Deloitte
Multistate Tax  |  May 14, 2021
Global InSight
State Tax Matters
The power of knowing.
 

Print Facebook Twitter Linkedin

Sales/Use:
Iowa: New Rules Implement Law Changes Involving Bundled Transactions and Digital Products

ad

New Rule 701 – Chapter 216 (701 – 216.1, 701 – 216.2, 701 – 216.3, 701 – 216.4), Iowa Dept. of Rev. (5/5/21). The Iowa Department of Revenue adopted new rules on bundled transactions to help implement legislation enacted in 2018 [see S.F. 2417 (2018) and previously issued Multistate Tax Alert for more details on this 2018 Iowa legislation] and 2020 [see H.F. 2641 (2020) for more details on this 2020 legislation] to:

  • Fully incorporate the definition of “bundled transaction” to be used by members of the Streamlined Sales and Use Tax Agreement, including Iowa; and
  • Incorporate the addition of “specified digital products” to the description of components of a transaction that make that transaction a non-bundled transaction.

The rules become effective on June 9, 2021. Please contact us with any questions.

 

—

Robyn Staros (Chicago)

Managing Director

Deloitte Tax LLP

 



Back to top
 
In this issue

Administrative
Arizona: New Law Permits and Specifies Procedures for Issuing Various Administrative Rulings

Income/Franchise
District of Columbia: Temporary Legislation Extends Duration of Deduction for Apportioned NOL Carryover

Georgia: New Law Provides for Elective Passthrough Entity-Level Taxation

Idaho: New Law Lowers Corporate Income Tax Rate from 6.925% to 6.5%

Iowa DOR Releases Proposed Rules and Guidance on State Treatment of IRC §163(j)

Maryland: Appellate Court Affirms Mandated Use of Single-Sales Factor Alternative Apportionment

Montana: New Law Revises Apportionment Formula by Moving to a Double-Weighted Sales Factor

New Jersey DOR Updates Guidance on Treatment of IRC §163(j) Interest Expense Deduction Limitations

Puerto Rico Treasury Department Explains How to Apply for Carryback of Pandemic-Related Losses

Virginia: Unitary Combined Report Reference Guide Posted in Advance of July 1 Pro Forma Due Date

Credits/Incentives
New Jersey Economic Development Authority Announces Start of NOL Program

Sales/Use
Iowa: New Rules Implement Law Changes Involving Bundled Transactions and Digital Products

Oklahoma: New Law Exempts Some Intercompany Transfers of Tangible Personal Property

Property
West Virginia: New Law Revises Oil and Gas Well Valuation to Incorporate Actual Receipts and Costs

Multistate Tax Alerts



Helpful resources

Visit Deloitte.com

State tax Matters archive

Multistate Tax Alert archive

Read Accounting for Income Taxes

Join Dbriefs

Follow us on Twitter
Get the Tax@hand mobile app



Have a question?

If you have needs specifically related to this newsletter's content, send us an email to have a Deloitte Tax professional contact you.
 

Deloitte.com  | Manage email preferences  |  Legal  |  Privacy

30 Rockefeller Plaza
New York, NY 10112-0015
United States

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Copyright © 2021 Deloitte Development LLC. All rights reserved.
36 USC 220506



Facebook Twitter Linkedin Google Plus Email