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KPMG reports: Louisiana, Mississippi, Oregon

KPMG reports: Louisiana, Mississippi, Oregon

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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  • Louisiana: Newly enacted legislation (Senate Bill 223) allows S corporations and other passthrough entities to elect to be taxed at the entity level—that is, as if the entity were a C corporation.
  • Mississippi: A state court affirmed a decision of the Board of Tax Appeals in a matter of a taxpayer that excluded capital related to passive investments in 10 subsidiaries unrelated to the taxpayer’s cable television business activities from its franchise tax base. On audit, the Department assessed tax against the taxpayer—primarily based on the disallowance of the capital exclusion—and also adjusted the taxpayer’s apportionment computation. Eventually, on appeal, the Board of Tax Appeals held in favor of the taxpayer. The Department petitioned the Chancery Court to reverse the BTA decision.
  • Oregon: Pending legislation provides that any “global intangible low-taxed income” (GILTI) described in IRC section 951A and included in gross income would be treated in the same manner as a dividend received from a 20%-owned corporation.

Read more at KPMG's This Week in State Tax

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