State and Local Taxes
Virginia Implements New Retail Sales Apportionment
Effective July 1, 2012, Virginia retailers will be required to use a new single sales factor apportionment when computing state income tax liability. As CCH reports, the method will be phased in over the course of several years. – for taxable years beginning on or after July 1, 2012, but before July 1, 2014, retail companies are required to use a triple-weighted sales factor; – for taxable years beginning on or after July 1, 2014, but before July 1, 2015, retail companies are required to use a quadruple-weighted sales factor; and – for taxable years beginning on or after July 1,. Read More.
New Georgia Tax Laws Impact Small Businesses and Individuals
In the most recent session of the Georgia State Legislature, Governor Deal and lawmakers passed several changes to tax laws that will affect nearly all residents and businesses. Tax Changes for Individuals Tax Exemptions Increase for Married Filers Beginning 2013, married taxpayers filing jointly will receive an exemption of $7,400, a marked increase of the current $5,400 exemption. Those married filing separately will be entitled to an exemption of $3,700. The personal exemption for unmarried individuals remains unchanged at $2,700. Motor Vehicle Property Tax Phased Out Vehicles purchased and titled after March 1, 2013 will no longer fall under existing. Read More.
New Georgia Tax Laws Impact Businesses and Individuals
In the most recent session of the Georgia State Legislature, Governor Deal and lawmakers passed several changes to tax laws that will affect nearly all residents and businesses. Tax Changes for Individuals Tax Exemptions Increase for Married Filers Beginning 2013, married taxpayers filing jointly will receive an exemption of $7,400, a marked increase of the current $5,400 exemption. Those married filing separately will be entitled to an exemption of $3,700. The personal exemption for unmarried individuals remains unchanged at $2,700. Motor Vehicle Property Tax Phased Out Vehicles purchased and titled after March 1, 2013 will no longer fall under existing. Read More.
Michigan Business Tax Repealed; Major Changes Made to Michigan Personal Income Tax for 2012
Effective January 1, 2012, the Michigan Business Tax (“MBT”) will be replaced by a Corporate Income Tax (“CIT”); however, certain businesses that wish to retain certain certification credits will still be subject to MBT. L. 2011, H4361 (P.A. 38) & L. 2011, H4362 (P.A. 39). This is the second time in approximately four years that Michigan has completely revised its primary business tax system, and also made significant changes to individual taxes. Governor Snyder endorsed the CIT as a means to stimulate job creation in Michigan by making it a more desirable state in which to conduct business. The CIT. Read More.
Are You Overpaying Your Personal Property Taxes?
Stop losing money. State and local property taxes are one of the leading revenue resources for local governments across the U.S., providing approximately one-quarter of local revenue (specifically almost 65 percent of local school revenue), and property taxes comprised about 36.5 percent of the total state and local tax burden imposed on businesses during 2009.[1] However, the property tax rate often fluctuates each year depending on the tax base, availability of other revenue, and local spending needs. If you have not reviewed your company’s personal property tax (“PPT”) situation recently, then you may be paying too much. Your business could. Read More.
Georgia Program Creates Tax Credit for Eligible Private School Donations
The Georgia Private School Tax Credit allows Georgia taxpayers to redirect Georgia income tax dollars to an eligible Georgia private school as a donation. Donors will receive a dollar-for-dollar Georgia tax credit for the amount they donate to the qualifying school’s student scholarship organization. Maximum donation amount for Individuals: $1,000 Maximum donation amount for joint filers: $2,500 Maximum donation amount for married filing separate taxpayers: $1,250 Maximum donation amount for C corporations: 75% of Georgia Tax Liability Who is eligible? Any Georgia taxpayer What happens if my donation exceeds my Georgia tax liability? The tax credit is a “non-refundable” credit. What. Read More.