KPMG reports: North Carolina, Tennessee, Texas, Multistate

North Carolina, Tennessee, Texas, 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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  • North Carolina: A state appeals court held that the Department of Revenue could not tax an out-of-state trust solely on the basis that one of the beneficiaries resided in the state. 
  • Tennessee: The Department of Revenue proposed a rule to adopt the economic nexus standard for sales and use tax purposes, and this would require certain out-of-state dealers to register and collect and remit sales tax.  
  • Texas: The Comptroller announced that, as a result of its losing two 2014 franchise tax cases, certain policies regarding when amounts qualify as exclusions from total revenue and which taxpayers can deduct costs of goods sold (COGS) have been revised.
  • Multistate: Litigation concerning whether multistate taxpayers may elect to apportion income using the Multistate Tax Compact’s allocation and apportionment provisions continues to unfold across the country, and reflects a number of recent taxpayer losses.

 

Read more at KPMG’s This Week in State Tax

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