Taxation[1]

410 views

Published on

Published in: Education
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
410
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
5
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Taxation[1]

  1. 1. Current Issues
  2. 2. 2010 Tax Legislation Retail sales tax  -Candy and gum sales tax exemption repealed; B&O jobs credit  -Bottled water exemption repealed  -Reseller permit administration  -Digital products taxation  -Use of certain local sales tax  -Public facilities district (PFD) multiple jurisdiction
  3. 3. Retail sales tax (continued)  -Durable medical equipment, sales tax covered in purchases by insurance companies  -Wax and ceramic materials sales tax exemption  -City annexations and RTA  -Cities and counties local excise tax provisions  -Livestock nutrient exemption suspension  -Corporate officer liability for tax debts  -Bad debt deduction limitations
  4. 4. B&O tax  -Temporary B&O tax increase  -Economic nexus  -Bonneville Power Administration payments to public utility districts B&O tax exemption  -Main Street Program transferred to Arch & Historic Preservation  -Direct sellers B&O tax exemption repealed  -Property management salary exemption repeal  -Processing meat, fruit, or vegetable tax preferences  -Mortgage ruling  -Corporate board of director fees  -Vaccine association B&O tax exemption
  5. 5. Property tax  -Property tax exemption  -County treasurers allowed to use electronic billing and payment for property taxes and other fees  -Air ambulance aircraft property and aircraft excise tax exemption  -Community centers property tax exemption  -Fire protection districts annexations  -School levies
  6. 6. Incentives  -Extension of expiring tax incentives  -Aluminum smelter - continuation of tax incentives  -Data center tax exemption  -Tax incentives reports and surveys extension of due dates  -Renewable energy system cost recovery incentive  -Alternative fuel vehicles sales tax exemption extension  -Distressed county sales and use tax deferral program
  7. 7. Forest tax  -Timber purchase reporting requirements  -Forest tax – ministerial amendments
  8. 8. Miscellaneous  -Carbonated beverage tax  -Convention center  -Cigarette and other tobacco products  -Impact fees for high density urban development allowed by local government  -Subpoena power for Department of Revenue  -Confidential taxpayer records – JLARC access  -Fire protection facilities impact fees  -Unclaimed property locating fees
  9. 9. Misc. Cont’d  -Lemon law extension  -Vehicle license fraud  -Intellectually disabled  -Small business compliance  -Funding distribution formulas for K-12 distribution  -Water sewer districts – city taxes  -Airport property authorized to lease at less than fair market value  -Consolidating management of state agencies’ technology
  10. 10. Misc. Cont’d  -Gender references corrected  -Community facilities districts  -Public records requests available online  -Public records requests available online  -Estates and trusts  -State and local tax administration – improvements  -Tax reporting survey provisions - creating uniform reporting requirements  -Tax avoidance
  11. 11. Misc. Cont’d  -Enhanced 911 tax extended  -Sea urchin and cucumber tax rates changed  -Temporarily increasing beer taxes  -Working family tax credit  -Public utilities district (PUD) privilege tax clarification
  12. 12. INITIATIVE 1107  Repeals the temporary sales tax on soda and bottled water, and would permanently extend the sales tax to candy and gum.
  13. 13. INITIATIVE 1098  Exempt every small business in Washington from the B&O tax with a $4,800 business tax credit  Reduce the state portion of the property tax by 20 percent, saving typical homeowners $100 to $200 per year  Create a 5% tax on income over $200,000 singles/$400,000 couples, and 9% on income over $500,000 singles/$1 million couples)
  14. 14. I-1098 Cont’d  Invest the net revenue, estimated at over $2 billion per year in public education and health care  Impose strict accountability and transparency requirements.

×