State Tax

Taxes are perhaps the most apparent source of state revenue, as they constitute the vast majority of each state’s general fund budget. But state governments also receive a notable amount of assistance from the federal government. In fiscal year (FY) 2016, 32.6 percent of state revenues derived from federal grants-in-aid. Federal aid is allocated to
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States compete with each other in a variety of ways, including attracting (and retaining) residents. When states experience sustained periods of inbound migration, greater economic output and growth can be expected to follow. However, prolonged periods of net outbound migration can put a strain on state coffers, contributing to revenue volatility as economic activity and
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The Arkansas Tax Reform and Relief Task Force concluded its work earlier this month, referring several tax changes to the General Assembly for its consideration in January when the legislative session begins. Amidst the flurry of activity, it’s difficult for everyday Arkansans to know how these tax reforms will impact their budget and their tax
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As the end of 2018 approaches, many Americans are considering making end-of-year charitable donations. While the new tax law contains many changes that will impact these decisions, we can look at Internal Revenue Service (IRS) data to gauge how much Americans have deducted for charitable giving in the past. In tax year 2016, just over
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Key Findings State tax changes are not made in a vacuum. States often adopt policies after watching peers address similar issues. Several notable trends in tax policy have emerged across states in recent years, and policymakers can benefit from taking note of these developments. The enactment of the federal Tax Cuts and Jobs Act (TCJA)
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Key Findings A typical American household with four wireless phones paying $100 per month for taxable wireless service can expect to pay about $229 per year in wireless taxes, fees, and surcharges—up from $221 in 2017. Nationally, these impositions make up about 19.1 percent of the average customer’s bill—the highest rate ever. Illinois now has
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This week’s state tax map examines states that have a throwback rule in their corporate tax code. Throwback rules are not widely understood, but they have a notable impact on business location and investment decisions. For purposes of corporate taxation, multistate businesses are required to apportion their income among the states in which they operate.
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Below is a brief excerpt from South Carolina: A Road Map For Tax Reform. To download our full reform guide, click the link below. Download The Full Book Introduction Two decades before he published his famous treatises on government, John Locke’s Fundamental Constitutions of Carolina were adopted as the governing document of provincial Carolina. Voltaire
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Unlike the attention being drawn to San Francisco’s legal troubles with Proposition C, there is less fanfare surrounding Proposition D, which creates a new municipal gross receipts tax on cannabis. The measure will distort the cannabis market and raise costs for consumers in an especially opaque manner, as other gross receipts taxes often do. Proposition
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This year, “Cyber Monday” signifies more than just a chance to get the best post-Black Friday deals. It also kicks off the first holiday online shopping season since the U.S. Supreme Court sales tax ruling in South Dakota v. Wayfair. It’s a big step but also doesn’t represent a huge sea change, given the evolution
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