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Sales Taxes Archive

State and Local Tax Revenue by State

TweetShareSharePin0 Shares Key Findings Property taxes are the primary source of tax collections at the local level, responsible for 72.2 percent of local tax revenue in fiscal year 2020 (the most recent year for which data are available). Once a significant driver of state budgets as well, their share of state collections has dropped to

New Jersey Menthol Cigarette Ban: Details & Analysis

TweetShareSharePin0 Shares New Jersey’s proposed ban on the sale of menthol cigarettes (Assembly Bill 1989) would reduce excise and sales tax collections by as much as $243 million per year. Despite the significant revenue loss, smoking rates are unlikely to decline. New Jersey should look to the recent Massachusetts experiment to see what to expect

State and Local Sales Tax Rates, Midyear 2022

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),

2022 State Tax Reform & State Tax Relief

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.

Wisconsin Tax Reform Options to Improve Competitiveness

TweetShareSharePin0 Shares Key Findings Over the past two years, a wave of tax reform has swept the country, with a historic number of states improving their tax competitiveness by reducing income tax rates and enacting flatter structures. Since 2019, Wisconsin has made improvements to its three lowest marginal individual income tax rates, but its top

2022 State Tax Changes Effective July 1

TweetShareSharePin0 Shares Although the majority of 2022 state tax changes take effect at the start of the calendar year, some are implemented at the beginning of the fiscal year. Individual and corporate income tax changes usually take effect at the beginning of the calendar year to maintain policy consistency throughout the tax year, but sales

Wisconsin Losing Ground to Tax-Friendly Peers

TweetShareSharePin0 Shares Over the past decade, the state tax landscape has grown increasingly competitive as policymakers have sought to attract investment and promote economic opportunity and growth in their states. The past two years in particular have seen an extraordinary increase in tax reform efforts, given states’ strong revenue growth despite the pandemic and policymakers’

How Does Your State Rank on Sales Taxes?

TweetShareSharePin0 Shares Today we continue our map series on the 2022 State Business Tax Climate Index with a map showing states’ rankings on the Index’s sales and excise tax component. The sales tax rate and structure can make a state more or less attractive to businesses for two key reasons: (1) some states apply the sales tax to business inputs, which

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