KPMG reports: Colorado, New Jersey, New Mexico

KPMG reports: Colorado, New Jersey, New Mexico

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 discussions of the following topics (listen to the podcasts; to read text, click on the hyperlinks provided below).

  • Colorado - The Department of Revenue—after addressing how an affiliated group could apportion its income when the combined group included corporations required to use the general apportionment provisions, as well as group members required to use the special rules for financial institutions—stated that it is currently revising its regulations to address how to apportion the income of a combined group that includes entities required to use different apportionment formulas.
  • Colorado - The Department of Revenue ruled on various sales and use tax issues associated with a taxpayer’s property used in research and development (R&D) activities in Colorado. 
  • New Jersey - The Division of Taxation issued guidance addressing the use of convertible virtual currency, such as bitcoin, in commercial transactions.
  • New Mexico - The Taxation and Revenue Department withdrew a ruling that had allowed a taxpayer to share net operating loss (NOL) carryovers earned in separate filing years but used in years when the taxpayer and its affiliates filed a combined return. 

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