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KPMG reports: New Jersey, New Mexico, Pennsylvania

KPMG reports: New Jersey, New Mexico, 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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  • New Jersey: The Division of Taxation released two technical bulletins providing guidance on the state tax treatment of GILTI and FDII (“global intangible low-taxed income” and “foreign-derived intangible income”) as enacted under the 2017 federal tax reform legislation.
  • New Mexico: A hearing officer ruled that the Department of Taxation and Revenue had failed to establish that deviation from a financial institution’s apportionment factor was warranted.
  • Pennsylvania: The Department of Revenue issued guidance (a bulletin) concluding that hedging-related and certain other receipts are excluded entirely from both the sales factor numerator and denominator.

 

Read more at KPMG's This Week in State Tax

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