Colorado, Massachusetts, New Jersey, Pennsylvania | KPMG | GLOBAL

KPMG reports: Colorado, Massachusetts, New Jersey, Pennsylvania

Colorado, Massachusetts, New Jersey, Pennsylvania

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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  • Colorado: A state district court addressed a number of issues with respect to the audit and assessment of an intangible holding company subsidiary of a multistate retailer that had no physical presence in Colorado and never filed Colorado returns.  Concerning the “nexus” question, the court concluded that the taxpayer was “doing business” in Colorado for the tax years at issue.
  • Massachusetts: The Appellate Tax Board found for the taxpayer (a dental insurance provider) and concluded that the premiums excise tax is limited to premiums derived from resident individuals.
  • New Jersey: The state’s tax court found for the taxpayer, holding that certain receipts were not subject to New Jersey’s “throwout rule”—a now-repealed rule concerning the computation of the New Jersey sales factor by excluding from the numerator and denominator, receipts attributable to a state or foreign country “…in which the taxpayer is not subject to a tax on or measured by profits or income, or business presence or business activity.”  
  • Pennsylvania: The governor’s budget for 2017-2018 includes proposed tax changes aimed at business taxpayers, including a proposal concerning the “flat dollar cap” on net operating losses (NOLs).

 

Read more at KPMG's This Week in State Tax

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