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Nov. 19—The group behind a proposal to institute a 3% sales tax in Anchorage has homed in on 11 public amenities facilities the city could choose to build with a portion of the revenue.
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.
If the home receives a residential exemption — as most do — property owners in most of Anchorage will owe a little over $6,000 in property taxes. That number may differ for Anchorage ...
For many municipalities in the United States, property taxes are the primary source of revenue. The amount of forgone tax revenue as a result of these tax-exempt land parcels is significant. The president of the city council of Baltimore, MD, recently estimated that his city loses $120 million annually from these foregone taxes. [16]
Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In ...
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A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
Aug. 11—Open & Shut is an ongoing series looking at the comings and goings of businesses in Southcentral Alaska. If you know of a business opening or closing in the area, send a note to reporter ...