KPMG reports: New Mexico, New York City, Texas

KPMG reports: New Mexico, New York City, Texas

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 and features a series of short podcasts presented by KPMG tax professionals. Text of the podcasts is also available.

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This week’s edition includes the following topics (listen to the podcasts; to read text, click on the links below).

  • New Mexico - A New Mexico hearing officer ruled in favor of a taxpayer in a dispute involving the use of net operating losses (NOLs), and concluded that a combined group can use NOLs generated in a separate filing year.
  • New York - New York City proposes to revise its tax laws to conform to state tax reform enacted last year, and thus would reform the corporate franchise and banking taxes and combined reporting rules.
  • Texas - The Texas Comptroller of Public Accounts ruled that a taxpayer’s “credentialing” services (date processing required by medical facilities) were subject to sales and use tax.
  • Texas - A Texas court of appeals held that natural gas purchased and temporarily stored in Texas, before being sold to out-of-state customers, was subject to property tax in Texas.

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