Tax

WASHINGTON — The Internal Revenue Service is auditing $31.59 million of Series 2004A first mortgage revenue bonds that were issued by the St. Johns County Industrial Development Authority in August 2004 to help Presbyterian Retirement Communities Inc. and its affiliates finance improvements to eight retirement centers in Florida.

DALLAS — Oklahoma Gov. Mary Fallin will propose an across-the-board cut in the state personal income tax rate at Friday's opening legislative session.

A group of Democrats and an independent lawmaker in the Senate have introduced a bill that would codify the so-called Buffet Rule by imposing a minimum 30% tax rate on taxpayers whose adjusted gross income exceeds $1 million, including capital gains and dividends.

WASHINGTON — Rep. Tim Huelskamp, R-Kan., has introduced legislation that would repeal the individual alternative minimum tax, potentially lowering the borrowing cost and improving the marketability of private-activity bonds.

WASHINGTON — With most of the state's revenue spoken for and few options left for raising more, Maryland Gov. Martin O'Malley announced Wednesday that he will introduce a proposal to repeal a sales tax exemption on gasoline as part of a larger plan to inject money into transportation infrastructure and create jobs.

President Obama's fiscal 2013 budget will propose a 28% cap on the value of tax preferences, including tax-exempt interest for municipal bonds, according to knowledgeable sources.

DALLAS — Conservative leaders of national and state anti-tax groups sent Oklahoma lawmakers a message Monday staking out a strict interpretation of a no-new-tax pledge signed by almost every member of the Legislature.

Nebraska Gov. Dave Heineman made a rare appearance before legislators last week, pushing for a $327 million tax-cut plan that would reduce individual and corporate income taxes and eliminate the inheritance tax.

Detroit could be required to cut its income tax rate this year under a Michigan law that was part of a deal to guarantee the struggling city a fixed amount of state revenue aid for eight years.

The effort by the Kansas City suburb of Mission to tax residents for roadwork is illegal and cannot be collected, Attorney General Derek Schmidt said last week in a non-binding opinion.

Roads and streets in every city and all 75 counties of Arkansas would be improved and upgraded with revenue from a proposed 0.5% increase in the state sales tax, highway director Scott Bennett told lawmakers last week.

Chandler, Ariz.’s sales tax revenues recorded a 14.8% increase in the first four months of fiscal 2012, the most it has recorded since the same period of fiscal 2007.

Senior White House economic advisors have told state and local officials that tax-exempt bond interest is "off the table" and will not be part of the administration's proposed 28% cap on the value of exclusions, deductions and other tax preferences for wealthy taxpayers, according to those familiar with the discussions.

A ruling by a New Jersey tax court that the Red Bull Arena soccer stadium in Harrison is a taxable property is a credit positive for that community, Moody’s Investors Service said.

Infrastructure projects would acquire a new source of funds under a bill that would allow investors to make tax-deductible contributions to approved projects.

A high-profile group of California billionaires and influential political players has pulled plans to put two tax initiatives on the November ballot.

The Joint Committee on Taxation released its annual tax expenditure estimates showing $177.6 billion for public-purpose muni bonds over five years, while a governmental group urged President Obama and congressional leaders to "go big" on federal deficit reduction and rely on two reports that proposed curtailing or eliminating tax exemption for new muni bonds.

CHICAGO – Even with added revenue from last year's income tax hike, Illinois entered the new year with an estimated $8.5 billion in unpaid bills and pending Medicaid vouchers, employee health insurance payments, and other obligations.

Rockland County will ask the New York Legislature for authorization to issue up to $80 million of bonds to cover its operating deficit, and to raise its sales tax by three-eighths of 1% to cover those bonds.

Sioux Falls, S.D., is heading to market with a $119.2 million sales-tax-backed bond issue that marks the city's largest borrowing to date.