Sales tax base Archive

TweetShareSharePin0 Shares 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 Louisiana (9.55 percent), Tennessee (9.547 percent),

TweetShareSharePin0 Shares Key Findings Ten states enacted individual income tax rate reductions. Six states enacted corporate income tax rate reductions. Oklahoma became the first state to make permanent the full expensing of capital investments by C corporations in the year they made the investments. Two states permanently exempted groceries from their respective sales tax bases.

TweetShareSharePin0 Shares This legislative session, the sales tax on food has garnered a great deal of attention in Kansas, with policymakers on both sides of the aisle proposing the removal of groceries from the sales tax base. While this issue has long been a subject of debate in Kansas, it has gained increased attention this

TweetShareSharePin0 Shares In times of inflation, like we are experiencing now, a review of the tax code shows that some provisions are automatically indexed, or adjusted, to match inflation, while others are not. And that creates unfair burdens for taxpayers. But it’s not always as simple as just “adjusting for inflation.” That works for some

TweetShareSharePin0 Shares After weeks of closed-door deliberations between legislative leaders in Kentucky’s House and Senate, lawmakers on March 29 unveiled and quickly adopted a committee substitute to House Bill 8, which passed both chambers with a veto-proof supermajority that same day. The amended legislation uses tax triggers to reduce Kentucky’s individual income tax rate, with

TweetShareSharePin0 Shares If 2021 was a big year for state tax reform, 2022 may give it a run for its money. With January now in the books, the 40 states which have convened their legislative sessions—six more will join them, while four states’ legislatures do not meet in odd-numbered years—already show a flurry of activity