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These rules prevent the avoidance of tax that might otherwise be available by characterizing the repayment as a capital gain, which is taxed at a lower rate, or by deferring the recognition of income until the bond is repaid at maturity. There are a number of exceptions to the original issue discount rule, including: Tax exempt obligations
The interest income is exempt from federal income tax for the recipient—a treatment similar to that for interest income from municipal bonds. Tax anticipation notes are short term notes, issued at a discount, with a maturity period usually less than a year or a stated future date.
All other retirement income is exempt from the state’s 4.7% flat state income tax rate. That rate is slated to fall to 4.4% in 2025 and to 4% in 2026. That rate is slated to fall to 4.4% in 2025 ...
The purpose of Build America Bonds, commonly referred to as BABs, is to reduce the cost of borrowing for state and local government issuers and governmental agencies.Some traditionally tax-exempt issuers, such as private party issuers and 501(c)(3) organizations, were not eligible to use the Build America Bond program.
Illinois, however, which imposes a 4.95% fixed tax, has a flat tax because when the tax was first implemented, it was unclear whether a progressive income tax was constitutional under the state ...
Tax rates vary by state and locality, and may be fixed or graduated. Most rates are the same for all types of income. State and local income taxes are imposed in addition to federal income tax. State income tax is allowed as a deduction in computing federal income, but is capped at $10,000 per household since the passage of the 2017 tax law ...
The IRS Direct File program, which lets you prepare and file your federal return for free, is expanding to 24 states for the 2025 tax season. Bankrate 10 days ago Capital gains tax on real estate ...
The state reintroduced the option of tax-increment financing for the funding of Community Revitalization and Investment Authorities (CRIAs) in 2015, the latter being authorities created by local governments to create or upgrade infrastructure and create or preserve affordable housing for low and moderate income households.
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