KPMG reports - New York (tax reform); Oklahoma (capital gains); Pennsylvania (tax overpayment); Tennessee (single member LLC) 

November 25: 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).

  • New York - The New York State Reform and Fairness Commission issued a report containing recommendations for changes to corporate tax, individual tax, and sales and use tax regimes—recommendations that possibly could be included in the governor’s 2014-2015 budget.
  • Oklahoma - A proposal to repeal the current regime for capital gain deductions applicable for “Oklahoma companies” would instead allow a deduction of 50% of the amount of qualifying capital gains.
  • Pennsylvania - A Pennsylvania court held that overpayments of Philadelphia’s business privilege tax (known now as “the business income and receipts tax”) cannot be refunded as a result of IRS adjustments to federal taxable income made beyond the three-year statute of limitations, but that the taxpayer could be allowed a credit.
  • Tennessee - A notice from the Department of Revenue announces that the franchise / excise tax treatment of a single-member limited liability company (SMLLC) whose sole member is not a corporation generally depends on whether the SMLLC elected to be taxed as a corporation under federal tax law.

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