Tax

July's income tax collections in New Jersey increased from the same month last year by $54 million, according to a statement released by the state's Department of Treasury.

An increase in Lubbock County's property tax rate will allow the West Texas county to cope with financial and political problems if President Obama is re-elected in November, Judge Tom Head said Wednesday.

A legal battle over the ability of a state-appointed receiver to force capital city Harrisburg to increase taxes played out in a Pennsylvania court.

The IRS is auditing $98.5 million of general obligation refunding bonds that the State of Texas Water Financial Assistance issued in 2002.

The U.S. is headed for a deep recession in the first half of 2013 if Congress fails to avert nearly $500 billion in tax hikes and federal budget cuts from the "fiscal cliff," the Congressional Budget Office warned Wednesday.

Four municipal market groups are urging the Treasury Department and the Internal Revenue Service to publish guidance on determination of issue price for tax-exempt, tax credit and direct subsidy bonds.

The IRS is auditing $219.49 million of revenue bonds that were issued by the Virgin Islands Public Finance Authority in 2006. It was informed of the audit in March but just disclosed it before issuing $159 million of new revenue bonds.

The Internal Revenue Service is questioning the tax-exempt status of $9.95 million of industrial development revenue bonds that were issued by the New York City Industrial Development Agency in December 2007 in a conduit transaction so that Metro Biofuels, LLC could finance the construction of a biodiesel plant.

State and local governments are concerned the expansion of E-commerce, estimated at roughly $4 trillion, is eroding their tax base, according to a new Congressional Research Service report.

The Internal Revenue Service is auditing $162.53 million of general fee revenue bonds issued by Auburn University in 2007.

State and local public employee retirement systems' assets rose 14.6% or $325 billion to $2.5 trillion in 2011, for the second consecutive year of growth, according to a new Census Bureau report released Thursday.

States reported the smallest aggregate amount of tax cuts in 32 years with a decrease of $1.8 billion or 0.2% in the first half of 2012, a new report found.

The nine Georgia regions encompassing 113 counties could face additional funding pressure due to rejection of transportation sales tax, according to Moody's.

States' tax collections grew by 4.7% for the ninth straight quarter in the first three months of 2012 and are now above pre-recession levels, a new Rockefeller Institute on Government report shows.

Congress will likely take up an online sales tax bill before the end of the year, the chairman of the Senate Commerce, Science and Transportation Committee told reporters after a congressional hearing Wednesday.

The size of Dallas' November general obligation bond referendum will be $42 million more than expected due to increases in the city's property tax base.

Louisiana collected $721.9 million in state taxes in June, up from $695 million in May, according to the latest monthly report from the Department of Revenue.

Voters in nine of 12 districts in Georgia Tuesday rejected raising the sales tax by 1% to pay for billions in transportation improvements. In the 11-county Atlanta region, among the most congested in the state, 62.6% of voters said no.

Voters in the tri-county area that surrounds Detroit will face several millage increases - and only a few bond proposals -- in addition to filling political seats on next week's primary ballot.

The Tax Foundation released its 2012 midyear report on Tuesday which detailed the population-weighted average of local sales taxes in each state.