News & Publications
In Case You Missed It: Last Week in Allyn Tax News (June 6 - 10)
When Was the Last Time You Completed a Nexus Review? Act Now!
In Arkansas, an assessment against a taxpayer of compensating use tax was sustained because it was ruled that the taxpayer had met nexus with the state. After asserting that they did not have physical presence in the state, the Department of Revenue discovered that employees or independent contractors in the state did in fact constitute a physical presence nexus. The taxpayer was assessed for use tax in all operating months since the date of nexus began.
Racking Up Value! – Connecticut Municipal Agreements to Fix Assessments
Effective October 1st, 2022, Connecticut allows boards of selectmen of defined municipalities to enter into agreements for a maximum period of 10 years to fix assessments of real property or air space. This arrangement applies to improvements or improvements to be constructed within a property. These provisions apply if the improvements, or soon-to-be improved, are for at least one of the following:
- Office use
- Retail use
- Permanent residential use
- Transient residential use
- Manufacturing use
- Warehouse, storage, or distribution use
- Structured multilevel parking use
- Information technology
- Recreation facilities
- Transportation facilities
- Mixed-use development
- Use by or on behalf of a health system
No Need for Details – Maryland Modifies Short-Term Leases/Rentals of Heavy Equipment
Maryland amends the gross receipts tax on short-term leases or rentals of heavy equipment property. The tax does not apply to a short-term lease or rental of heavy equipment property to the federal government, Maryland, a county, or a municipality. A person who owns a business with gross receipts that is subject to the tax is no longer required to submit to the county or municipality where the heavy equipment rental business has listed all personal property. This includes the original cost and date of acquisition of the property. Due to this, a county or municipality is no longer required to calculate the amount of property tax that would have been due for all property that is exempt from personal property tax.
It Pays to Be Green
Effective August 10, 2022, Colorado will provide sales and use tax exemptions on all sales, storage, and use of various items to encourage the reduction of greenhouse gas emissions. Between July 1, 2024, and July 1, 2034, carbonizing building materials will be exempt from taxation. A large area of environmental concern is the greenhouse gas emissions from commercial and residential buildings. To target this, an exemption on heat pump systems, heat pump water heaters, and energy storage systems will be in effect from January 1,2023 to January 1, 2033.
For More Information
If you are interested in learning more about this topic or other tax topics, please visit our Tax Publications under News & Publications at www.allynintl.com.
About Allyn International
Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China, Prague, Czech Republic, and Dubai, U.A.E. For more information, visit www.allynintl.com.