The polls have closed and votes have been tallied; the 2016 election season is over, and the U.S. has a new president-elect. But while politicians across the nation are making their victory or concession speeches, taxpayers in several states can prepare for new or higher taxes, courtesy of state-level initiatives that were on the Nov. 8 ballot.
Marijuana and tobacco topped the list of tax topics on the ballot this year. Nine states had initiatives on whether to legalize medical or recreational marijuana, and four states had measures regarding increasing taxes on cigarettes and tobacco. Here is a quick rundown of the results and their tax implications:
Cigarettes and Other Tobacco Products:
Other sin taxes also featured in this year’s election.
For example, Washington voters rejected the nation’s first official carbon tax, which would have levied a $15 per metric ton tax on carbon dioxide for fiscal year 2017-2018 and increased the tax in subsequent years, along with decreasing the state’s sales tax by half a percent and slightly lowering the business and occupation tax rate on manufacturers.
Several localities considered taxes on soda, following in the footsteps of Berkeley, Calif., which enacted a tax in 2014, and Philadelphia, which enacted a tax earlier this year. Three California cities—Albany, Oakland and San Francisco—approved a $0.01 per-ounce tax on sugary-beverages; Boulder, Colo., residents voted on and approved a $0.02 soda tax.
Sales, property and income taxes also featured in the 2016 election. Below is a list of some of the initiatives that were decided on Election Day (this list is not comprehensive of every state or local measure on the November ballot).
Note: These results are accurate as of Nov. 9 at 3:30.
Continue the discussion on Bloomberg BNA’s State Tax Group on LinkedIn: With four additional states legalizing marijuana for adult recreational use this election, will the federal government decide to tackle the issue?
With a free trial to Premier State Tax Library, practitioners have a single trusted resource that provides all of the tools and information they need to develop and implement the right tax strategies.
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