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
It’s time for the governor to break the income-tax impasse
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest It's time for the governor to break the income-tax impasse Gov. Kim Reynolds is refusing to take sides among competing tax proposals. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Subscribe Today Log In Subscribed, but don't have a login? Activate your digital access. Kathie Obradovich, [email protected] Published 12:49 p.m. CT April 18, 2018 CLOSE On the heels of the new federal tax reform law, Gov. Kim Reynolds said that Iowa's own tax system needs to be changed in order to provide tax relief during her first Condition of the State address. Brian Powers/The Register CONNECT TWEET LINKEDIN COMMENT … [Read more...] about It’s time for the governor to break the income-tax impasse
Guest column: For tax reform, have a bold plan
Since the passage of the 1974 Louisiana Constitution, there have been dozens of additional constitutional and statutory “dedications” of revenues. These dedications, along with certain exemptions and exclusions from taxation, and the application of tax credits, have created many of the structural and systemic problems in the budget, fiscal and tax policy in the state of Louisiana.A “plan of reform” should be followed to make the needed fiscal and tax changes.Assist Local Government. Remove prohibitions which limit the ability of local governments to raise revenues, while also removing certain state obligations to provide financial support for local governments.Permit the homestead exemption to be locally determined and set by the citizens of each parish.For sales taxes, standardize definitions, exemptions and/or exclusions to the sales tax, as determined by the Legislature; permit locals to set the “rate” of sales tax without any legislative approval … [Read more...] about Guest column: For tax reform, have a bold plan