Share with your friends

KPMG reports: Florida, Hawaii, New Jersey, Tennessee

KPMG reports: Florida, Hawaii, New Jersey, Tennessee

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.


Related content

  • Florida: House Bill 7127 was passed by both houses of the legislature, and if enacted, would adopt a subtraction for all amounts included in taxable income under IRC section 951A (a global intangible low-taxed income or GILTI exclusion)). This exclusion would be allowed only to the extent such amount is not deductible in determining federal taxable income. Florida would join some 30 other states, so that the deductions allowed under IRC section 250 would be included in Florida’s starting point.
  • Hawaii: Three corporate income tax bills pending enactment in Hawaii would (1) establish an economic nexus threshold for income tax purposes; (2) adopt market-based sourcing rules under which receipts from intangibles would be sourced to where the intangible property is used and service receipts would be sourced to Hawaii to the extent the service was used or consumed in the state; and (3) would add IRC section 857(b)(2)(B) to the list of federal IRC  provisions that are inoperative for Hawaii purposes and would disallow certain REITs a deduction for dividends paid.
  • New Jersey: The Division of Taxation updated a technical bulletin addressing which entities are included and excluded from the New Jersey combined group and which entities are subject to the $2,000 minimum tax.
  • Tennessee: Legislation enacted in May 2019 reflects changes to Tennessee’s excise tax laws to address the taxation of GILTI and section 965 income.

Read more at KPMG's This Week in State Tax

© 2021 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit

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

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Sign up today