State Tax

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
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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
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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
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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.
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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.
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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
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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
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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
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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,
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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
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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
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