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KPMG reports: Florida, Georgia, Indiana, Louisiana, Massachusetts, Utah

Florida, Georgia, Indiana, Louisiana, Massachusetts

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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  • Florida, Georgia: Federal tax conformity legislation was enacted in Florida and in Georgia.
  • Indiana: Newly enacted legislation, effective July 1, 2018, exempts “software as a service” (SaaS) from Indiana sales tax.
  • Louisiana: A state district court held that an online retailer that sold both its own products and products of third-party retailers on an online marketplace was required to collect and remit local (parish) sales and use taxes on sales made to parish residents by the third-parties through the online marketplace.
  • Massachusetts: The Department of Revenue concluded that the sale of an S corporation’s stock in a transaction treated as an asset purchase under IRC section 338(h)(10) was to be treated as a disposition of the assets held by the target for purposes of Massachusetts tax credits. According to the letter ruling, tax credits previously taken by the target corporation with respect to the assets were subject to recapture provisions. 
  • Utah: Legislation has been enacted that: (1) reduces the state’s corporate income tax rate from 5% to 4.95% for tax years beginning on or after January 1, 2018; and (2) revises the apportionment rules and allows certain additional companies the ability to use the phased-in single sales factor apportionment.

 

Read more at KPMG's This Week in State Tax

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