State Tax

Under the budget introduced by Pennsylvania Gov. Tom Wolf (D), taxes would go up more than $6 billion per year, with additional revenue from both individual and corporate income taxes. The state’s flat personal income tax rate would increase by 46 percent, partially offset by an outsized increase in the poverty credit, which would see

West Virginians would face extraordinarily high taxes on vapor products in state if Senate Bill 68 becomes law. The bill, sponsored by Sen. Ron Stollings (D) and Sen. Richard Lindsay (D), would increase taxes on liquid used in vapor products from 7.5 cents per milliliter (ml) to $1 per ml—an increase of over 1,300 percent.

Since the start of last year, the federal and state governments have spent nearly $600 billion on unemployment compensation payments, compared to the prior level of about $30 billion a year. It’s a lot of money—and it’s taxable at the federal level and in many states. Through February 13th, the federal government has spent $441

The potential override of Gov. Larry Hogan’s (R) veto of a digital advertising tax (HB732) looms large over the current legislative session in Maryland, though it is only one of many tax proposals under consideration in the state. House Bill 732 passed with a veto-proof majority in 2020, and, if lawmakers override the governor’s veto,

Since 2018’s landmark South Dakota v. Wayfair Supreme Court case, most states have jumped at the chance to use their newfound authority to tax a greater share of online sales. Some states designed their systems better than others, and many still include relics of previous regulations dealing with physical presence, but nearly every state was

Although this week’s Super Bowl festivities may be muted, with far fewer parties and celebrations, states with legalized sports betting may have something to cheer: a tax revenue bump thanks to the accompanying excise taxes. The American Gaming Association estimates that Americans will wager a total of $4.3 billion on the highly anticipated matchup of

Key Findings Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Six states—Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania—levy top marginal corporate income tax rates of 9 percent or higher. Ten states—Arizona, Colorado, Florida, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, South

Washington lawmakers have proposed a bill (SB5266) that would make it the second state to ban all flavored tobacco and the first to impose a nicotine cap on vapor products, and would increase taxes on vapor to among the highest in the nation. The excise tax on vapor products will, if enacted, be levied at

Nearly 90,000 Wisconsin small businesses that have taken out loans under the federal Paycheck Protection Program (PPP) will face hundreds of millions of dollars in state income tax liability on those loans this spring, despite the loans being tax-free at the federal level. Unless the legislature acts, businesses that have received PPP loans and related

Since June 1, 2020, Massachusetts has banned the sale of flavored tobacco products, including menthol cigarettes. When signing the ban into law, Gov. Charlie Baker (R) argued that the ban, which is the broadest in the country, was enacted to limit youth uptake of nicotine products. While youth uptake is a very real concern which deserves the

States compete with each other in a variety of ways, including in attracting (and retaining) residents. Sustained periods of inbound migration lead to (and reflect) greater economic output and growth. Prolonged periods of net outbound migration, however, can strain state coffers, contributing to revenue declines as economic activity and tax revenue follow individuals out of

Key Findings: A financial transaction tax (FTT) would raise transaction costs, which would result in a lower trading volume, lower liquidity, potentially increased volatility, and lower price of assets. Lower volume limits revenue potential, lower liquidity harms traders’ ability to buy and sell shares at the best price level, and increased volatility can increase risks.

Table of Contents 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 (9.55 percent), Louisiana (9.52

Table of Contents Key Findings Twenty-six states and the District of Columbia had notable tax changes take effect. Arkansas and Iowa reduced their corporate income tax rates and made other substantive changes to their corporate income tax base. Arizona and New Mexico increased their top marginal individual income tax rates by adding another bracket. Arkansas

Sunday evening, leadership in the U.S. House and Senate came to an agreement over the details of a $900 billion in coronavirus relief bill, to be attached to a broader $1.4 trillion omnibus which will fund the federal government for the 2021 fiscal year. Congress also voted to extend a continuing resolution (CR) to keep the federal

Thursday, the New Jersey Senate and Assembly passed bills (S21 and A21) legalizing recreational marijuana sales, as required since voters passed Question 1 on Election Day. Sales will begin after the Cannabis Regulatory Commission finalizes its rules and regulations. Sales of recreational marijuana in New Jersey will be taxed under the general state sales rate

State tax collections declined 4.4 percent in aggregate through the end of September compared to the same nine months in 2019, according to U.S. Census Bureau data released today. The median state experienced a decline of 3.6 percent, and total state tax collections were $37.4 billion lower in the first nine months of 2020 than

Arkansas Lieutenant Governor Tim Griffin (R) recently announced his goal for the state to eliminate its income tax. He did not outline any specific plan but indicated that this would be a long-term process with the “conversation begin[ning] today” to make sure tax-related decisions would be made with this goal in mind. Lt. Governor Griffin’s

On Monday, members of the bipartisan Gang of Eight negotiating an end-of-year pandemic relief package announced that they had settled on language and had divided the package into two bills: a pandemic aid package and a $160 billion state and local support package. Full language is not yet available, and some of the data on

Executive Summary At first glance, New York faces projected budget shortfalls as arresting as the New York City skyline, and to meet the challenge, some have proposed taxes that would rival that skyline for staggering height. The challenge confronting policymakers is real, though perhaps not as dire as once feared. Its intensity depends on the