PUERTO RICO- In May, Puerto Rico Governor Alejandro Garcia Padilla signed into law bill PC 2484, increasing the sales tax rate from 7% to 11.5%. This will become effective July 1, 2015. It also introduced a new 4% tax on business and professional services that will become effective October 1, 2015. These increased taxes will…
Multi-State: The House of Representatives passed House Bill 622 April 16, 2015. The bill would make certain state and local sales taxes deductions permanent. These tax breaks typically expire each year and are renewed at the last minute by Congress. As previous House bills continue to renew the majority of the 55 tax extensions, Congress…
TEXAS- House legislators announced a tax-relief package in April that would be a first in Texas- a lowered sales-tax rate. Since a 2% sales tax was first imposed in Texas in 1961, legislators have never cut the rate. While senators prefer to cut school property taxes, the House proposed trimming the state’s 6.25% sales tax…
Michigan– Voting in May 2015 could bring various changes to the sales tax structure in Michigan. The bill, already passed in the House and the Senate, is now being put to Michigan residents themselves. The bill proposes increasing the sales tax rate from 6% to 7%, lowering the sales tax on fuel, and increasing the…
PUERTO RICO- The Puerto Rican government has been working on a tax policy overhaul. Currently in the fine-tuning phase, the government is hopeful to get the bill approved by the end of April 15, 2015. Changes would affect most types of tax, including the addition of a Value Added Tax (VAT) system. The VAT levies…
MULTI-STATE: Online retailers will have a few changes to their sales tax laws if the Marketplace Fairness Act is approved. A bipartisan group of senators introduced the bill on Tuesday (3/10/15). The Marketplace Fairness Act of 2015 would give states the option to require out-of-state businesses, such as those selling online or through catalogs, to collect and use taxes already owed under state law the same way local businesses do. It relies on the Streamlined Sales and Use Tax Agreement among states.
ARKANSAS– The Arkansas Economic Development Commission has 2 new investment incentives encouraging businesses to the state; InvestArk and Tax Back. InvestArk is a sales and use tax credit program for businesses that are investing $5 million in a single location for new construction, expansion, or updating. This credit is available for businesses that have been…
COLORADO– Bolder County introduced new sales tax rates effective January 2015. The new breakdown for the tax rate is as follows: Bolder County 0.985% State of Colorado 2.9% Regional Transportation District 1.0% Scientific Cultural District 0.1% Total 4.985% The Bolder Country rate increase is 0.185% from the previous 0.8%. This rate was approved by voters…
Please enjoy the latest edition of our firms Newsletter SALTe your State and Local Tax Explorer! In This Issue Multi-State 2011 – Tricks and Traps States Use To Get Their Sales Tax Revenue Multi-State 2011 – Groupon/LivingSocial Sales Tax – No California Sales Tax Collection For Another Year Texas – $260 Million Unremitted Sales Tax…
