Arkansas Gov. Asa Hutchinson speaks at a news conference at the state Capitol in Little Rock, Ark., Wednesday, Jan. 30, 2019 about his revised proposal to cut the state's top marginal income tax rate. Many states in the country last year received a windfall of state tax revenue, thanks to changes brought on by the federal Tax Cuts and Jobs Act of 2017. But Arkansas wasn't one of them. "Some states have announced that they expect to experience a windfall in revenues as a result of the TCJA because those states' law conforms automatically to the Internal Revenue Code," said Paul Gehring, an assistant revenue commissioner for the state Department of Finance and Administration. "Arkansas is not an automatic conformity state," he said. And, according to a department spokesman, the Arkansas Constitution won't allow automatic conformity. Eighteen states and the District of Columbia have rolling conformity with the Internal Revenue Code, meaning that they conform to relevant provisions of … [Read more...] about Arkansas got no slice of income tax windfall; some states that conformed with 2017 federal tax code reaped benefits
Corporate income tax definition
State got no slice of income tax windfall
Arkansas Gov. Asa Hutchinson speaks at a news conference at the state Capitol in Little Rock, Ark., Wednesday, Jan. 30, 2019 about his revised proposal to cut the state's top marginal income tax rate. Many states in the country last year received a windfall of state tax revenue, thanks to changes brought on by the federal Tax Cuts and Jobs Act of 2017. But Arkansas wasn't one of them. "Some states have announced that they expect to experience a windfall in revenues as a result of the TCJA because those states' law conforms automatically to the Internal Revenue Code," said Paul Gehring, an assistant revenue commissioner for the state Department of Finance and Administration. "Arkansas is not an automatic conformity state," he said. And, according to a department spokesman, the Arkansas Constitution won't allow automatic conformity. Eighteen states and the District of Columbia have rolling conformity with the Internal Revenue Code, meaning that they conform to relevant provisions of … [Read more...] about State got no slice of income tax windfall
Push for another upper-income tax cut gets Treasury’s attention
Conservative activists appear to be getting traction in an effort to get the Treasury Department to cut taxes on the rich, with the department considering a move to ease a levy on capital gains. An array of groups, including Grover Norquist’s Americans for Tax Reform, the Club for Growth, Americans for Prosperity and the National Taxpayers Union, want the agency to change the way the tax is calculated in order to take into account the effects of inflation. That would save investors potentially millions of dollars in taxes on stocks and other assets. Story Continued Below Republicans have been unsuccessfully pushing the issue for years. Treasury has previously long maintained that it does not have the legal authority to make the change and that ball is in Congress' court. But many see a rare opportunity in the Trump administration. “A conventional Republican would never do this, but Trump might,” said Ryan Ellis, a Republican tax consultant. “A lot of times … [Read more...] about Push for another upper-income tax cut gets Treasury’s attention
New tax law creates challenges for farmers, tax experts
File your tax return on a postcard? That was one of the goals supporters cited while promoting the Tax Cuts and Jobs Act of 2017 before it was passed by Congress and signed by the president last December. Some taxpayers may be able to use such a “short form” when they file their 2018 returns next year. For many others, including farmers, the process is likely to be more complicated, according to Iowa State University’s Dr. Kristine Tidgren. Tidgren, director of the Center for Agricultural Law and Taxation at ISU, discussed the new tax law, which contains the most significant changes in the tax code in nearly 30 years, during a presentation at the Mid-South Agricultural and Environmental Law Conference at the University of Memphis in Memphis, Tenn. While the bill was sold as a tax simplification measure, farmers and other small businessmen and women across the country will find the new law to be complex in different ways. Many of the provisions will not be fully … [Read more...] about New tax law creates challenges for farmers, tax experts
Dem plan to increase taxes will make N.J. anti-business
By Regina M. Egea Last month Garden State Initiative hosted an Economic Policy Forum that was a gathering of thought leaders and an opportunity for an exchange of ideas from across the political spectrum in government, academia and business. A common theme was a need to put partisanship aside and produce solutions. Included was the release of our report "New Jersey's Business Tax Competitiveness: Modeling the Prospects for Growth" based upon research conducted by Ernst & Young. The report sets the stage for discussion of how New Jersey's business climate, as compared to regional and national competitors, impacts our ability to compete for and retain jobs. During the forum, the common reaction was unease. Andrew Phillips, a principal at Ernst & Young, concluded that "the broad takeaway from our analysis is that -- for manufacturers in particular -- New Jersey does not have a particularly competitive business tax climate." He later added that the improving climate elsewhere … [Read more...] about Dem plan to increase taxes will make N.J. anti-business