Latest Personal taxes News

Legislature again OKs tax cuts; Whitmer floats $500 rebate

May. 19, 2022 20:30 PM EDT

LANSING, Mich. (AP) — Both Democratic Gov. Gretchen Whitmer and the Republican-led Michigan Legislature proposed new plans to cut taxes Thursday but remained at odds over the scope and immediacy of any relief. Whitmer called for a one-time $500 election-year rebate for “working...

Families can begin applying on June 1 for new child rebate

May. 19, 2022 12:44 PM EDT

HARTFORD, Conn. (AP) — Eligible families can begin applying next month for Connecticut's new one-year child tax rebate program that's included in the newly revised state budget, Gov. Ned Lamont announced Thursday. Rebates of up to $250 per child are expected to be issued in late...

New Mexico delivers inflation relief payments to residents

May. 19, 2022 00:47 AM EDT

SANTA FE, N.M. (AP) — New Mexico is delivering the first in a series of direct payments to the state's adult residents to offset higher consumers costs amid inflation. Individual taxpayers who get direct deposit rebates are scheduled to receive $250 and couples who file jointly are...

Missouri Gov. Parson unsure about one-time tax credit bill

May. 18, 2022 17:52 PM EDT

JEFFERSON CITY, Mo. (AP) — Missouri Gov. Mike Parson on Wednesday said he's concerned about a one-time tax credit bill awaiting his approval. The Republican told reporters gathered in his Capitol office that the proposal was “put together in a pretty quick fashion” by the...

OR revenue forecast: $2.3 billion increase, bigger rebate

May. 18, 2022 14:56 PM EDT

SALEM, Ore. (AP) — Increased tax revenues are now predicted to deliver a record kicker rebate of $3 billion to taxpayers in 2024. The Oregonian/OregonLive reports that Economist Mark McMullen on Wednesday called the latest revenue outlook for the state’s two-year budget cycle...

Liz Weston: How to reduce taxes when you sell your home

May. 16, 2022 09:36 AM EDT

If your home’s value has soared, congratulations. If you decide to sell, beware. Financial advisor James Guarino says some clients don’t realize that home sale profits are potentially taxable until their returns are prepared — and by that time, they may have spent the windfall...

Editorial Roundup: Texas

May. 16, 2022 07:12 AM EDT

Austin American-Statesman. May 11, 2022. Editorial: Gov. Abbott should be transparent, release border documents What is he trying to hide? That was our first thought late last week when we learned that Gov. Greg Abbott had refused a media request to...

California governor: $98B surplus backs true pro-life state

May. 13, 2022 19:28 PM EDT

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom on Friday pledged to use the state's record-breaking $300 billion budget, including an unprecedented nearly $100 billion surplus, to “future proof” the state from the impacts of a volatile midterm election cycle that he fears will...

Agency error means richest Minnesotans owe more in taxes

May. 13, 2022 18:00 PM EDT

ST. PAUL, Minn. (AP) — About 45,000 of the richest residents in Minnesota owe the state about $38 million because of a mistake by the state Department of Revenue. Authorities said the Legislature changed the standard income tax deduction during the 2019 session but it wasn't...

Missouri Legislature passes few bills in slow session

May. 13, 2022 17:55 PM EDT

JEFFERSON CITY, Mo. (AP) — Missouri lawmakers passed few bills during the 2022 legislative session, in part because of gridlock in the Republican-led Senate. Senators adjourned Thursday after approving new congressional districts, cutting off work on all other bills. The GOP-led...