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  2. Cancellation-of-debt income - Wikipedia

    en.wikipedia.org/wiki/Cancellation-of-debt_income

    A strict reading of the Internal Revenue Code says that the amount reduced is COD income, it does not fall under one of the four exclusions, and is thus gross income. To remedy this situation, Congress passed 26 U.S.C. § 108(e)(5), also known as the purchase price adjustment .

  3. Taxation in California - Wikipedia

    en.wikipedia.org/wiki/Taxation_in_California

    At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.

  4. Marks-Roos - Wikipedia

    en.wikipedia.org/wiki/Marks-Roos

    Named after its legislative sponsors, the Marks-Roos Local Bond Pooling Act (California Government Code §6584-6599.1) is a law enacted by the California Legislature in 1985. [ 1 ] [ 2 ] The main purpose of this statute is to allow local California governments to work together to get financing in a way that will conceivably lower borrowing costs.

  5. Your guide to Proposition 5: Making it easier to pass local ...

    www.aol.com/news/guide-proposition-5-making...

    The existing supermajority requirement for local bond approval goes back to the series of tax restrictions in California's Constitution inaugurated by the passage of Proposition 13 in 1978.

  6. Municipal bond - Wikipedia

    en.wikipedia.org/wiki/Municipal_bond

    Interest income from most municipal bonds is excludable from gross income for federal income tax purposes, and may be exempt from state income tax as well, depending on the applicable state laws. [14] Internal Revenue Code section 103(a) is the statutory provision that excludes interest on municipal bonds from federal income tax. [15]

  7. Alternative minimum tax - Wikipedia

    en.wikipedia.org/wiki/Alternative_minimum_tax

    Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...

  8. California voters approve Proposition 4, the bond measure for ...

    www.aol.com/news/proposition-4-california-bond...

    Proposition 4 called for spending $3.8 billion for water projects, including those that provide safe drinking water, water recycling projects, groundwater storage and flood control.

  9. Your guide to Proposition 4: California Climate bond - AOL

    www.aol.com/news/guide-proposition-4-california...

    What to know about California's Proposition 4, the proposed $10 billion climate bond that would pay for climate and environmental projects.