New IRS Ruling on Bank Acquisitions Imposes Major Federal Corporate Tax Cuts – and Will Hurt States Too

November 7, 2008 12:18 PM | | Bookmark and Share

In late September, while the major presidential candidates debated solutions for reforming the federal corporate income tax, a little-noticed ruling by the Internal Revenue Service (IRS) opened the door for widespread corporate tax avoidance by a few of the biggest, most profitable financial institutions in the country. The IRS ruling, which took Congressional tax writers by surprise, will almost certainly push the federal government—and many states—further into the red at a time when they can least afford it.

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