Latest Personal taxes News

Indiana governor eyes 'inflationary relief,' not gas tax cut

May. 25, 2022 16:08 PM EDT

INDIANAPOLIS (AP) — Indiana’s governor said Wednesday he was preparing a plan to potentially tap into the growing state budget surplus to help residents with the national inflation jump, while rejecting calls for suspending state gas taxes. Democrats have been calling since March...

Editorial Roundup: Michigan

May. 23, 2022 17:19 PM EDT

Detroit News. May 21, 2022. Editorial: Tax cuts are better than tax rebates Michigan finds itself in the rare spot of having more money coming into the state budget than it needs to run the state. Both Republican legislative leaders and Democratic Gov. Gretchen...

Minnesota lawmakers get some hits, lots of misses in session

May. 23, 2022 17:13 PM EDT

ST. PAUL, Minn. (AP) — There were a few hits but lots of misses as the divided Minnesota Legislature blew a deadline for passing a package of tax cuts and new spending using the state's massive budget surplus. Democratic Gov. Tim Walz met Monday afternoon with Republican Senate...

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...