Weekly Round-Up: State Budget Concerns and Tax Reform

Highlights from the 6/19/17 through 6/23/17 issues of the Daily Tax Report: State :

  • Tax Amnesty, Business Investment Credits in Ohio Senate Budget
    Temporary tax amnesty program and tax credits for investments into rural and “high-growth industry” companies are among several tax tweaks in the state budget bill passed by the Ohio Senate June 21.
  • North Carolina Tax Cuts Likely to Override Governor's Veto
    North Carolina would continue cutting tax rates on corporate and personal income while increasing the standard deduction as part of the budget and tax package approved June 22 by the state Legislature.
  • Maine Governor Snubs Digital Sales Tax Bill
    Maine Gov. Paul LePage (R) vetoed a bill June 20 that would have broadened the state's taxing authority over remote retailers.
  • Illinois Governor Calls for Unity Ahead of Budget Session
    Illinois Gov. Bruce Rauner (R) preached the virtues of unity ahead of a special legislative session aimed at ending the state's unprecedented budget crisis—but Democratic leaders insisted the governor has no interest in compromise.
  • New Bill Would Slash Pennsylvania's Corporate Tax Rate
    Pennsylvania's corporate net income tax rate would fall from 9.99 percent to 5.99 percent under legislation proposed June 20. H.B. 1584, sponsored by Rep. Greg Rothman (R), would drop the rate beginning Jan. 1, 2018.
  • Louisiana Lawmakers Decline to Make Massive Tax Changes
    The Louisiana Legislature passed a number of tax-related bills this year, but failed to make promised long-term structural changes.
  • Delaware Senate, House Scramble to Finish Budget
    Delaware Gov. John Carney (D) will sign a bill to increase corporate franchise taxes and fees in Delaware, the governor's office told Bloomberg BNA June 16.

Some notable developments from the State Tax Developments Tracker —Bloomberg BNA’s tool for monitoring important developments in all the states:

  • Alabama Updates List Of Local Governments Participating In July 21-23 Sales Tax Holiday
  • Colorado Governor's Office Releases Quarterly State Revenue Forecast
  • Louisiana Department Of Economic Development Amends Industrial Ad Valorem Tax Exemption Program
  • Pennsylvania Treasury Announces Property Tax/Rent Rebate Relief Program Success
  • South Dakota Revenue Department Publishes July 2017 Municipal Tax Information Bulletin On Sales Tax, Use Tax, Gross Receipt Tax
  • Tennessee Department Of Revenue Announces Interest Rate Changes, Effective Tax Rates

Get a free trial to Bloomberg BNA Tax & Accounting's State Tax solution , a comprehensive research service that provides deep analysis and time-saving practice tools to help practitioners make well-informed decisions.

In other developments …  

California – Bill Shifts Nearly All Tax Administration and Appeal Functions from the BOE to Two New Tax Organizations by PwC

Unpacking the State and Local Tax Toolkit: Sources of State and Local Tax Collections by the Tax Foundation