KPMG reports - California (virtual currency); Colorado (affiliate nexus); Massachusetts (corporation excise tax); Missouri (apportionment); Rhode Island (corporate tax) 

June 16: 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 and features a series of short podcasts presented by KPMG tax professionals. Text of the podcasts is also available.

This week’s edition includes the following topics (listen to the podcasts; to read text, click on the links below).


  • California - The Board of Equalization issued a special notice to businesses regarding sales and use tax when customers pay for products or services with virtual currency.


  • Colorado - The governor signed House Bill 1269, which expands the state’s affiliate nexus provisions and provides a list of activities that, if engaged in by the in-state component member, will be deemed to create nexus for the out-of-state retailer.


  • Massachusetts - The Appellate Tax Board determined that with respect to certain transactions entered into between U.S. and U.K. affiliates, deferred stock subscription agreements did not constitute bona fide debt for Massachusetts corporation excise tax purposes.


  • Missouri - The governor vetoed five bills that would have clarified how taxpayers electing the new single-sales factor apportionment were to source service and intangible receipts.


  • Rhode Island - The lower chamber passed a budget that includes a corporate income tax rate reduction and that also would adopt mandatory unitary combined reporting.



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