KPMG reports: Illinois, North Carolina, Pennsylvania, Wyoming, multistate

KPMG reports: IL, NC, PA, WY, multistate

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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  • Illinois: The Department of Revenue issued final apportionment regulations addressing the treatment of income, gains, and losses from hedging transactions.
  • North Carolina: Corporate taxpayers with apportionable income greater than $10 million and an apportionment percentage less than 100% must recompute and report their 2014 apportionment for both corporate income and capital stock tax purposes using market-based sourcing rules. The Department of Revenue issued market-based sourcing guidelines and a form on which to file the market-based sourcing information reports that are due by April 15, 2016.
  • Pennsylvania: Certain deductions for royalties or other fees paid by a corporation subject to Pennsylvania corporate net income tax are subject to addback. A discussion draft includes an information notice addressing the application and scope of the addback provisions and the statutory exceptions. 
  • Wyoming: The State Board of Equalization concluded that chemicals used in generating electricity are not exempt under the manufacturing or processing exemption.  
  • Multistate: The National Conference of State Legislatures sent model legislation to legislative leaders in each state, encouraging them to address remote sales tax collection in the upcoming legislative sessions. If enacted by a state, the legislation would expand the sales and use tax collection requirements for remote retailers and effectively establish a presumptive economic presence standard for sales and use tax purposes.


Read more at KPMG’s This Week in State Tax

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