KPMG reports: California, New Hampshire, New York, Oregon

Reports: California, New Hampshire, New York, Oregon

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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  • California: The Franchise Tax Board (FTB) in considering income the taxpayer realized on the sale of a line of business, determined that two elements must be met for gross receipts to be excluded from the sales factor—the sale must be substantial and occasional.
  • New Hampshire: State lawmakers and the governor reached an agreement on a budget that includes certain business tax cuts, including that effective for tax periods ending on or after December 31, 2016, the business profits tax rate would be reduced from 8.5% to 8.2%.
  • New York: Guidance from the Department of Taxation and Finance, that stock options may qualify as investment capital also serves as a reminder—investment capital must be identified as such before October 1, 2015.
  • Oregon: The Oregon Supreme Court affirmed a 2011 state tax court decision, and thus approved of the transactional approach for applying the income-producing activity test for purposes of determining the source of receipts from sales of other-than tangible personal property.


Read more at KPMG’s This Week in State Tax

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