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KPMG reports: New York, Texas, Multistate

KPMG reports: New York, 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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  • New York: The Department of Taxation and Finance issued a preliminary report addressing New York’s conformity to the recently enacted federal tax reform bill and how the federal changes will affect New York taxpayers. The report outlines certain actions that the state may want to take in light of tax reform. 
  • New York: The governor released the fiscal year 2019 Executive Budget that addresses the effects of federal tax reform as well as proposes tax changes affecting business and individuals—including a proposal to treat carried interest as ordinary income for New York State tax purposes and impose a fairness fee on carried interest to eliminate the benefit from preferential tax rates that exist at the federal level.
  • Texas: An administrative law judge determined that an out-of-state company that provides electrical repair and maintenance services to retail stores operating in the state had Texas sales and use tax nexus.
  • Multistate: Last year, multiple states enacted use tax notice and reporting requirements for remote sellers that do not collect and remit sales tax, with the first annual reporting obligations arriving early this year. In Colorado, Louisiana, Pennsylvania, Puerto Rico, Rhode Island, and Vermont, the first annual reports to purchasers are due by January 31, 2018. The first annual reports to the state revenue departments are due March 1, 2018, for Colorado and Louisiana; February 15, 2018, for Rhode Island; and January 31, 2018 for Vermont.

 

Read more at KPMG's This Week in State Tax

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