Significant state and local tax developments that may affect return and/or payment obligations of companies engaged in the asset management industry
Changes to state and local laws, as well as court decisions and state administrative actions, can have a significant effect on an entity’s filing and payment obligations, including companies engaged in the asset management industry.
Read a February 2024 report [PDF 437 KB] prepared by the KPMG LLP State and Local Tax (SALT) practice that summarizes significant state and local tax developments that may affect return and/or payment obligations of companies engaged in the asset management industry for tax years beginning in 2023, and includes a table listing states that have enacted a passthrough entity tax as a workaround for the federal SALT cap on taxes that may be deducted as an itemized deduction.