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May 25, 2017

Montana ~ Sales and Use Tax: Medical Marijuana Tax Enacted

CCH Tax Day Report Montana has enacted a tax on the sales of medical marijuana products by licensed sellers at the rate of 4%, effective July 1, 2017. The rate will decrease to 2%, effective July 1, 2018. The tax must be paid and a return filed quarterly. The Department of Revenue will issues rules […]

The post Montana ~ Sales and Use Tax: Medical Marijuana Tax Enacted appeared first on Tax & Accounting Blog.

May 25, 2017

Arizona ~ Property Tax: Accelerated Depreciation Enacted for Foreign Trade Zone or Military Reuse Zone Property

CCH Tax Day Report For property tax purposes, enacted Arizona legislation allows for accelerated depreciation of personal property located in a foreign trade zone or military reuse zone that is acquired during or after tax year 2017 and initially classified during or after tax year 2018. The depreciation schedule is set as follows: — 25% […]

The post Arizona ~ Property Tax: Accelerated Depreciation Enacted for Foreign Trade Zone or Military Reuse Zone Property appeared first on Tax & Accounting Blog.

May 25, 2017

Arizona ~ Multiple Taxes: Research, Quality Jobs, and Qualified Facilities Credits Revised

CCH Tax Day Report The Arizona corporate and individual income tax credits for increased research activities and for investment and employment in qualified facilities and the corporate and individual income tax and insurance premium tax credits for quality jobs are revised, effective from and after December 31, 2017. Research Credit The current research tax credit […]

The post Arizona ~ Multiple Taxes: Research, Quality Jobs, and Qualified Facilities Credits Revised appeared first on Tax & Accounting Blog.

May 25, 2017

CBO Report on House-Passed Health Care Bill Indicates 23 Million Would Lose Coverage

CCH Tax Day Report Roughly 23-million fewer individual would have health insurance and the deficit would be cut by $119 billion over the next 10 year if the House-passed American Health Care Act of 2017 (HR 1628) (TAXDAY, 2017/05/05, C.1) becomes law, according to much-anticipated analysis released by the Congressional Budget Office (CBO) and the […]

The post CBO Report on House-Passed Health Care Bill Indicates 23 Million Would Lose Coverage appeared first on Tax & Accounting Blog.

May 25, 2017

Mnuchin Describes FY 2018 Budget Proposals

CCH Tax Day Report Treasury Secretary Steven Mnuchin briefed members of the House Ways and Means Committee on President Trump’s fiscal year (FY) 2018 budget proposals on May 24. Mnuchin reiterated the president’s goal of comprehensive tax reform. President Trump released his FY 2018 budget proposals on May 23 (TAXDAY, 2017/05/24, W.1). The president’s budget […]

The post Mnuchin Describes FY 2018 Budget Proposals appeared first on Tax & Accounting Blog.

May 24, 2017

Oklahoma ~ Multiple Taxes: Voluntary Disclosure Allowed

CCH Tax Day Report Oklahoma uniform tax procedure provisions have been amended to allow certain taxpayers to enter into a voluntary disclosure agreement (VDA) to report and pay outstanding tax liabilities. Eligible taxpayers include those who: — do not have outstanding tax liabilities other than those reported pursuant to a VDA, — have not been […]

The post Oklahoma ~ Multiple Taxes: Voluntary Disclosure Allowed appeared first on Tax & Accounting Blog.

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