KPMG reports: Arkansas, Tennessee, Utah, Wyoming | KPMG | GLOBAL

KPMG reports: Arkansas, Tennessee, Utah, Wyoming

KPMG reports: Arkansas, Tennessee, Utah, Wyoming

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: An administrative law judge found that a taxpayer’s purchase of machinery used to sort wholesale product and in-process inventory was exempt from the sales and use tax under the exemption for manufacturing equipment.
  • Tennessee: Proposed legislation (Senate Bill 8) would provide for adoption of single-receipts factor apportionment for franchise and excise tax purposes.
  • Utah: An administrative law judge held that the Utah losses of a corporation that was merged out of existence due to an acquisition could not be used to offset income earned by the corporate division that maintained the same operations as the original corporation. 
  • Wyoming: Proposed legislation (House Bill 19) would require retailers that do not have a physical presence in Wyoming to collect and remit sales and use tax if certain conditions are met.

 

Read more at KPMG's This Week in State Tax

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