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 – You can deduct state and local sales or use taxes paid on purchases made during the 2014 calendar year if you itemize deductions on your federal income tax return. This includes cars, recreational vehicles, and boats. Eligible taxpayers can either: Keep receipts and claim the actual amount of taxes paid Use the IRS…
Common new year’s resolutions include eating better, working out, and reading more. But do you know which states have sales tax laws to help you reach your goals?
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.
TEXAS – The Comptroller’s offices has recently released a series of how-to videos on filing and paying sales tax electronically, http://www.youtube.com/playlist?list=PLF3pUCXPSXKLOJ2mpSMLArZmAU9ljTnvy. The videos guide taxpayers through the secure online system WebFile, http://comptroller.texas.gov/webfile/. For sales/use tax compliance questions or audit related concerns, we are here to help! Contact us at: Contact Us Or call today for a consultation:…
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…
