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An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
[11] Brownback's tax overhaul created pass-through income tax exemptions as well as trimming income tax, eliminating some corporate taxes. [10] From 2013 to 2017, Kansas experienced budget shortfalls culminating in a $350 million budget shortfall in February 2017, which "threatened the viability of [the state's] schools and infrastructure". [10]
A "special tax" is defined as any tax imposed for specific purposes, including a tax imposed for specific purposes which is placed into a general fund. [50] The general versus special tax distinction existed in California prior to Proposition 218, but Proposition 218 contains a broader definition of "special tax" as also including taxes imposed ...
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The Treasury Department released a 184-page set of guidelines Wednesday seeking to clarify just who gets to claim the new 20 percent tax deduction on pass-through business incomes. Overall, the ...
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The rules governing partnership taxation, for purposes of the U.S. Federal income tax, are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code (Title 26 of the United States Code). Partnerships are "flow-through" entities. Flow-through taxation means that the entity does not pay taxes on its income.
In many instances, other provisions of Proposition 218 will require a mandatory election for any replacement revenue source. This includes a replacement tax (a new tax or a tax increase) [53] or a replacement property-related fee or charge (a new or increased property-related fee or charge) subject to a mandatory election under Proposition 218 ...