A new analysis by the international research think tank Tax Foundation shows which states in the nation collect the least and most taxes per capita as of fiscal year (FY) 2021, the most recent year for which full state-by-state data are available.
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New Internal Revenue Service (IRS) guidelines for the federal electric vehicle (EV) tax credit are a “recipe for fraud,” warns the head of the Tax Foundation.
Consumers will now be able to automatically claim the tax credit at the point of sale on new or used EV purchases, rather than wait to claim it on their tax return, according to the latest Treasury Department guidance.
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Arizona’s business tax climate is moving up the ranks in comparison to other states, according to a new report from the Tax Foundation.
The state lies at No. 14 in 2024 after previously being at No. 19 in the index, and the organization credits this to changes to the income tax signed into law by former Republican Gov. Doug Ducey.
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A lawmaker this week proposed reforming Pennsylvania’s $100 million film-production tax-credit program, a policy he said he believes doesn’t benefit enough independent, non-urban projects.
State Senator David Argall (R-Mahanoy City) sent a memorandum to colleagues in which he ascribed $5 billion in recent economic activity to the program. He said that the subsidy is falling overwhelmingly into the hands of filmmakers basing their projects in and around Philadelphia and Pittsburgh.
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Republicans lost their majority in the Pennsylvania House of Representatives last year, but on Tuesday GOP members voiced their hope that the state might still curb state spending and lighten the tax burden with which the commonwealth saddles residents and businesses.
With that goal in mind, House Appropriations Committee Minority Chairman Seth Grove (R-York) led a roundtable discussion with several state fiscal-policy experts.
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Tennessee has the second-highest sales tax rate in the country, according to a new report from the Tax Foundation.
Tennessee has an average of 9.548% as a local and state tax rate, falling just below Louisiana’s 9.550% for the top spot. Forty-five states and the District of Columbia have sales taxes.
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Minnesota’s top marginal corporate tax rate, 9.8%, is the second-highest the nation, according to an analysis the Tax Foundation released Tuesday.
The North Star State is one of the 44 states that levy corporate income taxes. Nationally, on average, these taxes accounted for 7.07% of state tax collection and 4.04% of state general revenue in fiscal year 2021, the report said.
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Eleven states will reduce their individual income tax rates on Jan. 1.
Arizona, Idaho, Indiana, Iowa, Kentucky, Mississippi, Missouri, Nebraska, New Hampshire, New York, and North Carolina will cut the individual income tax rate on New Year’s Day, according to the Tax Foundation. Over the past two years, more than 20 states have cut individual income tax rates.
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Minnesota’s population grew less than a single percentage point from July 2021 to July 2022, the U.S. Census Bureau reported this month.
Minnesota’s population grew 0.1% in 2022, .03% in 2021 and .06% in 2020. The North Star State is the 22nd most populous state. The estimate for July 2022 was 5,717,184, up from an estimate of 5,711,471 the previous year. The 2020 U.S. Census indicated Minnesota’s population was 5,706,504.
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Tennessee Republican Senator Marsha Blackburn is preparing to release a video via social media discussing the state’s economy and spoke with The Tennessee Star this week to discuss both the pressures it endures as well as its bright spots compared with other regions.
In the one-minute spot, which shows the senator touring a Clarksville-area manufacturing plant, she discusses the challenge ongoing inflation poses to producers as they attempt to provide affordable goods to Tennesseans.
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State Representative Tom Patton (R-OH-Strongsville) is spearheading an effort to end property taxation for fully disabled military veterans and their surviving spouses in the Buckeye State.
According to the legislature’s official analysis of Patton’s bill, Ohio presently exempts $50,000 of the assessed value of homes owned by honorably discharged veterans who the federal Department of Veterans Affairs has given a 100-percent disability rating. Individuals so designated are considered severely impaired and unable to function professionally. A deceased veteran’s surviving wife or husband can access the exemption if the veteran received the benefit the year he or she died, lived at the residence during the veteran’s passing and continues to own that home.
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Tennessee has the highest beer tax rate in the country, according to a new report from the Tax Foundation.
Tennessee’s rate is $1.29 per gallon, one of just two states that charge more than $1 per gallon in the country. Alaska charges $1.07.
In the fiscal year just completed at the end of July, Tennessee collected more than $19 million in beer tax, which was $1.6 million more than it had budgeted. The year before, it collected $18.7 million in beer tax.
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According to recent data from the center-right Tax Foundation, Connecticut taxpayers continue to shoulder nearly the highest revenue burdens of anyone in the U.S.
As stated in a report titled “State and Local Tax Burdens, Calendar Year 2022,” the average state resident paid 15.5 percent in combined state and local taxes last year. That places Connecticut in second among all states in that category, second only to New York which claims 15.9 percent of residents’ annual earnings on average. Neighboring Massachusetts and Rhode Island both have tax onuses under 12 percent, hovering around the national mean.
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While Democratic officials met news of Connecticut’s boosted credit rating effusively on Tuesday, Republicans drew attention to new survey results showing on-the-ground feelings about the economy overall aren’t so rosy.
Standard & Poor’s (S&P), a major New York City-based credit-rating agency, assigned the state’s general-obligation bonds a “positive” outlook; before the rating was merely “stable.” S&P attributed its upgrade to the state projecting it will accumulate a $3.31-billion fund balance in the next fiscal year, amounting to 15 percent of appropriations.
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A review of Connecticut’s salary records published by the center-right Yankee Institute (YI) Thursday indicated that 2,927 state employees received higher salaries than the governor in 2021.
State statute confers a $150,000 yearly salary on Gov. Ned Lamont (D). Approximately 2,000 state employees earned higher pay than him through 2017. Over the next three years, that number rose by nearly 1,000.
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Minnesota ranks among states with the highest income tax, a new report from the Tax Foundation shows.
The organization, a nonpartisan nonprofit that analyzes tax policies from each state, ranked the governments based on the impact of their individual income taxes, as Minnesota was placed at number 43 in the country.
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As more Americans move to lower-taxed Republican-led states, a new report by the Tax Foundation indicates that taxation levels play a direct and indirect role as factors contributing to migration patterns.
Taxes often “play an indirect role by contributing to a broadly favorable economic environment. And sometimes, of course, they play little or no role,” Jared Walczak, a vice president at the Tax Foundation, writes in an analysis of 2021 U.S. Census Bureau data and inbound and outbound migration data published by U-Haul and United Van Lines.
“The Census data and these industry studies cannot tell us exactly why each person moved, but there is no denying a very strong correlation between low-tax, low-cost states and population growth,” he wrote. “With many states responding to robust revenues and heightened state competition by cutting taxes, moreover, these trends may only get larger.”
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Inflation could trigger tax increases in Georgia and 21 other states, according to a new analysis from the Tax Foundation, which is a Washington, D.C.-based nonprofit. Tax brackets “fail to adjust for changes in consumer purchasing power,” according to The Tax Foundation’s report. The nonprofit described this phenomenon as “bracket creep.”
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A new report released Wednesday lists the states with a marriage penalty on citizens’ income taxes.
The Tax Foundation, a non-partisan policy think tank, lists 15 states that penalize couples for being married.
Minnesota is one of those states. North Dakota and Wisconsin join the state in punishing marriage.
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