COVID-19 Impact on State and Local Taxes


COVID-19 will negatively impact 2020 state tax collections, which may cause states to consider various measures to protect their tax base. This alert summarizes COVID-19’s potential state tax revenue impact, anticipates ways states could respond, and suggests a course of action for business taxpayers.


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Knowledge assets are defined in the study as confidential information critical to the development, performance and marketing of a company’s core business, other than personal information that would trigger notice requirements under law. For example,
The new study shows dramatic increases in threats and awareness of threats to these “crown jewels,” as well as dramatic improvements in addressing those threats by the highest performing organizations. Awareness of the risk to knowledge assets increased as more respondents acknowledged that their