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KPMG reports: Colorado, New Jersey, Virginia

KPMG reports: Colorado, New Jersey, Virginia

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Colorado: A release from the Department of Revenue announces that all prior Revenue Bulletins and Policy Positions are rescinded. The subject documents were last published during the late 2000s and, according to the announcement, do not represent the Department’s official position on any tax matter.
  • Colorado: The Department of Revenue issued a private letter ruling that concludes that gain from the sale of an interest in a limited liability corporation (LLC) was eligible for exclusion under the sales factor of the business tax law. Under Colorado law, gains from sales of intangible property are sourced to the taxpayer’s commercial domicile. In this case, all of the business activities associated with the gain occurred in Illinois. As such, sourcing the gain to Colorado was found not to fairly represent the taxpayer's activity in Colorado, and thus the gain was to be excluded from the taxpayer’s Colorado apportionment factor.
  • New Jersey: The state’s tax court held that a partnership was not “per se” taxable under the state’s corporation business tax law. The court explained that a partnership, by virtue of having a nonresident corporate partner, could not become a taxable entity. The taxable entity, rather, would be the corporate partner, and the partnership had no independent tax liability of its own.
  • Virginia: Two companion conformity bills, Virginia House Bill 154 and Senate Bill 230, have been enacted. The legislation generally adopts only the provisions of the federal tax law (Pub. L. No. 115-97) that affect the computation of federal adjusted gross income for individuals or of federal taxable income for corporations for the 2017 tax year.

 

Read more at KPMG's This Week in State Tax

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