Kathy Larsen

Jun 12, 2024 | news.bloombergtax.com | Kathy Larsen

Arkansas Gov. Sarah Huckabee Sanders aims to cut her state’s income tax rates for the third time in a little more than a year during a special legislative session she has called to begin June 17. Under the Republican governor’s Tuesday proposal, the state’s top individual income tax rate would drop to 3.9% from the current 4.4%, starting this year. The top corporate tax rate would also drop one-half of a percentage point, to 4.3%.

Jun 7, 2024 | news.bloombergtax.com | Kathy Larsen

The week in state tax news: A last-minute proposal by New York Gov. Kathy Hochul to raise taxes on New York City businesses to replace a canceled congestion fee earned swift opposition to lawmakers, but no clear alternative with the legislative session wrapping up. Meanwhile, an interstate tax group made progress on how to treat bundled digital products, and the push for states to repeal so-called tampon taxes slows down.

May 17, 2024 | news.bloombergtax.com | Kathy Larsen

Kansas Gov. Laura Kelly will call a special legislative session, after vetoing lawmakers’ latest attempt to cut taxes. Although the vetoed measure, SB 37, contained provisions the Democratic governor had endorsed, its income tax rate reductions were larger than she would accept. Her veto Thursday followed rejections of two previous bills this year and one last year. Lawmakers fell short of overriding her actions.

Mar 13, 2024 | news.bloombergtax.com | Kim Dixon |Naomi Jagoda |Kathy Larsen

The state of the stalled $78 billion business-and-child tax break bill was a hot topic at a Senate Finance Committee hearing ostensibly to discuss tax incentives to spur domestic manufacturing Tuesday, with the top Democrat and Republican digging in their respective corners. Finance Chair Ron Wyden (D-Ore.) warned there may not be a chance to fully revive the business breaks later, dangling the loss of the retroactivity in the current bill for the three expired business breaks.

Mar 11, 2024 | news.bloombergtax.com | Kathy Larsen

West Virginia lawmakers unanimously passed a bill over the weekend that would exempt Social Security payments for all earners from state income tax by 2026. Gov. Jim Justice (R) is expected to sign the measure, H.B. 4880, as it would accomplish one of the tax reductions he proposed in January. His office didn’t respond to a question about his plans. The state already is phasing out taxes on Social Security for incomes through $50,000 for single filers and $100,000 for joint filers.