Latest State taxes News

Phase-out of sales tax rejected by Senate panel

May. 16, 2022 18:54 PM EDT

BATON ROUGE, La. (AP) — A House-passed plan to phase out a temporary sales tax over the next three years was rejected Monday by a Senate committee. The 0.45% sales tax was approved in 2018 and is set to expire in 2025. Rep. Tony Bacala of Prairieville had proposed...

Despite surplus, analyst warns of California 'fiscal cliff'

May. 16, 2022 18:45 PM EDT

SACRAMENTO, Calif. (AP) — Despite announcing a record-smashing budget surplus of nearly $100 billion on Friday, California Gov. Gavin Newsom's plan to spend that money would likely push the state toward a “fiscal cliff” next year that could require billions of dollars in budget cuts, a state...

In US, states struggle to replace fossil fuel tax revenue

May. 16, 2022 10:20 AM EDT

SANTA FE, N.M. (AP) — Government budgets are booming in New Mexico: Teacher salaries are up, residents can go to an in-state college tuition-free, moms will get medical care for a year after childbirth, and criminal justice initiatives are being funded to reduce urban violence. The...

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...

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...

Tax cut for California pot industry: Too little, too late?

May. 13, 2022 18:32 PM EDT

LOS ANGELES (AP) — California's governor on Friday proposed a temporary tax cut for the state's struggling legal marijuana industry, but businesses said it falls far short of what’s needed to revive a foundering pot economy. Broad legal sales began in California in 2018, but the...

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...

California's tax revenues have surged, leaving state with record-smashing budget surplus of nearly $100 billion

May. 13, 2022 13:29 PM EDT
SACRAMENTO, Calif. (AP) — California's tax revenues have surged, leaving state with record-smashing budget surplus of nearly $100 billion.

Americans bet $125B on sports in 4 years since legalization

May. 13, 2022 13:28 PM EDT

ATLANTIC CITY, N.J. (AP) — Americans have bet more than $125 billion on sports with legal gambling outlets in the four years since a U.S. Supreme Court ruling cleared the way for all 50 states to offer it. On Saturday's anniversary of the decision in a case brought by New Jersey,...

Nebraska tax collections beat expectations in April

May. 13, 2022 11:32 AM EDT

LINCOLN, Neb. (AP) — Nebraska collected more tax revenue than projected in April and is still well ahead of expectations for the current fiscal year, according to new numbers released Friday. The state Department of Revenue reported net April tax receipts of $939 million, which is...