The composition of local general revenue has been relatively stable over time. However, compared to 1977, the share of revenue from charges has increased while the shares from federal and state aid and the property tax have declined.
March 11, 2024
The foreign tax credit prevents double-taxation of foreign-source income. In tax year 2021, only 7% of individual filers claimed the foreign tax credit, while 62% of taxpayers with adjusted gross income over $1 million claimed it.
March 4, 2024
The American Rescue Plan Act temporarily expanded the Child and Dependent Care Tax Credit (CDCTC) for 2021. The 6.2 million tax returns with CDCTC in 2021 claimed $2,100 each on average, compared with under $600 in prior years.
February 26, 2024
Several income tax provisions subsidize the costs of community and regional development. For FY 2023, the largest provisions were Opportunity Zones ($2.1 billion) and New Markets Tax Credits ($1.2 billion), per Treasury's estimates.
February 19, 2024
By checking a box, tax filers can direct $3 to the Presidential Election Campaign fund at no cost to themselves. The share of tax filers checking the box has declined from 28 percent in 1976 to 3 percent in 2023.
February 12, 2024