Tax Reform
Governors Fear Loss of Bond Tax Exemption
Municipal bonds finance a huge portion of the infrastructure building and repair undertaken throughout the country. (AP) Correction at end A panel of top tax policy analysts has warned the nation’s governors they face an ongoing risk of increased borrowing costs if President Obama and Congress curb or eliminate the tax exemption on municipal bonds […]
Oregon to Vote on Changing Unique Tax Refund
For many years, Oregon has been the only state in the country where tax revenue that exceeds what the state estimated it would collect is automatically refunded to taxpayers. Much of Oregon’s political leadership has complained that these “kicker” refunds make it much more difficult for the state to save money in good times to use […]
Kentucky Debating a Tax Overhaul — Again
Kentucky Governor Steve Beshear introduces the members of the Blue Ribbon Commission on Tax Reform in February. (AP) “We stand ready,” former Kentucky Governor Paul Patton said in his State of the Commonwealth speech, “to address, on a bipartisan basis, comprehensive and revenue neutral tax reform.” That was in 2002, and he was wrong. […]
North Dakota Voters Sidestep Controversies
North Dakota voters shied away from several controversies at the polls Tuesday (June 12), including bids to eliminate property taxes, to prevent the University of North Dakota from dropping its “Fighting Sioux” nickname and to strengthen protections for people who claim government actions violate their religious beliefs. North Dakota was one of several states to […]
States Worry About Tax Reform
States are hoping they don’t lose out in billions of dollars in tax breaks if Congress reforms the tax code this year. Groups representing governors and local governments have pressed Congress to essentially “do no harm” to state and local government coffers when crafting legislation to overhaul the U.S. tax code. But U.S. Senator Max Baucus, […]
Tax Talk Grows Louder in California, New York
California Governor Jerry Brown spent most of the legislative session this year trying to get state lawmakers to approve higher income, sales and vehicle taxes to close a sprawling budget shortfall. With his tax increase proposal going nowhere in the legislature, Brown now is expected to go directly to the voters by backing a “multibillion-dollar” […]
‘Occupy’ Movement Rekindles New York Millionaires’ Tax Debate
While populist protesters are occupying Wall Street, a more consequential debate on income inequality and taxes is taking place 150 miles to the north, in Albany. There, with New York’s temporary tax increase on high-income earners set to expireat the end of December, both activists and lawmakers sympathetic to them are trying toextend the surcharge. […]
Georgia Shows the Pitfalls of Modernizing a State Tax Code
Last year, the Georgia legislature created a brand-new special council on tax reform. One of the most prominent members was Roy Fickling, a Macon real estate man, appointed by House Speaker David Ralston. Not long after his appointment, Fickling stopped by Ralston’s office to see if there were any marching orders. To his surprise, there […]
A Tax Reform Test in Maine
Gov. John Baldacci calls the plan “a tax structure for the 21st Century.” Maine is about to answer the question of whether a state can overhaul its income and sales tax structure to better withstand the ups and downs of the economy. Voters will be asked in Tuesday’s (June 8) primary election to give their […]
Three Western Governors Float Tax Hikes
Nevada Gov. Jim Gibbons (R) has steadfastly refused tax increases since being elected in 2006, choosing instead to make .2 billion in spending cuts this year as the Silver State struggles with a full-blown budget crisis. Gibbons, however, is adjusting his anti-tax message. Nevada’s budget director this month announced that falling tax revenues mean the […]
More States Give Tax Credits to Working Poor
This tax season, even more low- and moderate-income taxpayers can look forward to a check from their states along with their federal refunds, thanks to new state laws that aim to put cash in the hands of the working poor. Washington state, New Mexico, North Carolina and Louisiana this year joined 20 other states in […]
Star-Struck States Sweeten Film Incentives
How film incentives work Every state but Alabama, Alaska, Delaware and New Hampshire offers incentives for the film industry, although the last three don’t have sales taxes. The sweeteners elsewhere include grants, no-interest loans, exemptions from hotel taxes, plus rebates, exemptions and credits for income and sales taxes. But states vary widely […]