Bloomberg Tax
March 31, 2023, 6:28 PMUpdated: March 31, 2023, 9:40 PM

Metaverse Economy Poses Daunting Challenges to State Tax Agencies (1)

Michael J. Bologna
Michael J. Bologna
Correspondent
Donna Borak
Donna Borak
Correspondent

The week in state tax news: State tax administrators are taking a closer look at the metaverse, concerned they may be missing tax revenue from platforms brokering sales of virtual products and services. Meanwhile, some members of Congress are getting serious about boosting the so-called SALT cap, and a state appeals court ruled California can’t punish cities for imposing soda taxes.

State tax administrators have plenty of experience taxing automobiles, boats, and clothing sold from both brick-and-mortar stores and online retail platforms. But what about virtual versions of those same items?

It’s an important question, ...

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