Tax

State tax revenue growth weakened in the fourth quarter of 2011 due to weak economic conditions as well as the expiration of temporary tax increases and the stimulus provisions of the American Recovery and Reinvestment Act of 2009, the Rockefeller Institute said in a report.

Blytheville voters approved a 1% sales tax last week that will be dedicated to paying a $3.7 million tax bill from the Internal Revenue Service.

Voters in Pulaski County, Ark., will be asked July 10 to establish a taxing district to provide financing for Pulaski Technical College through a property tax levy.

DALLAS — Oklahoma lawmakers have approved five competing measures cutting the state income tax that must be reconciled before the fiscal 2013 budget can be developed.

WASHINGTON — The Joint Committee on Taxation has released revenue estimates for muni bond provisions in President Obama's fiscal 2013 budget showing a gain of $520 billion over 10 years for the proposed 28% cap on the value of tax-exempt interest and other tax preferences.

LOS ANGELES — Nevada Gov. Brian Sandoval on Tuesday proposed extending into the next budget a package of taxes now set to expire in June 2012, to avoid further cuts to education.

Georgia’s net tax collections for February were $765 million, an increase of nearly $50 million, or 7%, compared to a year ago.

DALLAS — The Oklahoma Senate adopted a 10-year phaseout of the state's personal income tax Monday that could reduce revenues by more than $4 billion over the next four fiscal years.

Indiana lawmakers ended their brief 2012 session Friday after passing controversial labor legislation, an automatic taxpayer refund, and a phase-out of the estate tax, among other measures.

February tax revenues of $810 million were $107.4 million more than expected and the 24th time in a row that Oklahoma revenues have been on the increase, Treasurer Ken Miller said last week.

A 10-year-old economic development initiative will expire with the end of fiscal 2012 on June 30 unless the Kansas Legislature extends the sales tax revenue bond program.

Several bond lawyers said they were pleased the IRS settled a tax dispute over a $10.2 million of BABs issued by Half Moon Bay, Calif., in 2009 by reducing its subsidy payment from the federal government to 29% from 35% of interest costs.

SAVANNAH — Federal officials outlined ongoing municipal bond regulatory efforts Thursday and defended a host of initiatives they said are critical to maintain market stability and protect municipal bond issuers and retail investors.

SAVANNAH, Ga. — The Treasury Department is planning to propose regulations on issue price and other arbitrage-related issues, including long-term working capital grants, John Cross 3d, Treasury's associate tax legislative counsel, told bond lawyers meeting here Thursday.

Half Moon Bay, Calif., has settled a tax dispute with the Internal Revenue Service over $10.9 million of Build America Bonds it issued in 2009 by agreeing to make a one-time payment of $174,000 and to reduce its subsidy payment to 29% from 35% of interest cost over the life of the bonds.

Louisiana companies and individuals cut their state tax bills by almost $5 billion from 2005 through 2010 by claiming coverage under the state’s 464 tax credits and exemptions, the Legislative Auditor’s Office said in a new report issued March 5.

With all but two of 170 precincts in Atlanta reporting early Wednesday, voters overwhelmingly approved renewing a sales tax that supports the city’s water and sewer system.

WASHINGTON — Issuers of two kinds of direct-pay bonds will have to file separate 8038-CP forms for each maturity of their bonds, the Internal Revenue Service said in revisions to the forms released Wednesday.

Still recovering from Gov. Pat Quinn's recent call for $2.7 billion in Medicaid cuts, not-for-profit hospitals in Illinois took a second blow when he lifted a six-month moratorium on stripping hospitals of their property tax-exemptions for failing to provide sufficient charity care.

The head of the nonpartisan Center for Tax and Budget Accountability last week called on lawmakers to end Illinois’ flat income-tax rate and shift to a graduated tax based on income levels.