Lunch Links: Atlantic City Bill Approved; Oklahoma Approves Tax Changes; SF Giants Seek Lower Property Taxes
June 1, 2016
Today is June 1, the date in 1796 when Tennessee became the 16th state. Tennessee has no income tax on wages, but a 6 percent “Hall tax” on dividends and interest that will be phased out under legislation signed last month. Sales tax is 7 percent statewide plus an average 2.46 percent in local sales taxes. Property taxes are among the lowest in the country. Happy birthday, Tennessee!
Here are some interesting links I came across:
- IRS Says Cash Reward to Employee is Taxable: In a May 27 memo, the IRS Chief Counsel advised that employees must pay tax on cash rewards from their employer from participating in a wellness program. Giving them a t-shirt isn’t taxable, though. (Bloomberg BNA)
- Christie Signs Atlantic City Bill: Rather than an immediate takeover by the state of New Jersey, the debt-riddled city has 150 days to come up with a viable financial plan. State power to restructure obligations and break union contracts can only be used if the city’s plan is not workable. (Associated Press)
- Kansas Supreme Court Rules School Funding Plan Unconstitutional: The Court said state officials have until June 30 to boost spending by $17 million or have the schools shut down. (Kansas City Star)
- Wisconsin Reviewing Tax Credit Overpayments: The state’s Wisconsin Economic Development Corporation (WEDC) overpaid $448,674 in job creation credits and is reviewing how to get the money back. (FOX6)
- Oklahoma Approves Budget with Tax Changes: Itemizers will no longer be able to deduct their state income taxes from their state income taxes (not a typo), the earned income tax credit (EITC) will no longer be refundable, and some tax credits will be capped. The legislature rejected efforts to raise the cigarette tax or end wind energy company subsidies. (Tax Foundation)
- SF Giants Ask for Lower Property Tax Assessment: The Giants claim the value of AT&T Park is lower, despite soaring San Francisco housing and land prices. (San Francisco Chronicle)
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