KPMG reports: Indiana, Massachusetts, New York | KPMG | US

KPMG reports: Indiana, Massachusetts, New York

KPMG reports: Indiana, Massachusetts, New York

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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  • Indiana: The state’s tax court granted a use tax refund to an Indiana-based insurance company with respect to purchases of software used in its Indiana operations.
  • Massachusetts: The Department of Revenue issued a letter ruling that concludes a parent corporation was not allowed a net worth subtraction for subsidiaries owned via passthrough entities. Thus, the taxpayer could not subtract from the book value of its total assets, its investments in subsidiaries owned through a limited liability corporation (LLC) taxed as a partnership.
  • New York: The state’s Supreme Court, appellate division, upheld a decision of the New York City tax appeals tribunal that health maintenance organizations (HMOs) were subject to New York City’s general corporate tax.

 

Read more at KPMG's This Week in State Tax

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