State Tax

Key Findings Nineteen states had notable tax changes take effect on July 1, 2020. Indiana had the lone corporate income tax change, with the rate decreasing from 5.5 to 5.25 percent. Two states, Louisiana and Mississippi, began requiring marketplace facilitators to collect sales and use taxes. Illinois now requires remote sellers to collect state and
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While some jurisdictions are exploring standalone—and legally dubious—taxes on digital advertising, D.C. Council Chair Phil Mendelson (D) has a more down-to-earth proposal: why not just include advertising in the sales tax base? The obvious upside is that it doesn’t immediately raise any legal red flags and it takes advantage of a tax that already exists
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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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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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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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When it comes to tax deadline extensions that have occurred in response to the COVID-19 pandemic, deadlines for filing and paying 2019 income taxes have received much of the public attention. However, self-employed individuals, investors, and others who receive income from sources other than an employer must also pay attention to changes in quarterly estimated
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In California, where state officials are projecting a stunning $54 billion deficit, Gov. Gavin Newsom (D)’s budget proposes a range of new revenue options, including an important change to how business income is calculated for tax purposes, eliminating net operating loss carryovers for most businesses for three years. Net operating loss provisions in corporate net
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Across the country, unemployment insurance (UI) benefits are playing an important role in helping individuals who have lost work due to the COVID-19 pandemic and associated economic fallout. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, provided a temporary, federally-funded increase in UI benefits and expanded benefits eligibility.
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