On July 29, 2022, Walter Calvert, Chris Moran, and Matthew Carruth published “Emerging SALT Trends For Cryptocurrency And NFTs” in Law360. The following is an excerpt:
Every so often something new comes along in the world of state and local tax that does not fit within the existing conceptual frameworks and rules. For example, the delivery of digital books and other digital media in place of physical media upended sales tax systems that historically had applied mainly to sales of tangible property. Now the increased use of cryptocurrency and the growing marketplace for non-fungible tokens, or NFTs, are another instance of such technological innovation. This innovation will require governments and their taxing authorities to consider how to apply existing tax law and whether existing tax law should be expanded or modified.
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