Tax Temporary Differences - Tax Basis. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Cash Tax Adjustments: Data Entry > State Tax Adjustments. Only cash items with codes that do not start with NC_.

•Cash Provision: Sum of Federal Tax - Tax Before Credits, After Tax State Temporary Differences, and Cash Tax Adjustments.

•Non-Cash Tax Adjustments: Data Entry > State Tax Adjustments. Only non-cash items with codes that start with NC_.

•Current State Provision: Sum of Cash Provision and Non-Cash Tax Adjustments.