Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
Sta 2012 Prelim

Sta 2012 Prelim

Ratings: (0)|Views: 374|Likes:
Published by dwightworley

More info:

Published by: dwightworley on Aug 09, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

08/09/2012

pdf

text

original

 
,
Rib
IIIIII
NATIONALCONFER.ENCE
of
STATELEGISLATUR.ES
TheForumforAmerica'sIdeas
 
,
11'1\
NCSL
IIIIII
TheNationalConferenceofStateLegislaturesisthebipartisanorganizationthatservesthelegislatorsandstaffsofthestates,commonwealthsandterritories.NCSLprovidesresearch,technicalassistanceandopportunitiesforpolicymakerstoexchangeideasonthemostpressingstateissuesandisaneffectiveandrespectedadvocatefortheinterestsofthestatesintheAmericanfederalsystem.NCSLhasthreeobjectives:Toimprovethequalityandeffectivenessofstatelegislatures.Topromotepolicyinnovationandcommunicationamongstatelegislatures.Toensurestatelegislaturesastrong,cohesivevoiceinthefederalsystem.TheConferenceoperatesfromofficesinDenver,Colorado,andWashington,D.C.
..
.J
Printedonrecycledpaper©2012bytheNationalConferenceofStateLegislatures.Allrightsreserved.
 
STATE
TAX
UPDATE:AUGUST
2012
Thusfar,2012hasbeenanotablyquietyearforstatetaxeswithonlyfivestatesreportingsizablenettaxchanges.Throughoutthefirsthalfofthisyear,2012featuresthesmallestaggregatetaxcut(0.2percent)inthe32-yearhistoryofthisreport.However,thisdoesnotmeanthatnothinghappenedinthestatetaxarena.Severalstatesreportedagooddealofactivity,butwithoutsignificantrevenueimpacts.Insomecases,taxchangesindifferentcategoriesoffseteachotherreducingtheneteffect.ThistaxstorymaychangeinNovemberwhenCaliforniavotersdecideonthreeseparateballotmeasures.Twoofthem,includingoneinitiatedbyGovernorJerryBrown,wouldresultinlargebroad-basedtaxincreasesandupto$10billioninnewrevenues,whilethethirdwouldcutbusinesstaxes.All50statesprovidedNCSLwithdataabouttaxchangesmadein2012,whichlargelyaffectrevenuecollectionsinfiscalyear(FY)2013.ThisreportpresentsasummaryoftaxactivitythroughJuly2012.Thefinalreportwillbereleasedinearly2013andwillincludedataonalltaxchangesin2012,includingthoseresultingfromballotmeasuresandspecialsessions.Stateactions
to
dateresultinanettaxdecreaseof$1.8billion,representing0.2percentoftotalstatetaxcollections.Idaho,KansasandNewYorkreducednettaxesbymorethan1percent,whileIllinoisandMarylandincreasedtaxesbymorethan1percent.Forty-fivestatesmadenosignificantnettaxchange(definedasmorethan1percentoftheprioryear'scollections).Amajorityofthecutswerereductionsinpersonalincometaxes,ledbylargedecreasesinKansas,NewYorkandMichigan.LawmakersinKansasapprovedamajorincometaxreformpackageforareductionofnearly$250millionthisfiscalyearandnearly$850million(morethan
11
percentoftotaltaxcollections)forFY2014.Statesalsocutcorporateincometaxes,salestaxes,healthcaretaxesandmotorfueltaxes.Thecutinhealthcaretaxesrunscountertotherecenttrendofstatesimposingnewprovidertaxes.Theonlycategories
III
whichstatesraisedmoretaxesthantheycutweretobaccoandmiscellaneousitems.Thelargestincreasewas$373millioninthetobaccotaxcategory,mostlyexplainedbyarateincreaseinIllinoisthatisexpected
to
generate$350million.Ahandfulofstatesmodifiedmiscellaneoustaxessuchasestate,gambling,severanceandvehicletaxes.Forexample,Georgiarepealedallsalesandadvaloremtaxesonmotorvehiclesandreplacedthemwithanewtitletax.NationalConferenceofStateLegislaturesThisdocumentmaynotbereprintedwithoutpermission.

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->