KPMG reports: California, New York, Texas, Wyoming | KPMG | US

KPMG reports: California, New York, Texas, Wyoming

KPMG reports: California, New York, Texas, Wyoming

KPMG’s This Week in State Tax—produced weekly by KPMG’s State and Local Tax practice—focuses on recent state and local tax developments.


Related content

  • California: The Franchise Tax Board ruled that a single-member limited liability company (LLC) owning land and a vineyard in the state, and also wholly owned by an exempt pension fund, must itself file and pay the LLC franchise fee and tax. 
  • New York: An administrative law judge found that a sales tax credit would not be allowed to account for delayed volume discount—that is, discounts provided by the taxpayer to its customers after sales had occurred.
  • Texas: An appeals court held that a taxpayer providing seismic data to oil and gas companies was providing eligible “labor and materials” and was entitled to deduct its cost of goods sold in computing its franchise tax liability. 
  • Wyoming: The State Board of Equalization ruled that “buy down” payments received by a coal producer were not part of the consideration received for extracting coal; Wyoming imposes a severance tax on extracted coal based on its “sales value.”


Read more at KPMG’s This Week in State Tax

© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal