No Further Funding Cuts For IRS In FY24
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution to keep the federa...
CO - Addback and subtraction rules adopted
The Colorado Department of Revenue has adopted the following new individual income tax rules:Rule 39-22-104(3)(d), relating to the addback for state income taxes deducted in determining federal taxabl...
MD - Volunteer police officer subtraction increased
Maryland enacted legislation increasing the amount of the Maryland income tax subtraction from gross income for certain volunteer police officers to $7,000 beginning in tax year 2024. The legislation ...
NV - Proposal to exempt diapers headed to voters
In the 2024 general election, Nevada voters will decide if diapers will be exempt from all sales and use taxes effective January 1, 2025. If approved by the voters, the exemption would be in effect un...
NM - MDWCAs are exempt from property taxes
The New Mexico Attorney General's Office has publicly issued a letter stating that mutual domestic water consumers associations (MDWCA) are exempt from property taxes. MDWCAs are community water syste...
ND - 2023 legislative recap issued
North Dakota issued a newsletter summarizing legislation enacted in 2023 affecting the corporate and personal income taxes. Among the topics covered are individual income tax rate reductions, deductio...
OR - Farm machinery exemption amended
Oregon has amended the property tax exemption for farm machinery and equipment to clarify that the exemption does not include land or buildings. Furthermore, farm machinery and equipment need not be t...
TN - Cannon County local tax rate increased
The Tennessee local sales and use tax rate in Cannon County is increased to 2.75% effective June 1, 2024. The new rate applies to: (1) all taxable sales of tangible personal property made on or after ...
UT - New Utah lake authority tax locations created
Effective July 1, 2024, the following Utah Lake Authority sales tax locations are created in Utah County:Utah Lake Authority - Utah County (city/county code 25-800);Utah Lake Authority - Genola (city/...
VA - Firearm safety device credit expanded
Under the Virginia firearm safety device tax credit, the definition of "firearm safety device" has been expanded for taxable years beginning on and after January 1, 2024, to include any device that, w...