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NFTs? They ‘Sure as Heck Look Like They’re Sales-Taxable’

May 27, 2022, 5:28 PM

This week in state tax news: State tax administrators are coming down in favor of taxing NFTs, but questions persist over how, where, and when to tax these complex digital assets. Meanwhile, Rhode Island and California advanced legislation addressing taxes on marijuana. And our weekly podcast examines why Arizona, Georgia, Iowa, and Mississippi have shifted to flat tax systems.

Earlier this year most state revenue departments couldn’t spell NFTs. Now the agencies can’t wait to start taxing the surging market in non-fungible tokens, unique digital assets that serve as certificates of authenticity for works of art, music, tickets, and ...