/ REASON ON THE HILL: The Humanists of Linn County, Iowa Atheists & Freethinkers and Tri-State Humanists had their second annual Reason on the Hill Day at the Iowa State Capitol Building in Des Moines April 10, 2018. The groups had table displays and provided information about their organizations. TARIFFS AND AG: Iowa Agriculture Secretary Mike Naig discusses the effect of an international trade dispute between the United States and China on Iowa agriculture during Gov. Kim Reynolds’ weekly news conference at the Iowa Capitol building in Des Moines on Tuesday. TARIFFS AND MANUFACTURING: Steve Sukup (pronounced SOO-CUP) of Sukup Manufacturing in Sheffield discusses the effect of an international trade dispute between the United States and China on Iowa manufacturers during Gov. Kim Reynolds’ weekly news conference at the Iowa Capitol building in Des Moines on Tuesday. TARIFFS AND TRADE: Gov. Kim Reynolds discusses the effect of an international trade dispute … [Read more...] about Second annual Reason on the Hill Day for Iowa atheists and humanists, officials discuss effect of U.S., China trade dispute, frustrations with slow state income tax refunds expressed to Senate: Iowa Capitol Digest, April 10
State income taxes
What Americans pay in state income taxes, ranked from highest to lowest
Tanza Loudenback, provided by Published 12:06 pm, Sunday, April 8, 2018 REUTERS/Shannon Stapleton Taxes are due by April 17. Most Americans should file a state income tax return in addition to a federal income tax return. State income tax rates range from zero to 13.3%, depending on which state you live in and your income. Tax day is April 17 this year, but the Internal Revenue Service began accepting tax returns on January 29. Most Americans file returns for both state income tax and federal income tax. You can do that through H&R Block or TurboTax — both of which offer free tax filing for eligible taxpayers — or an accountant. Nearly everyone is subject to federal income taxes. How much you pay depends on how much you earn, also known as your tax bracket. Though President Donald Trump signed the Republican tax bill into law at the end of December, new federal tax brackets will affect only income earned starting January 1, 2018. You'll see those … [Read more...] about What Americans pay in state income taxes, ranked from highest to lowest
House OKs $250 child tax credit on state income taxes
PHOENIX — Got kids younger than 18? The state House voted Tuesday to give you $250 for each one. And that means the more kids you have, the less you will owe when you pay your state income taxes. Current law provides a $2,300 deduction from income for each dependent. But deductions are simply a subtraction from income. So if someone is paying state income taxes at the rate of 3.5 percent, that $2,300 per child reduces actual taxes by about $80. This, by contrast, is an actual $250 per child credit, meaning a subtraction of the actual taxes owed, on top of the deduction. The actual amount in HB 2459, given preliminary approval, depends on income and family size. A family of three earning up to $41,560 a year would get the full $250 for each child. For four, the income limit for a full deduction would be $50,200, $58,840 for a family of five, $67,480 for a family of six. And for a family of nine, the full $250 credit would be available for each of the seven children … [Read more...] about House OKs $250 child tax credit on state income taxes
House bill would exempt recent graduates from state income taxes if they stay in state
Forty percent of graduates from Mississippi's public universities have left the state five years after graduation, according to a recent report commissioned by the state College Board. .On Wednesday, a House committee passed a bill seeking to slow that brain drain from the state. The bill would exempt recent college graduates from state income taxes if they stay in the state for three years after graduation from a four-year college or university. They could get an additional two-year exemption if they buy a house or establish a business with at least one additional employee. It also provides the exemption for a licensed teacher."House Bill 1550 is designed for us to have a discussion on the issue," said Rep. Trey Lamar, R-Senatobia, who authored the bill. "I have seen a lot of this (brain drain) with the people I went to school with."State Higher Education Commissioner Glenn Boyce said reversing the trend of college graduates leaving the state is critical to the … [Read more...] about House bill would exempt recent graduates from state income taxes if they stay in state
Reynolds proposes $1.7 billion in state income tax cuts; Dems skeptical of plan
Gov. Kim Reynolds unveiled plans Tuesday for a major cuts in state income taxes, proposing a reduction in rates by as much as 23 percent, while simplifying the state tax code and lowering taxes for middle-class Iowans and small business owners.Reynolds, who succeeded Gov. Terry Branstad in May when he became U.S. ambassador to China, said in a news release her proposal to the Iowa Legislature is projected to cut income taxes by a total of $1.7 billion between the 2019 and 2023 state fiscal years, while maintaining expected growth in state revenue.Minority legislative Democrats immediately said they were willing to work in a bipartisan manner with the Republican governor on tax policy issues. But they expressed concerns that Reynolds' proposal could make the state's current budget problems even worse. They also warned that other states — particularly Kansas — have slashed state taxes with disastrous results.The plan … [Read more...] about Reynolds proposes $1.7 billion in state income tax cuts; Dems skeptical of plan