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KPMG reports: Florida, New Hampshire, South Carolina, Texas

Florida, New Hampshire, South Carolina, Texas

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 announced the corporate income tax rate is reduced from 5.5% to 4.458% for tax years beginning on or after January 1, 2019, but before January 1, 2022, and that further reductions in the corporate income tax rate are possible for tax years beginning on or after January 1, 2020, and January 1, 2021.
  • New Hampshire: New law (Senate Bill 190 enacted September 9, 2019) adopts market-based sourcing rules for purposes of the state’s business profits tax and business enterprise tax.
  • South Carolina: A state administrative law judge ruled an online marketplace that facilitated sales for third-party merchants was required to collect sales and use tax on sales to South Carolina customers (for the tax period  January 1, 2016, through March 31, 2016—which pre-dated the Wayfair decision).
  • Texas: An amended rule addresses when taxable entities produce goods for sale. Texas Rule 3.584 (as amended) concerns changes to the definition of when a taxable entity is considered “primarily engaged in a retail or wholesale trade” for purposes of whether the taxpayer may be allowed a reduced franchise tax rate.

Read more at KPMG's This Week in State Tax

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