Public utility regulators from Oklahoma to Massachusetts are considering lowering the rates that homeowners and businesses pay, after the passage of a federal tax overhaul that reduced the corporate income tax rate by 14 percent.
Taking the first concrete step toward the Republican tax plan’s promise of fatter paychecks for millions, the Trump administration on Thursday issued new guidelines for how much employers should withhold as taxes from workers’ pay.
Corporate tax cuts are already spurring dozens of big U.S. companies to give employees bonuses, but economists say it could take years before the cuts result in significant pay raises.
Gov. Eric Holcomb is asking lawmakers to clarify that the state’s sales tax doesn’t apply to software provided on the cloud. But that’s not the only tech-related legislation introduced at the General Assembly.
Thousands of residents in central Indiana pre-paid their property tax bills before Jan. 1, resulting in more than $31 million in early payments, according to research by IBJ. The early payments marked a significant increase for most areas.
The medical-device industry will see a resumption of the 2.3 percent federal excise tax beginning this month, following a two-year moratorium that expired Dec. 31.
But it’s unclear whether some of the people prepaying will actually be able to claim the deduction, as the IRS has issued guidance that limits what qualifies.
Indiana Sen. Todd Young said he believes the tax bill “is going to give a major boost to our economy, creating an environment that’s ripe for jobs and small business growth.” Two months ago, he said he was concerned with overestimating growth potential.
Craft breweries are raising a glass to the new tax overhaul. Retailers, long saddled with heavy tax bills, will get relief. So will some high-profile names in corporate finance.
The new tax law will be anything but simple for many affluent Americans, who are now inundating their accountants for advice.
The big changes in the federal tax code aren’t happening in a vacuum. They will force officials in most states to decide whether to apply similar changes, while some residents ponder whether they now might be better off living somewhere else.
A university spokesman says the sweeping overhaul of the nation’s tax laws that Congress approved Wednesday would cost the university up to $9 million per year.
The epic overhaul of U.S. tax laws offers generous tax cuts for corporations and the wealthiest Americans while providing smaller cuts for middle- and low-income families. It’s projected to increase the national debt while potentially boosting economic growth.
After midnight—as protesters interrupted with chants of "kill the bill, don't kill us"—the Senate narrowly passed the legislation on a party-line 51-48 vote.
Much of the anticipated shortfall is due to a sharp decline in corporate income tax collections as businesses claim all the state tax credits they’re entitled to, rather than applying them in future years.
The Office of Information and Regulatory Affairs said the administration completed 67 deregulatory actions and taken three regulatory actions through the end of September that would result in a cost savings of $570 million a year.
Confident congressional Republicans forged an agreement Wednesday on a major overhaul of the nation's tax laws that would provide generous tax cuts for corporations and many Americans.
How do you satisfy demands of the rebellious GOP lawmakers from high-tax states who demand concessions over a cherished deduction? And how do you pay for those concessions?
A few dozen private college endowments could dodge a bullet with the sweeping tax bill approved by the Senate early Saturday morning after a last-minute amendment.
A burst of 11th-hour horse trading gave a party starved all year for a major legislative triumph the votes it needed.
