Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
Texas Comptroller adopts new regulations concerning research and development activities On July 29, 2022, the Texas Register was published adopting previously proposed regulations, which implement several important updates to the Texas Research and Development (R&D) activities credit and sales/use tax R&D exemption.
This Multistate Tax Alert summarizes the newly adopted amendments and effective dates, as well as offers some observations. [Issued: August 22, 2022] More
Washington cryptocurrency developments The Washington Department of Revenue (DOR) issued an interim guidance statement (“Guidance”) regarding the taxability of nonfungible tokens (NFTs). The Guidance is meant to provide reporting instructions to taxpayers for Washington Business & Occupation (B&O) tax and sales and use tax purposes while the DOR continues to review issues with the goal of adopting final interpretive guidance. The Guidance also provides that marketplaces that qualify as “marketplace facilitators” in Washington must collect and remit sales and use tax on taxable retail NFT transactions.
This Multistate Tax Alert summarizes some of Washington’s recent developments around cryptocurrency. [Issued: August 17, 2022] More
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