State taxes

The White House Council of Economic Advisers released a research study analyzing the economic impact of state income tax elimination.

The announcement adds a prominent voice to a debate that has divided top Democrats and rattled Silicon Valley's elite.

States generally assert taxing authority over income based on two core principles: residency and source.

The Tennessee Society of CPAs organized an annual visit to the state capital in Nashville to visit legislators and call on them to make changes in state laws.

The ballot initiative was proposed by a California union as a way to fund health care.

Rhode Island Governor Dan McKee proposed a higher tax on millionaires to help fill a hole in the state's budget.

A proposed tax on billionaires in California has led to fear among investors and shows the difficulty of doing business in the state.

The California governor wants to restart offering tax rebates for electric vehicles that are purchased in the state.

Under a proposed ballot initiative in California, billionaires would face a one-time 5% levy to cover funding shortages for health care, food assistance and education.

Rhode Island Governor Dan McKee is warming to the idea of a tax on the wealthy as one way to bolster the state's resources after a particularly turbulent year for its economy.

Democrats across the U.S. are increasingly exploring taxes as a way to capture the populist moment and address the country's widening wealth gap.

Michigan's main incentive for decoupling was to increase state revenue, as Michigan heavily relies on state income taxes as its largest revenue source.

The carryovers range from some $2.4 million in California and some $1.9 million in Texas to $44,851 in Alaska and $39,297 in Vermont.

As corporate tax teams finalize their 2025 strategies following the One Big Beautiful Bill Act, savvy leaders are already looking ahead to 2026.

Morningstar's study of this growing area of asset management suggests that 529 plan quality is rising, despite the research firm's lackluster grades for it.

For accountants and auditors, the elimination of the penny will affect reconciliation, system configuration and compliance reporting.

A tweak to the deductibility of gambling losses may not bring in a lot of tax revenue, but it could certainly alter a lot of wagers next year.

The American Institute of CPAs has sent a letter to the Multistate Tax Commission recommending changes in a proposed approach to sourcing of partnership income.

The company, part of Malaysia's Genting Group, wants the state to lower its proposed tax rate or raise the levy that may be imposed on the other bidders.

The higher standard deduction since 2017 has dramatically reduced itemization. But the new law provides incentive for teachers to consider whether that's feasible.