A case currently before the U.S. Supreme Court could have huge implications for state tax law when it's decided in late spring.

MeadWestvaco v. Illinois Department of Revenue, argued before the high court in January, is one of the most significant state tax cases in a decade, according to Donald Griswold, a partner in the Washington office of Reed Smith LLP. "It's rare that the Supreme Court takes on a state tax case," he said.

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