McDermott Will & Schulte, a global law firm

Stephen Kranz, Diann Smith and Mark Nebergall wrote a blog post cited in this article, which suggested that expensing provisions in the new tax bill “would have a dramatic reduction in taxable income for many capital intensive companies,” thus reducing state tax income. If states try to address this reduction, the authors wrote, it could mean “additional complexity by giving rise to differences in adjustments to basis for state and federal purposes.”