TWIST - July 26, 2010

In this edition of TWIST for the week of July 26, 2010, KPMG's State and Local Tax professional Sarah McGahan, Senior Manager, Washington National Tax, covers the following topics:

• California - A California appeals court has recently addressed whether the Franchise Tax Board's chosen remedy for California's unconstitutional dividends received deduction statute was improper and whether post-amnesty penalties were properly assessed.
• Georgia - The Court of Appeals of Georgia has held that non-taxable electronically-delivered computer software qualified as "computer equipment" for the purposes of determining a taxpayer's qualifying total computer equipment purchases.
• Kansas - The Kansas Department of Revenue recently issued a private letter ruling concluding that getting "carried away" is a good thing when you happen to be full of "hot air."
• New Jersey - On June 30, 2010, New Jersey's Governor signed bill A3002, which makes a number of changes to New Jersey's unclaimed property rules including changing the dormancy period for "stored value cards."
• Texas - A Texas Appeals court has recently addressed whether an out of state manufacturer of tangible personal property was subject to Texas franchise tax for the 1995-2004 tax years.

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About TWIST

This Week in State Tax (TWIST) is produced weekly by KPMG's State and Local Tax practice to help keep you up to date on the latest in state and local tax. TWIST features a series of short podcasts hosted by our Washington National Tax professionals who will cover state and local tax developments dating from the previous week.

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