KPMG reports: California, Colorado, Florida, Louisiana, Montana

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 Controller’s website was updated to provide details of the recently established unclaimed property voluntary compliance program (VCP), including a form for interested holders to start the process of applying for participation in the VCP.
  • Colorado: The state tax authority issued a private letter ruling concluding that proceeds from real estate sales were not included in the receipts factor because although the taxpayer was regularly engaged in the rental of real estate, it rarely sold properties. However, because the two properties sold were related to the operation of the taxpayer's trade or business, the income arising from the sale of the two properties was apportionable income.
  • Florida: A circuit court held in the taxpayers’ favor that the costs of performance sourcing rule applied based on the transactions and activities of the taxpayer, not the activities of the taxpayer’s customers.
  • Louisiana: State tax authorities submitted an informational report to the state legislature addressing the feasibility of creating a centralized processor of state and local sales and use tax, and collecting and distributing local sales and use tax revenues on a daily basis.
  • Montana: Recently enacted Senate Bill 124 provides that all apportionable income will be sourced to Montana by use of a single receipts factor, effective for tax years beginning after December 31, 2024.

Read a March 2023 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.