We had a question today about the new tax provisions:
“Does this mean you can revisit past clients’ situations that were nipped by AMT?”
The answer to that question is – NO. These are not retroactive provisions, they are for the future (tax years ending after 12/31/2015). These new provisions will apply to each state that adopts them (a separate action). A number of states follow the Federal, but they have to take their own steps to do so. Some states follow the Federal, but not everything in the Federal provisions, like the Alternative Simplified Credit does not apply in MN.