KPMG reports: Arkansas, California, Delaware

KPMG reports: Arkansas, California, Delaware

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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  • Arkansas: The Department of Administration and Finance issued a legal opinion concluding that a taxpayer’s cold storage and blast freezing operations of food products did not qualify for the reduced sales tax rate available for electricity purchased by a manufacturer. 
  • California: The Franchise Tax Board (FTB) issued guidance addressing how it will handle pending cases involving apportionment elections under the Multistate Tax Compact pending the outcome of an appeal to the U.S. Supreme Court. The notice was released in light of taxpayer appeals of a December 2015 decision of the California Supreme Court that found taxpayers could not elect to apportion their income to California using the Compact’s allocation and apportionment provisions, instead of the apportionment formula mandated under state law.
  • California: The FTB Chief Counsel, in an unpublished draft ruling, addressed application of the state’s market-based sourcing rules to a service provider’s business.
  • Delaware: Approximately 100 to 300 companies were sent letters, inviting them to join the Delaware Secretary of State Office’s unclaimed property voluntary disclosure agreement program.

 

Read more at KPMG’s This Week in State Tax

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