State Tax

Featured Ballot Measures Arizona Proposition 207 Arizona Proposition 207 would legalize recreational marijuana and tax retail sales at 16 percent of retail price. Arizona forecasts roughly $166 million in excise tax revenue when the market has matured, and this revenue would be allocated to community colleges, police departments, fire departments, transportation funding, and a new Justice
0 Comments
Key Findings: California has one of the nation’s least business-friendly tax environments, ranking 48th on the Tax Foundation’s State Business Tax Climate Index, which measures tax structure. However, the state’s property tax code is a relative bright spot, with the state ranking 14th on that component of the Index. If approved by California voters on
0 Comments
Last week, Maryland Senator Antonio Hayes (D) announced that in the next legislative session he will sponsor a bill to increase Maryland’s alcohol excise tax to raise revenue for health-care spending. Specifically, the bill would, if enacted, increase the ad valorem component of the state’s alcohol excise tax from 9 percent to 10 percent. This
0 Comments
This week’s map shows the five states that have an Alternative Minimum Tax (AMT) in their individual income tax codes: California, Colorado, Connecticut, Iowa, and Minnesota. Under an individual AMT, many taxpayers are required to calculate their income tax liability under two different systems and pay the higher amount. The federal AMT was created in 1963, after Congress discovered
0 Comments
September 26th, a Saturday, is an ominous day for New Jersey lawmakers hoping to generate billions of dollars in annual revenue from a financial transaction tax targeting New York-based stock exchanges that currently rely on electronic infrastructure located across the river in New Jersey. On that day, all the U.S.-based exchanges will simulate a day’s
0 Comments
A House vote is expected this month on the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which would de-schedule marijuana, expunge prior convictions, impose a federal excise tax on marijuana sales, provide access to capital for small marijuana businesses, and allocate revenue to people impacted by prior drug enforcement policies. While it is unlikely to
0 Comments
Today’s map takes another look at property taxes, this time focusing on states’ effective tax rates on owner-occupied housing. This is the average amount of residential property taxes actually paid, expressed as a percentage of home value. Because property taxes are tied to housing values, it makes sense that the actual dollar amounts of property
0 Comments
Property taxes are an important tool to help finance state and local governments. In fiscal year 2017, property taxes comprised 31.9 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 a whopping 72 percent of local
0 Comments
On the last day of Nebraska’s recently reconvened 2020 legislative session, legislators today granted final approval to LB1107, a bill to provide state income tax relief to help offset local property taxes paid, as well as to make adjustments to Nebraska’s business incentives program. This compromise is the result of many months of negotiations in
0 Comments