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2007 sources of Indiana's revenue. Taxes in Indiana are almost entirely authorized at the state level, although the revenue is used to fund both local and state level government. The state of Indiana's income comes from four primary tax areas. Most state level income is from a sales tax of 7% and a flat state income tax of 3.05%. The state also ...
Nearly all jurisdictions provide numerous categories of goods and services that are exempt from sales tax, or taxed at reduced rates. The purchase of goods for further manufacture or for resale is uniformly exempt from sales tax. Most jurisdictions exempt food sold in grocery stores, prescription medications, and many agricultural supplies.
The Marketplace Fairness Act of 2013 authorizes each member state under the Streamlined Sales and Use Tax Agreement (the multi-state agreement for the administration and collection of sales and use taxes adopted on November 12, 2002) to require all sellers not qualifying for a small-seller exception (applicable to sellers with annual gross ...
Personal exemptions will go back to their pre-TCJA levels and then be marked up for inflation, if the law is permitted to expire. In 2018, the personal exemption amount would have been $4,150.
A state law — House Bill 1034 — is in effect and, according to a news release from the Indiana National Guard, the tax exemption applies to the traditional weekend Hoosier Guardsmen, the dual ...
The sales tax incentive states that the equipment used to produce renewable electricity are eligible for a sales tax exemption. The state of Indiana also implemented a voluntary Clean Energy Portfolio Standard (CPS) in May 2011. The CPS set a goal for the state to have 10% of its electric generation come from clean energy by 2025. [26]
Wholesale sales tax, a tax on sales of wholesale of tangible personal property when in a form packaged and labeled ready for shipment or delivery to final users and consumers; Retail sales tax, a tax on sales of retail of tangible personal property to final consumers and industrial users [3] Gross receipts taxes, levied on all sales of a ...
For US federal income tax purposes, state and local taxes are defined in section 164(a) of the Internal Revenue Code as taxes paid to states and localities in the forms of: (i) real property taxes; (ii) personal property taxes; (iii) income, war profits, and excess profits taxes; and (iv) general sales taxes.