April is the most important month of the year for individuals who owe federal and state income taxes and for governments that rely on income taxes as a major source of revenue. Because personal income tax receipts account for about 45 percent of federal government receipts and more than 33...
High net worth investors can reduce the cost of an investment in 29 states by claiming an "angel investor" tax credit. In most states, the credit is worth more than 25 percent of the investments and can be transferred to another taxpayer if it exceeds the investor's liability. States hope the...
When the Great Recession created unexpected budget deficits, many states used temporary tax increases to maintain revenues for vital government services. Because they are generally less disruptive than immediate spending cuts, temporary tax increases can be a useful tool for overcoming short-...
The latest edition of the Tax Policy Center's State and Local Finance Initiative's State Economic Monitor reports that states are still struggling to emerge from the lingering recession. The good news is that nearly all states experienced economic growth in 2013, and only one state has an...
The latest edition of the Tax Policy Center's State and Local Finance Initiative's State Economic Monitor finds the economic recovery continues to improve slowly. No state unemployment rate increased from last year in February but long term unemployment remains a problem and is above average in...
This Tax Fact examines minimum wages across states. The current federal minimum wage, which applies to almost all employees, is $7.25 per hour unchanged since 2010. The District of Columbia and 21 states set minimum wages higher than the federal rate.
The latest edition of the Tax Policy Center's State and Local Finance Initiative's State Economic Monitor finds the recovery still struggling for momentum. The unemployment rate has improved but remains over 40 percent higher than the pre-recession rate and public sector employment continues to...
The 2001 tax cuts temporarily phased out a credit for state estate and inheritance taxes and replaced it in 2005 with a deduction. Responding to the repeal, some states simply repealed their estate taxes. Others decoupled from the federal law, either establishing a stand-alone tax or explicitly...
As states prepare to debate their fiscal year 2018 budgets, many continue to face tough fiscal outlooks. About half failed to meet revenue targets last...
Carrier Corporation, which makes heating and cooling equipment, announced in February that it was moving facilities to Mexico where labor costs are significantly lower than...
For all the talk of political gridlock, it is amazing how quickly a state legislature can act when $1 billion in unexpected corporate tax refunds are...
Last Tuesday, voters in several states approved modest tax hikes. Increasingly, states are using ballot measures to determine whether to support new taxes. Some of...
The latest edition of the Tax Policy Center’s State and Local Finance Initiative ’s State Economic Monitor finds that revenue growth is accelerating in most...
Kansas Governor Sam Brownback (R) and the GOP-controlled legislature are struggling to accomplish two goals: They want to repeal the state income tax but need...
How many tax bills introduced have bipartisan support in today’s hyper-partisan Congress? Not very many but last week identical bills were introduced in the House...
As Congress and President Obama continue to spar over how to avoid the looming fiscal cliff, most public attention has been focused on what tumbling...
