KPMG reports: California, Minnesota, Oklahoma, South Carolina
KPMG reports focus on recent state and local tax developments
KPMG reports focus on recent state and local tax developments
KPMG This Week in State Tax—produced weekly by the KPMG State and Local Tax practice—focuses on recent state and local tax developments.
- California: The Office of Tax Appeals denied the Franchise Tax Board’s petition for rehearing a dispute addressing what portion of a qualifying dividend paid by a qualified foreign subsidiary and received by a California water’s-edge group member was reflected in the sales factor. The Office of Tax Appeals previously concluded in an unpublished opinion that the entire amount of qualifying dividends were includable in the sales factor.
- Minnesota: The Department of Revenue issued guidance on its website addressing the retail delivery fee that applies beginning on July 1, 2024. The guidance also addresses how to register for the fee and report the fee.
- Oklahoma: Signed House Bill 1955 eliminates Oklahoma’s 4.5% state tax imposed on the retail sale of food and food ingredients. While House Bill 1955 does not affect any sales or excise tax levied on food and food ingredients by a local government, it does prohibit any sales or excise tax increase voted on prior to June 30, 2025, from applying to food and food ingredients.
- South Carolina: House Bill 298, which sets forth standards for when corporate taxpayers can be required to file a unitary combined return, has passed both houses of the South Carolina legislature and will soon be presented to the governor for action.
Read a March 2024 report prepared by KPMG LLP
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained 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 3712, 1801 K Street NW, Washington, DC 20006.