KPMG reports: Connecticut, Florida, South Carolina
KPMG This Week in State Tax focuses on recent state and local tax developments.
KPMG This Week in State Tax focuses 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.
- Connecticut: Under recently enacted House Bill 5524, operating losses incurred in income years commencing on or after January 1, 2025, can be carried forward for 30 income years (currently, the carryforward period is 20 years). Further, a new deduction is allowed for certain combined groups that did not include the impact of any valuation allowance arising from the move to combined reporting when they initially calculated the FAS 109 deduction.
- Connecticut: Modifications to the unclaimed property law include new owner notification requirements and specific provisions for the treatment of unclaimed virtual currency.
- Florida: House Bill 989 accelerates the dormancy periods for all types of unclaimed property in the event the owner is deceased. The bill also enhances the state’s due diligence requirements and incorporates virtual currency into the definition of intangible property subject to escheatment.
- South Carolina: Under recently enacted House Bill 5524, operating losses incurred in income years commencing on or after January 1, 2025, can be carried forward for 30 income years (currently, the carryforward period is 20 years). Further, a new deduction is allowed for certain combined groups that did not include the impact of any valuation allowance arising from the move to combined reporting when they initially calculated the FAS 109 deduction.
Read a June 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.