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KPMG reports: Florida, North Carolina, Virginia

KPMG reports: Florida, North Carolina, 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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  • Florida: The Department of Revenue issued a “technical assistance advisement” that addresses how a service provider is to source its receipts to Florida. The department concluded that the taxpayer’s receipts from services provided to customers located in Florida must be included in both the numerator and denominator of the Florida sales factor.
  • North Carolina: A state court in addressing whether a taxpayer was required to reduce its net economic losses (NELs) to account for non-taxable dividends, concluded that because the dividends were income on which the state did not levy a tax, the dividends were “income not taxable” under the relevant statute and must reduce the taxpayer’s NELs in the year to which they were carried forward.  
  • Virginia: The U.S. Court of Appeals for the Fourth Circuit held that a stormwater utility charge imposed by a municipality was a fee—not a tax—and thus did not violate the prohibition against states and localities from imposing any “tax that discriminates against a rail carrier” pursuant to the Railroad Revitalization and Regulatory Reform Act of 1976.  

 

Read more at KPMG's This Week in State Tax

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