KPMG reports: Alabama, New Jersey, Tennessee, Vermont

KPMG reports: Alabama, New Jersey, Tennessee, Vermont

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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  • Alabama: The Alabama Tax Tribunal voided a sales tax assessment because the “lease-to-own” musical instruments agreements were properly subject to the rental tax, rather than the sales tax. 
  • New Jersey: The New Jersey Tax Court concluded that interest income and gross proceeds from sales of mortgage-backed securities associated with loans secured by New Jersey real property were New Jersey receipts.
  • Tennessee: The Tennessee Supreme Court affirmed a lower court decision holding that a cell phone service provider was required to source its receipts to Tennessee using an alternative apportionment methodology. 
  • Vermont: House Bill 873 was introduced in the Vermont legislature that, if enacted, would require vendors that do not collect Vermont sales and use taxes to report certain information on sales made to in-state purchasers.

 

Read more at KPMG’s This Week in State Tax

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