States must deal with the need to expand and modernize their tax policies to address emerging technologies, they told Bloomberg Tax in an annual survey.
State tax departments are spending more time focused on transactions involving digital assets such as NFTs and cryptocurrency, but their volatility and unreliability as a source of tax revenue have steered states and the Multistate Tax Commission to instead target the taxation of digital products and services.
The uncertainty of state conformity to the new federal alternative minimum tax imposed on large companies is adding to compliance complexity for corporate taxpayers.
Though decided by the ...