With most state legislative sessions drawing to a close, jurisdictions are generally following the trend that began last year of avoiding tax increases, and in some cases, cutting taxes as revenues begin to climb back to pre-recession levels.
Kansas (H.B. 2117) recently reduced its top personal income tax rate to 4.9 percent from 6.45 percent, raised the standard deduction, and exempted certain nonwage income attributable to a pass-through entity.
Maine enacted legislation (L.D. 849) aimed at gradually cutting its top tax rate from 8.5 percent to 4 percent. But the rate reduction is contingent upon surplus revenues in the coming years.
Other states enacted smaller tax cuts. Idaho (H.B. 563) cut its highest personal income tax rate to 7.4 percent from 7.8 percent. Nebraska L.B.970 cut the tax rates applicable to all but its highest bracket. Arizona (H.B. 2815) reduced the tax rate applied to capital gain income.
One exception to this tax rate cutting trend in 2012 was Maryland (S.B. 1302), which raised the income tax rates applicable to single filers earning over $100,000 per year and couples earning over $150,000.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)