KPMG reports: Arkansas, Illinois, New Jersey, Utah | KPMG | GLOBAL

KPMG reports: Arkansas, Illinois, New Jersey, Utah

KPMG reports: Arkansas, Illinois, New Jersey, Utah

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: The Department of Finance and Administration ruled that fees charged for access to a taxpayer’s self-described “rage room” were subject to sales tax as fees for the use of amusement, entertainment or recreational facilities.
  • Illinois: The Department of Revenue issued guidance on the inclusion on 2017 tax returns of foreign income subject to the “transition tax” (also described as mandatory repatriation) under IRC section 965.
  • New Jersey: The Division of Taxation issued a notice addressing the state’s treatment of amounts deemed repatriated under the transition tax provisions of IRC section 965.
  • Utah: Senate Bill 244 was enacted March 22, 2018, and includes measures to allow corporations to pay the state tax liability relating to repatriated foreign income under the transition tax provisions of IRC section 965 in installments, over a potential eight-year period.

 

Read more at KPMG's This Week in State Tax

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