Lunch Links: Puerto Rico Repeals VAT; Louisiana Calls Special Session; Happy Birthday to U.S. Tax Court
June 2, 2016
Today is June 2, the date in 1924 when the U.S. Tax Court was created to hear disputes over federal tax claims as part of that year’s Revenue Act. Originally called the U.S. Board of Tax Appeals, it was renamed in 1969.
Here are some interesting links I came across:
- Louisiana Special Legislative Session to Start June 6: Tax changes and spending cuts are likely to be part of the session, aiming to close an estimated $600 million shortfall. (The Advocate)
- West Virginia Rejects Sales Tax Increase, Considers Cigarette Tax Hike: Statehouse reporter Rusty Marks has been tweeting the latest budget developments, including a 65-cent-per pack cigarette tax to be considered by the full Senate. A half-cent sales tax increase was rejected in committee 6 to 10. (Twitter)
- Puerto Rico VAT Repealed: An expansion of the territory’s value added tax (VAT) would have subject some businesses to tax rates in excess of 100 percent. The legislature overrode the Governor Padilla’s veto to repeal it before it was to go into effect yesterday, June 1. (Ernst & Young)
- DC Approves Budget and Keeps Triggered Tax Cuts On Track: The D.C. Council voted 11 to 0 to approve its $13.4 billion budget, which includes triggered tax cuts if revenues hit certain thresholds after June 2016 and after September 2016. The cuts, part of a tax reform approved in 2014, increase standard deductions and personal exemptions, recouple the estate tax to the federal threshold, and reduce business taxes. They total $161 million altogether. (State Tax Notes; Tax Foundation)
- Ranking the States by Fiscal Condition: Mercatus Center says Alaska and Nebraska are the most fiscally healthy, and Connecticut and Puerto Rico are the most fiscally unhealthy. (Mercatus Center at George Mason University)
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