State Tax

Unlike corporate income taxes, which are levied on a business’s net income (or profit), capital stock taxes are imposed on a business’s net worth (or accumulated wealth). As such, businesses must pay a capital stock tax regardless of whether they make a profit in a given year, or ever. Sixteen states levy capital stock taxes
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 Key Findings There are over 11,000 sales tax jurisdictions in the United States, with widely varying rates. Among major cities, Chicago, Illinois and Long Beach and Glendale, California impose the highest combined state and local sales tax rates, at 10.25 percent. Three cities follow with combined rates of 10 percent or higher: Tacoma (10.2 percent)
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Property taxes are an important tool to help finance state and local governments. In fiscal year 2016, property taxes comprised 31.5 percent of total state and local tax collections in the United States, more than any other source of tax revenue. In that same year, property taxes accounted for 46 percent of localities’ revenue from
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Today’s map shows gasoline tax rates in each state as of July 2019, using recently released data from the American Petroleum Institute. States levy gas taxes in a variety of ways, including per-gallon excise taxes collected at the pump, excise taxes imposed on wholesalers which are passed along to consumers in the form of higher prices,
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Key Findings Local income taxes are imposed by 4,964 taxing jurisdictions across 17 states, with a heavy concentration in Rust Belt states, particularly Ohio and Pennsylvania. Depending on the state, local income taxes may be levied by counties, municipalities, school districts, or special districts, with most levied by municipalities (3,816) and school districts (954). Six
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Vapor products like electronic cigarettes and vape pens have been showing up en masse at gas stations, convenience stores, and stand-alone vapor stores since they entered the market in 2007. Vapor products can deliver nicotine, the addictive component of cigarettes, without the combustion and inhalation of tar that is a part of smoking cigarettes. Thus,
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Key Findings When corporate income is apportioned among states for tax purposes, it is possible for some income to be earned in states which lack jurisdiction to tax the corporation, generating what is known as “nowhere income” that is not taxed by any state. Throwback and throwout rules are designed to allow states from which
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Next week, Wyoming’s Revenue Committee will meet to consider an idea which gained traction during the 2019 legislative session: the National Retail Fairness Act, which would impose a 7 percent corporate income tax on C corporations with more than 100 shareholders that operate in the retail, accommodations, and food services industries. For a state which
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Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Tennessee and Arkansas (9.47 percent), Louisiana (9.45 percent),
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For the sixth time since 2010, New Jersey politicians attempted to pass a millionaires’ tax and failed. The first five were during Republican Governor Chris Christie’s administration and were expected to fail given Christie’s steadfast opposition to income tax increases and regular sparring with the Democratic-controlled legislature. However, unified Democratic government in Trenton has not
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Key Findings Twenty-three states and the District of Columbia had notable tax changes take effect on July 1, 2019. Indiana had the lone corporate income tax change, with the rate decreasing from 5.75 to 5.5 percent. Two states saw changes to certain provisions in their individual income tax code: Ohio made its Earned Income Tax
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Recently released data from The Pew Charitable Trusts shows the strain on state retirement systems nationwide as state pension funds strive to keep pace with benefits owed to public employees. Fiscal year 2017 (the most recent data available) saw a combined $1.28 trillion in state pension plan funding deficits. While massive, this was actually a decrease from
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