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KPMG reports: Massachusetts (corporate excise tax); Ohio (municipal tax); Wyoming (asset purchase, sales tax)

KPMG reports: Massachusetts, Ohio, Wyoming

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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  • Massachusetts: The Department of Revenue revised a regulation addressing the circumstances when corporations will be subject to Massachusetts corporate excise tax. Examples of contacts and other incidents that will typically subject a corporation to Massachusetts’ taxing jurisdiction are set forth in the regulation, including (but not limited to) owning or using property in the state, having employees or representatives in the state, or owning or using intangible property in the state.
  • Ohio: The Board of Tax Appeals held that an assessment of municipal income tax by a regional income tax agency was time-barred (not within the standard three-year limitations period).
  • Wyoming: The state’s highest court held that a taxpayer’s purchase of certain assets of a business was subject to sales and use tax and that the taxpayer did not qualify for an asset-purchase exemption. The court agreed with the findings of the Department of Revenue that the taxpayer’s purchase of the tangible personal property and goodwill of an entity amounted to only 28% (and not at least 80%) of the total value of the seller’s assets, and therefore, the purchase was taxable.


Read more at KPMG's This Week in State Tax

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