State Tax Updates

Five-Minute Tax Briefing

New Mexico Advises on Gross Receipts Tax Liability for Marketplace Providers

By Lisa Lopata, Esq., Checkpoint The New Mexico Taxation and Revenue Department (TRD) issued a ruling to a marketplace provider discussing gross receipts tax liability for various fees it receives. The marketplace provider offers products and services to marketplace sellers and customers. In response to a ruling request, the TRD explains the definition of gross …

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Kansas City Skyline

Kansas Adopts Workforce Retention Incentive Credit Regulations

By Ashleigh M. Paige, Esq. The Kansas Department of Revenue has adopted new regulations, Kan. Admin. Regs. §§ 92-12-150 and 92-12-151, related to the workforce retention incentive income tax credit, effective March 22, 2024. Workforce retention incentive credit.  L. 2023, S123 (c. 64), effective 05/04/2023, allows personal income taxpayers to claim a Kansas workforce retention incentive …

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Maryland Comptroller Provides Guidance on Private Letter Rulings Procedures and Administration

By Saleem A. Shareef, Esq. The Maryland Comptroller’s Office has adopted new regulations (Md. Regs. Code §§ 03.01.05.01 through -.07, effective 01/08/2024) and provided additional guidance on the procedures and administration of private letter rulings on state and local taxes and fees administered by the comptroller. Private letter rulings are administered by the Legal Division …

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University of Connecticut

Connecticut Governor Announces 2024 Income Tax Changes

by Patricia M. McDermott, Esq. Connecticut Governor Ned Lamont has announced that three income tax measures will take effect at the start of 2024, including reduced income tax rates, increased Earned Income Tax Credits (EITC), and expanded senior pension exemptions. (Press Release, Office of Governor Ned Lamont, 12/20/2023.) Income tax cuts. Beginning on January 1, 2024, …

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Albrquerque

New Mexico Adopts Regulation on Taxability of Receipts From Digital Advertising

By Peter G. Pupke, Esq. Effective December 19, 2023, New Mexico has adopted a regulation that specifies that receipts of a digital platform that displays digital advertising are subject to the state’s gross receipts tax (GRT). The state also amended a regulation on reporting GRT according to business location to add an example on reporting …

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