No Further Funding Cuts For IRS In FY24
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution to keep the federa...
AR - Sales tax holiday guidance issued
The Arkansas Department of Finance and Administration has issued instructions to retailers regarding the 2024 sales tax holiday. The holiday will take place from August 3-4. During this period, the fo...
CO - Addback and subtraction rules adopted
The Colorado Department of Revenue has adopted the following new individual income tax rules:Rule 39-22-104(3)(d), relating to the addback for state income taxes deducted in determining federal taxabl...
KS - Local rate changes announced
The Kansas DOR announces the local sales and use tax rate changes below for the quarter beginning July 1, 2024.The notice can be viewed on the department's website.City Rate ChangesBenton increases it...
KY - Broadband investment credit created
Kentucky created an investment tax credit for the purchase or lease of eligible equipment or services that expand broadband services in the state. Eligible taxpayers can use the credit to reduce their...
MO - Withholding rule amended
A Missouri rule regarding the withholding of income tax from wages has been amended to, among other things:add guidance on withholding from retirement income;update filing information; andupdate infor...
NJ - Earned income tax credit discussed
The New Jersey Department of the Treasury encourages eligible taxpayers to take advantage of earned income tax credit. For 2023tax year, eligible taxpayers could receive a refundable credit up to USD ...
NM - MDWCAs are exempt from property taxes
The New Mexico Attorney General's Office has publicly issued a letter stating that mutual domestic water consumers associations (MDWCA) are exempt from property taxes. MDWCAs are community water syste...
OK - Conditions for exclusion from tax sale amended
Oklahoma has amended the conditions by which a tax-delinquent property in a county with a population in excess of 100,000 people may be exempted from a tax sale. In order to be excluded from a tax sal...
SC - Digital textbooks are exempt
The taxpayer's sale and rental of digital textbooks (eTextbooks) was exempt from South Carolina sales tax because such transactions fell within the exemption for textbooks. The eTextbooks could be rea...
TN - Captive insurance company provisions modified
Recently enacted Tennessee legislation provides that the Commissioner may approve an alternative date for filing and paying the premium tax due for captive insurance companies on a fiscal year end. Th...
TX - Limitations period when extension filed
The Texas Comptroller has issued guidance as to the limitations period for assessments and refunds of franchise tax when a taxpayer requests an extension of the deadline to file and pay any tax due on...
WV - Private trust company exemption enacted
West Virginia enacted legislation that provides a personal income tax exemption to private trust companies licensed in the state. A private trust company is a corporation or limited liability company ...