TWIST - June 18, 2012

In this edition of TWIST for the week of June 18, 2012, State and Local Tax professional Sarah McGahan, from KPMG's Washington National Tax practice, covers the following topics:

• California - The California Franchise Tax Board recently issued a ruling addressing whether a taxpayer was required to include the entire sales price received from certain trading activities in the sales factor.   Listen | Read
• Hawaii - In determining general excise tax liability, Hawaii law allows contractors a deduction from gross receipts for amounts paid to certain other contractors, referred to as subcontractor exemption.   Listen | Read
• Indiana - The Indiana Department of State Revenue addressed whether a taxpayer's purchases of "holding tanks" used in the asphalt-production process were eligible for a manufacturing sales tax exemption.   Listen | Read
• Maine - The Governor of Maine signed legislation that establishes the 2012 Maine Use Tax Compliance Program which will run from October 1, 2012 through November 30, 2012.   Listen | Read
• Michigan - Recent Michigan legislation amended the Uniform Unclaimed Property Act to provide a business-to-business exemption for certain types of property.   Listen | Read
• Rhode Island - Legislation has been sent to the Governor that, if signed, would establish a tax amnesty program in Rhode Island that would run for an unspecified 75-day period ending November 15, 2012   Listen | Read

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