OKLAHOMA CITY – Oklahoma’s economy is recovering, and some lawmakers want to undo policies they enacted during a more difficult time. Now that Oklahoma is seeing its revenue streams strengthen and the Legislature has passed comprehensive tax increases, top Senate Republicans are contemplating an end to the stopgap tax increases they passed during 2017’s financial emergency. Namely, the end of the sales tax exemption on motor vehicles. State Sen. Kim David, R-Porter, is the incoming majority floor leader. She filed Senate Bill 2, which would reinstate the tax break that Oklahoma maintained for decades on cars. Lawmakers nixed the exemption at the end of the 2017 legislative session with a controversial bill that drew an Oklahoma Supreme Court challenge. “That tax was passed during a time when we couldn’t get some of the other revenue packages passed,” she said. “I feel like that was the most regressive.” The measure has … [Read more...] about Legislation would restore tax break on car sales
Tax breaks definition
Las Cruces Sun-News Published 6:06 PM EST Nov 24, 2018 LAS CRUCES - For some holiday shoppers at small, local businesses Saturday, it came as a pleasant surprise to learn that there was no state gross receipts tax. Not for Kay Naranjo. She said that when she learned about the Small Business Saturday tax holiday, she decided to put off purchases she had planned to make at Coyote Traders, 1024 W. Picacho in Las Cruces, until Saturday. “We have a new house in town, and we’ve been buying a few things. And, he told us to come back and save money,” she said. “And who doesn’t want to save money.” A bill passed earlier this year by the New Mexico Legislature created a new tax holiday for businesses with 10 employees or fewer on the Saturday after Thanksgiving — commonly referred to as Small Business Saturday. A list of common holiday gift items could be purchased without paying taxes. The “he” that Naranjo was referring to is Gabriel … [Read more...] about Small Business Saturday gives shoppers one-day tax break
By Bob Strauss | [email protected] | Daily NewsPUBLISHED: November 19, 2018 at 4:26 pm | UPDATED: November 19, 2018 at 4:32 pm As if LeBron James wasn’t given enough to relocate to Hollywood, now his big movie is getting a tax break. The upcoming “Space Jam 2” is the highest profile feature film project to qualify for California’s tax credit program. Produced by “Black Panther’s” Ryan Coogler and starring the Lakers’ new superstar, the sequel to the 1996 Michael Jordan/Looney Tunes hybrid is one of 15 features chosen Monday by the California Film Commission, which administers the $330 million per year production incentives, to make this round of titles rewarded for filming primarily in the Golden State. California’s Film & TV Tax Credit Program, which is designed to keep shows from running off to places such as Georgia and British Columbia that offer even more generous incentives, picks movie and TV projects several times per … [Read more...] about “Space Jam 2,” starring LeBron James, scores big with California film tax break. Swoosh!
Steve Orr Rochester Democrat and Chronicle Published 8:03 AM EDT Oct 27, 2018 The clubhouse at 1 Reserve View Boulevard, resplendent with gleaming marble and rich dark wood, is the size of a small grocery store. Anthony Costello, the developer who conceived it, was not shy about saying how much he spent to build it: $7 million. But there’s another number associated with the building: $1,000. That’s the value for property tax purposes placed by the town of Brighton on the clubhouse and its 10 acres of grounds. The combined county, town and school taxes due on that $7 million palace this year: $38.91.That remarkably small bill, which town Supervisor William Moehle said is legally justifiable, is just a sampling of the topsy-turvy tax situation at the ritzy Reserve. The development, unlike some other Costello & Son projects, was built without benefit of government gifts, loans or corporate tax breaks. But a key to the exclusive community’s creation … [Read more...] about Costello & Son’s Reserve was built around unusual tax breaks
Agnel Philip and Jerod MacDonald-Evoy Arizona Republic Published 9:00 AM EDT Oct 11, 2018 The cities of Phoenix and Tempe struck deals in recent decades exempting high-rise developers from millions of dollars in taxes, subsidies that added to their downtown skylines but pushed additional costs onto neighboring property owners. As a result, the tax breaks, known as Government Property Lease Excise Tax agreements, have become a flashpoint at community gatherings, city council meetings and the Arizona Legislature over the past decade. Supporters of this development strategy, chief among them city officials, credit it with getting projects built that otherwise would never happen — in this case, high-rises to anchor burgeoning downtowns. Those projects, once built, contribute to the growing prosperity of all property owners in the area. Critics counter that the tax breaks have shifted additional financial burden … [Read more...] about Arizona cities give tax breaks to developers. Here’s how you pay for it