close
Share with your friends

KPMG reports: Louisiana, Massachusetts, New Jersey, South Carolina

Louisiana, Massachusetts, New Jersey, South Carolina

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.

1000

Related content

  • Louisiana: Certain taxpayer-favorable legislative changes were made to the state’s inventory tax credit. Under Louisiana law, an income and franchise tax credit is allowed certain businesses on property taxes paid to political subdivisions for inventory located in the jurisdiction. If the amount of the credit exceeds the taxpayer’s liability for the tax year, the credit is either fully or partially refundable with the remainder being carried forward. The legislation extends the carryforward period from five to ten (10) years, and treats certain property tax payments made after December 31, 2020, as being made in 2020 for purposes of the property tax credits.  Read a December 2020 report

  • Massachusetts: The 2021 appropriations legislation includes provisions requiring certain vendors to make accelerated remittances of sales tax. Before this legislation, sales tax payments and returns generally were due the 20th day of the month after the period ends. Under the revised law, vendors with sales tax liability of more than $150,000 in the preceding calendar year are required to remit taxes collected on any taxable sale made on or before the 21st day of the filing period by the 25th day of that period. This change is effective April 1, 2021. Read a December 2020 report

  • New Jersey: The Division of Taxation issued guidance—TB-97 [PDF 108 KB]—concerning technical corrections to the corporation business tax (CBT) law. The technical corrections included clarifying and procedural changes, as well as certain substantive CBT law changes. One of the retroactive changes requires taxpayers that make the affiliated group election to include certain non-U.S. entities in the group. The guidance explains that the change may affect a combined group’s filing method decision and that the Division of Taxation will be issuing a notice to address this issue shortly. Read a December 2020 report

  • South Carolina: An administrative law court held that a taxpayer (a home improvement retailer) was properly assessed retail sales tax on items/materials that it subsequently installed in customers’ homes. The taxpayer had remitted use tax on the materials and items identified in the contract, based on the wholesale cost. On audit, the Department of Revenue disagreed with the taxpayer’s treatment, and the administrative law court ultimately agreed with the tax authority, holding that the taxpayer’s customers were the final purchasers of the items. Read a December 2020 report

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal