Arizona, Arkansas, Michigan, Nebraska, Multistate | KPMG | US

KPMG reports: Arizona, Arkansas, Michigan, Nebraska, South Dakota, Multistate

Arizona, Arkansas, Michigan, Nebraska, Multistate

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.

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  • Arizona: The state tax court held that fuel trucks were directly used in mining and were therefore exempt from the “transaction privilege tax.” 
  • Arkansas: The legislature is considering a bill that would affect unclaimed property reporting and remittance procedures for certain types of securities-related property. 
  • Michigan: The state’s Supreme Court declined to review a decision of an appellate court that invalidated guidance from the Michigan Treasury Department—specifically guidance concerning the ownership test applied in determining when entities are included in a unitary group.
  • Nebraska: Legislation has been proposed that would transpose into state law, the “Revised Uniform Unclaimed Property Act.”
  • South Dakota: A bill being considered by the legislature would affect unclaimed property reporting and remittance procedures for certain types of securities-related property. 
  • Multistate: Certain states—Minnesota, Rhode Island, and Connecticut—have proposed to adopt and impose a surtax that would apply to a corporation’s state corporate income tax liability subject to the SEC’s pay-ratio reporting requirements. In general, the pay-ratio rule compares the compensation of the company’s CEO to the median pay for employees. The rate of the surtax is dependent on the company’s reported ratio.

 

Read more at KPMG's This Week in State Tax

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