COLUMBUS, Ohio (AP) — Ohio’s Department of Taxation will begin accepting 2018 state income tax returns, including online.Ohioans can start filing their returns on Monday. More than 5.5 million Ohio taxpayers are expected to file by the April 15 deadline.Changes this year include:An increase in the maximum deduction for Medical Savings Account contributions;Increases to tax-free contributions to an Ohio 529 plan or to a STABLE account to a maximum of $4,000 per beneficiary;An inflation adjustment to the personal exemption and the tax brackets;A new deduction for income earned by out-of-state business owners and nonresident employees who conduct disaster work in Ohio during a disaster response, andShorter, simpler tax booklet instructions.Some taxpayers still will be directed to take an identification quiz the state says protects against fraud. … [Read more...] about Ohio to begin accepting state income tax returns Monday
State income taxes
Texas doesn’t have a state income tax and Plano lawmaker Jeff Leach wants to make sure it never does
The news release carried a show of support from Abbott. "Texans know far better than government how to spend their own money," Abbott said in the release. "That's why I applaud Representative Jeff Leach's proposal to amend the Constitution and forever eliminate the possibility of a state income tax. I look forward to working with Representative Leach to ensure Texas remains the best place to live and work."Texas does not currently have a state income tax, but Leach's proposal is meant to prohibit that possibility in the future. In 1993, the state took the power to levy such a tax from lawmakers and gave it to voters. Since then, an income tax can only be imposed if it's approved by a majority of registered voters in a statewide referendum, and any net revenues must be used for the "support of education." In September, Abbott called for ending even the idea of a state income tax at a rally in McKinney, saying: "It's time we amend the Texas Constitution to eliminate the … [Read more...] about Texas doesn’t have a state income tax and Plano lawmaker Jeff Leach wants to make sure it never does
State income tax to drop, edging closer to 5 percent
Rejoice, Massachusetts taxpayers. You’ll have a bit more money in your paychecks come January, and, if state assumptions are correct, another long-awaited reprieve — with potentially bigger budget ramifications — could follow. The state income tax rate will drop from 5.1 percent to 5.05 percent at the start of the new year, the latest step in a yearslong, legislatively created process that will march the tax rate toward 5 percent and eventually fulfill the will of the voters from two decades ago. The impact next year is likely small for the average taxpayer. For example, someone who is single, has no children, makes $50,000 a year, and rents his or her home stands to save $20, according to the Department of Revenue. Close … [Read more...] about State income tax to drop, edging closer to 5 percent
Rich get richer: State income tax edition
click to enlarge Sen. Jim Hendren Tweets from the state's tax-cutting task force meeting this morning that the group had backed the plan preferred by Gov. Asa Hutchinson to phase in a change in the state income tax to three rates with a drop in the top rate from 6.9 percent to 5.9 percent. This means a 14 percent reduction in the income tax on top-dollar income, a whopping windfall for the richest Arkansas taxpayers, as I noted earlier based on 2016 data from the state Finance and Administration Department. The chart at top comes from material distributed at the meeting this morning, with its cumulative almost $200 million reduction in general revenue over the phase-in. Previous data indicates the bottom 38 percent of taxpayers would get no cuts — actually a tax rate increase for the very poorest that is supposedly to be offset by an increase in the standard deduction. About half of the taxpayers, the 638,000 making between $20,000 and $80,000, would realize about 25 … [Read more...] about Rich get richer: State income tax edition
State income tax relief approved for Carson residents dealing with environmental contamination
By Nick Green | [email protected] | Daily BreezePUBLISHED: October 3, 2018 at 5:00 pm | UPDATED: October 3, 2018 at 5:02 pm Almost 300 Carson households who will receive compensation while oil-soaked soil beneath homes in the Carousel tract is removed will no longer have to pay state income taxes on the payments, officials said Wednesday. Gov. Jerry Brown has signed off on a bill authored by state Sen. Steve Bradford, D-Gardena, permitting the exemption. It’s similar to legislation that did the same thing for thousands of residents of Porter Ranch in 2015 who were forced to leave their homes because of the Aliso Canyon gas leak, Bradford said in a press release. “For half a century, these 285 households in Carson have stood above oil-soaked ground,” he said. “These homes were wrongfully built atop former oil reservoirs and the residents have suffered from toxic contamination ever since. This bill will finally give clarity and equity to residents, ensuring they do … [Read more...] about State income tax relief approved for Carson residents dealing with environmental contamination