Latest Personal taxes News

Final valuation of Prince's estate pegged at $156.4 million

Jan. 15, 2022 17:15 PM EST

MINNEAPOLIS (AP) — The six-year legal battle over pop superstar Prince’s estate has ended, meaning the process of distributing the artist's wealth could begin next month. The Minneapolis Star Tribune reports that the Internal Revenue Service and the estate’s administrator,...

Ducey proposes earned-income tax credit in $14B budget plan

Jan. 14, 2022 19:07 PM EST

PHOENIX (AP) — Gov. Doug Ducey on Friday proposed a tax credit for Arizona's low-income workers, the first time in his eight years of pushing tax cuts that he pitched a benefit targeted at the bottom end of the income spectrum. In his final budget proposal before leaving office,...

New Mexico lawmakers seek greater spending, voter access

Jan. 14, 2022 13:09 PM EST

SANTA FE, N.M. (AP) — Critical decisions on government spending, voting access, public education and criminal justice await New Mexico legislators for their upcoming 30-day legislative session that starts on Tuesday. New Mexico's state government has a multibillion-dollar general...

Kemp goes big on spending, seeking $3B increase for Georgia

Jan. 13, 2022 17:38 PM EST

ATLANTA (AP) — Gov. Brian Kemp is proposing almost $3 billion more in spending from state revenue in the 2023 budget year that begins July 1, led by more than $1 billion in pay and retirement increases for Georgia's state, K-12 and university employees. That includes $2,000 for...

Nebraska's Ricketts seeks tax cut for highest earners

Jan. 13, 2022 16:32 PM EST

LINCOLN, Neb. (AP) — Nebraska Gov. Pete Ricketts proposed an income tax cut on Thursday for corporations and nearly 419,000 residents whose incomes rise into the state's top bracket. The Republican governor said he would seek to lower the top rates to 5.84%, down from the current...

Indiana House Republicans pushing ahead on tax cut plan

Jan. 13, 2022 16:09 PM EST

INDIANAPOLIS (AP) — Indiana House Republicans are forging ahead with their push for broad business and individual tax cuts even with ongoing skepticism from other GOP leaders in the Statehouse. The Republican-dominated House is expected to vote next week on endorsing the proposal...

Kansas governor proposes to set aside $600M, spend reserves

Jan. 12, 2022 17:19 PM EST

TOPEKA, Kan. (AP) — Democratic Gov. Laura Kelly proposed Wednesday that Kansas put $600 million of its surplus revenue in a rainy day fund and spend nearly $1.8 billion of the excess revenue on a long list of projects. Parts of Kelly's proposed spending blueprint for state...

Kemp seeks $1.6B in Georgia tax rebates worth $250 or $500

Jan. 12, 2022 14:40 PM EST

ATLANTA (AP) — Georgia Gov. Brian Kemp wants to use $1.6 billion of the state's $2.2 billion in spare cash to give rebates in April on state income taxes. The Republican told the Georgia Chamber of Commerce on Wednesday that he wants to give a $250 rebate to every single person...

Bill to cut income tax introduced in Idaho House committee

Jan. 12, 2022 14:36 PM EST

BOISE, Idaho (AP) — Legislation to cut Idaho's income tax and provide one-time rebates was introduced Wednesday in the House Revenue and Taxation Committee. Gov. Brad Little outlined the proposal in his State of the State address earlier this week, and the House committee moved...

Reynolds backs $2B tax cut with changes to income tax rates

Jan. 11, 2022 20:19 PM EST

DES MOINES, Iowa (AP) — Iowa Gov. Kim Reynolds proposed Tuesday night that Iowa cut taxes by nearly $2 billion by moving to a 4% flat income tax phased in over four years and repealing all state taxes on retirement income beginning next year. The plan would allow retirees 55 and...