The holiday weekend is almost upon us and many are getting ready for a weekend of family and celebration. Independence Day means firing up the barbecue, setting off fireworks, enjoying cold drinks, and wearing flag paraphernalia. It also means spending big: last year, Americans spent $6.7 billion for the Fourth of July. This year, due
Even though this summer may not include sitting in the stands at an all-American baseball game or watching a community fireworks display, some summer staples are still within reach—like that beer in the fridge, for example. You can still crack open a cold one, whether you’re grilling something in your backyard or floating down a
Iowa’s HF 2614, which passed both chambers of the legislature and now waits for the governor’s signature, makes several changes to the state’s tax code, which, although they will affect revenue, will encourage economic growth and make the state’s tax code more competitive. This bill decouples from GILTI and the net interest limitation and exempts
Several states may legalize recreational marijuana in the coming years as the coronavirus pandemic has left many state budgets in disarray and policymakers looking for new revenue sources. Combined with a desire to decriminalize, the zeitgeist is ideal for marijuana legalization. Montana is one state that could legalize sooner rather than later as campaigners for
Whether you’re a self-appointed connoisseur or an occasional sipper of chardonnay, you may not have thought about the taxes that go into your wine purchase. But now you can quench your newly found thirst for excise tax info with this week’s map, which compares wine taxes among the 50 states, expressed in dollars per gallon.
In line with the nationwide trend of taxing vapor products, the Michigan Senate has passed a new 18 percent tax on vapor products. These taxes are often intended to achieve a two-fold goal: deterring youth use and raising revenue. The Michigan bill is no exception. On Wednesday, SB781 passed the Senate on a 33-5 vote.
Some Nebraska senators have recently proposed decoupling from the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s tax relief provisions in order to use that revenue for property tax cuts. Because Nebraska conforms with the Internal Revenue Code (IRC) on a rolling basis, the state automatically incorporates federal tax changes into its own tax code
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, is providing critical relief to individuals and businesses that have been economically impacted by the COVID-19 pandemic. In addition to providing financial assistance to individuals and loans to businesses, the CARES Act made several structural adjustments to the tax code
Seattle’s city council—or at least a few of its members—are again gearing up for an effort to increase taxes on the city’s largest employers. The targets of the proposed taxes have been constant; the nature of the tax and what it is intended to fund has been a moving target. The latest proposal would place
Many in the District of Columbia breathed a sigh of relief when Mayor Muriel Bowser (D) unveiled a balanced budget that managed to avoid painful spending cuts or raise taxes in the midst of the COVID-19 pandemic. Although the budget delayed some new spending and does include cuts to operating budgets, it represents a belt-tightening
As New Jersey lawmakers grapple with reduced revenues due to the coronavirus pandemic and the related economic downturn, they have turned to an unusual solution: the issuance of bonds that would be repaid, if necessary, through temporarily higher sales and property taxes. A4175, the vehicle for this option, has passed the Senate and moved to
Thursday, Colorado Representatives Yadira Caraveo (D) and Julie McCluskie (D) as well as Senators Rhonda Fields (D) and Dominick Moreno (D) introduced HB1427 which, if approved by voters in November, would increase tobacco taxes in Colorado in three stages beginning January 2021. The tax on cigarettes would increase to $1.94 in 2021, to $2.24 in
The coronavirus pandemic has left states and localities in dire straits financially and lawmakers are getting creative in their pursuit of new revenue sources. Sports betting is one such source. However, it is very unlikely that revenue from sports betting will have any meaningful impact on budget shortfalls. States legalizing sports betting in the hopes
If enacted, California Senate bill SB 972 would require the public posting of an annual list of corporate taxpayers whose gross receipts met or surpassed $5 billion in the previous year, starting in 2021. The list would “include the name and tax liability of each taxpayer, the taxable year for which the return is filed,
Vapor products have been growing in popularity since they entered the market in 2007, and taxation on such items has been following suit. Many states may also be looking toward vapor and other excise taxes to fill budget holes caused by the coronavirus crisis. While those areas may represent untapped revenue sources for many states,
Ronald Reagan once quipped that the government’s view of the economy could be summed up in three short phrases: if it moves, tax it; if it keeps moving, regulate it; and if it stops moving, subsidize it. As an actual explanation of governmental philosophy, it is perhaps too cynical, but especially as states see traditional
This week, the Ohio House of Representatives passed House Bill 194, which would legalize and tax sports betting in the state. The bill now awaits action in the Ohio Senate. If enacted, the bill would legalize brick-and-mortar facilities and online betting while imposing a 10 percent excise tax on adjusted revenue (revenue minus winnings). The
With California’s unemployment rate approaching 25 percent, it is somewhat surprising to find policymakers contemplating a literal tax on jobs. That is, however, precisely what some California lawmakers have proposed under the COVID-19 Local Government and School Recovery and Relief Act, which would impose a $275 per employee tax on all businesses with at least
Property taxes represent a major source of revenue for states and the largest source of tax revenue for localities. In fiscal year 2017, the most recent data available, property taxes were such a significant source of local revenue that they accounted for 72.1 percent of local tax collections nationwide and 31.9 percent of total U.S.
When it comes to tax deadline extensions that have occurred in response to the COVID-19 pandemic, deadlines for filing and paying 2019 income taxes have received much of the public attention. However, self-employed individuals, investors, and others who receive income from sources other than an employer must also pay attention to changes in quarterly estimated