Tag #State Taxes

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abcnews.go.com

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Jul 18, 22:16

US States Offer Back-to-School Sales Tax Holidays in 2025

Several US states offer back-to-school sales tax holidays in August 2025, with varying dates, eligible items, and spending limits; Alabama's holiday began July 18-20, while Texas's is August 8-10, and Florida's runs all of August.

US States Offer Back-to-School Sales Tax Holidays in 2025

Several US states offer back-to-school sales tax holidays in August 2025, with varying dates, eligible items, and spending limits; Alabama's holiday began July 18-20, while Texas's is August 8-10, and Florida's runs all of August.

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What are the key features and timelines of the 2025 back-to-school sales tax holidays in the US, and what is their immediate impact on consumers?

Many US states offer back-to-school sales tax holidays in August 2025, providing savings on school supplies, clothing, and electronics. Alabama started early, from July 18-20, offering tax exemptions on clothes up to $100 and computers under $750. Texas's holiday runs August 8-10, with estimated savings of $8 per $100 spent.

forbes.com

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Jun 3, 19:19

Interstate Migration and its Impact on State Revenue

A National Taxpayers Union Foundation report reveals that from 2011-2021, low-tax states like Florida gained residents and tax revenue while high-tax states like New York lost them, impacting state budgets and highlighting the need for tax code reform.

Interstate Migration and its Impact on State Revenue

A National Taxpayers Union Foundation report reveals that from 2011-2021, low-tax states like Florida gained residents and tax revenue while high-tax states like New York lost them, impacting state budgets and highlighting the need for tax code reform.

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What is the immediate financial impact of interstate migration on state revenues, using specific examples from the report?

From 2011 to 2021, Florida gained 1,591,626 residents and $196 billion in adjusted gross income (AGI), while New York lost 1,757,720 residents and over $111 billion in AGI. This migration significantly impacted state revenues, with low-tax states like Florida gaining and high-tax states like New York losing.

forbes.com

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Jul 3, 22:14

Contrasting State Tax Policies: Cuts in Georgia and Kansas, Hikes in Maryland and Illinois

On July 1st, 2025, several states implemented significant tax policy changes, with Georgia and Kansas cutting income taxes while Maryland and Illinois enacted retroactive increases; these changes follow the federal "One Big Beautiful Bill Act", preventing federal tax hikes for most households.

Contrasting State Tax Policies: Cuts in Georgia and Kansas, Hikes in Maryland and Illinois

On July 1st, 2025, several states implemented significant tax policy changes, with Georgia and Kansas cutting income taxes while Maryland and Illinois enacted retroactive increases; these changes follow the federal "One Big Beautiful Bill Act", preventing federal tax hikes for most households.

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What are the immediate impacts of the "One Big Beautiful Bill Act" and the various state tax changes implemented on July 1st?

The One Big Beautiful Bill Act" will prevent federal income tax increases for over 80% of households, while several states implemented tax changes on July 1st. Georgia cut its income tax rate from 5.39% to 5.19%, retroactively to 2025, while Kansas established a mechanism for future rate reductions based on revenue triggers.

cnbc.com

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Jan 12, 19:06

No Federal Taxes on 2024 Student Loan Forgiveness, But State Taxes May Apply

The American Rescue Plan Act of 2021 eliminated federal taxes on student loan forgiveness through 2025, benefiting over 1 million borrowers in 2024; however, some states may still impose state taxes on forgiven debt.

No Federal Taxes on 2024 Student Loan Forgiveness, But State Taxes May Apply

The American Rescue Plan Act of 2021 eliminated federal taxes on student loan forgiveness through 2025, benefiting over 1 million borrowers in 2024; however, some states may still impose state taxes on forgiven debt.

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What are the immediate tax implications for individuals whose federal student loans were forgiven in 2024?

The American Rescue Plan Act of 2021 rendered federal student loan forgiveness tax-free until the end of 2025. Consequently, borrowers who had their loans forgiven in 2024 will not owe federal taxes on this relief. This applies to various forgiveness programs, including Public Service Loan Forgiveness (PSLF), income-driven repayment (IDR) plans, and Borrower Defense.

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