Weekly Round-Up: Fiscal Forecast Improves in 2014, but Uncertainties Lie Ahead


 

In 2014, many states will continue to emerge from the lingering financial hardships of the Great Recession,Renee Bartoli, Melissa Fernley, Rebecca Helmes, Michael Kerman, and Christopher Young, all State Tax Law Editors with Bloomberg BNA, write in this week’s issue of the Weekly State Tax Report.

But from a policy standpoint, the forecast is far from sunny, according to their outlook. Controversies surrounding hot button issues such as gay marriage, marijuana use, and online gambling cloud the horizon. It is more than likely that the states' divergent positions on these questions will find their way into state tax codes. Meanwhile, stakeholders will continue to debate nagging issues such as the tax treatment of online sales, they say.

At the same time, other basic state tax levies such as the gas tax and property tax are likely to receive renewed attention this year, as states continue their struggle to shore up eroding tax bases and modernize tax laws to address budgetary concerns and modern business practices, they write.

Their state tax outlook, which can be read here , provides an in-depth look at issues surrounding:

  • Same-Sex Married Couples
  • Marijuana
  • Online Gambling
  • Click-Through Nexus
  • Services
  • Online Travel Companies
  • Gas Tax Reform
  • Apportionment Election
  • Captive Insurance Companies
  • Property Tax Reform and
  • Cloud Computing

Additionally, for a forecast on the state tax treatment of cloud computing in 2014, check out Bloomberg BNA editor Rebecca Helmes’s interview with Stephen P. Kranz, a partner in the law firm of McDermott Will & Emery LLP.

In other developments…

2014 State of the State Address Dates & Speech Text , by the  National Association of State Budget Officers

Oscar Nominees Cash in on State Tax Subsidies , by The Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution

Compiled by Priya D. Nair
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