Massachusetts, New Jersey, North Carolina, Wisconsin | KPMG | GLOBAL

KPMG reports: Massachusetts, New Jersey, North Carolina, Wisconsin

Massachusetts, New Jersey, North Carolina, Wisconsin

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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  • Massachusetts: An appeals court affirmed a decision of an appellate tax board that an electric company (subject to the tax on utility corporations) that incurred a $62 million loss as a result of a 2008 ice storm, could not apply the disaster loss to a year other than the year of the disaster (unlike the federal tax treatment for disaster losses).
  • New Jersey: The Division of Taxation announced that out-of-state businesses that have “click-through” nexus with the state will be offered a chance to participate in a special voluntary disclosure program.
  • North Carolina: The state’s Supreme Court held that market discount income with respect to the disposition of U.S. government bonds was not deductible interest for purposes of the state’s corporate income tax.
  • Wisconsin: The Tax Appeals Commission, applying the income-producing activity test, determined that receipts from licensing the right to install and replicate proprietary software were receipts from licensing an intangible right.

 

Read more at KPMG's This Week in State Tax

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