AR - Local tax rate changes announced
The following Arkansas local sales tax rate changes are effective July 1, 2024:Local RatesCalhoun County increases its sales and use tax from 2.5% to 2.625%.The city of Gassville increases its sales a...
CO - Addback and subtraction rules adopted
The Colorado Department of Revenue has adopted the following new individual income tax rules:Rule 39-22-104(3)(d), relating to the addback for state income taxes deducted in determining federal taxabl...
KS - House proposes rate and other tax changes
The Kansas House of Representatives passed a tax package that proposes to:replace the three-bracket graduated personal income tax rate schedule with a two-bracket schedule and provide a small rate red...
KY - Taxpayers parcels were not omitted properties
For property tax purposes, the circuit court did not err in upholding the Kentucky Board of Tax Appeals rulings because the undervaluation of the parcels was due to the failure of the former property ...
MO - Rules amended, rescinded
Missouri corporate income tax, bank franchise tax, and withholding tax rules have been amended or rescinded, as follows:12 CSR 10-2.090, Computation of Federal Income Tax Deduction for Consolidated Gr...
NJ - Earned income tax credit discussed
The New Jersey Department of the Treasury encourages eligible taxpayers to take advantage of earned income tax credit. For 2023tax year, eligible taxpayers could receive a refundable credit up to USD ...
NM - Omnibus tax bill changes
New Mexico enacted legislation making various changes to the state's personal and business income tax laws. These changes include:Changes effective in tax year 2024:Angel investor credit:Qualified inv...
OK - Local rate changes announced
Additional Oklahoma local sales and use tax rate changes have been announced effective July 1, 2024.City Rate ChangesCanton increases its rate from 3.0% to 4.0%.Perkins increases its rate from 3.375% ...
SC - Digital textbooks are exempt
The taxpayer's sale and rental of digital textbooks (eTextbooks) was exempt from South Carolina sales tax because such transactions fell within the exemption for textbooks. The eTextbooks could be rea...
TN - Captive insurance company provisions modified
Recently enacted Tennessee legislation provides that the Commissioner may approve an alternative date for filing and paying the premium tax due for captive insurance companies on a fiscal year end. Th...
WV - Private trust company exemption enacted
West Virginia enacted legislation that provides a personal income tax exemption to private trust companies licensed in the state. A private trust company is a corporation or limited liability company ...