Lunch Links: New York Adds Credits, Online Travel Companies Win More, Donut Tax Evasion
June 21, 2016
Today is June 21, the date in 1788 when New Hampshire joined the Union. New Hampshire has no sales tax and no income tax (aside from a tax on interest and dividends). When Massachusetts announced a sales tax holiday of a couple days, New Hampshire responded with billboards reminding everyone that they have a sales tax holiday of 365 days each year.
Here are some interesting links I came across:
- New York Sends Recording Industry Subsidy Bill to Governor: Legislators approved a bill to authorize state tax credits for 25 percent of downstate music recording and 35 percent of upstate music recording. The program would be capped at $25 million per year. (Billboard)
- New York Drops Tax Break for Donald Trump: Donald Trump takes advantage of a property tax credit available only to those who make less than $500,000 a year. New York reports that the credit has been removed from Trump’s bill at his request, and declined to answer questions about whether he is eligible or ineligible for it. Trump’s campaign says he’s ineligible and it was an error. (Wall Street Journal)
- Louisiana Special Session Winding Down: After comprehensive tax reform—trading exemptions for lower rates—failed to gain enough traction, legislators are trimming sales tax exclusions, requiring businesses to choose between the industrial tax exemption or the inventory tax credit if they take both, and not fully funding the TOPS higher education scholarship program. (The Advocate)
- Online Travel Companies Win 12 More: Localities across the country have sued online booking companies like Expedia and Travelocity to demand that high-rate hotel taxes be imposed on their booking facilitation services. A federal judge yesterday dismissed claims brought by 12 Illinois cities, leaving a claim by the village of Lombard to proceed to trial. (Tax Foundation / Law360)
- Pittsburgh Doughnut Chain Owner Pleads Guilty to Tax Fraud: The owner of the beloved Peace, Love, and Little Donuts, which now has 20 locations, pleaded guilty in federal court to filing false tax returns and hiding income from tax authorities. (Pittsburgh Post-Gazette)
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