“Though gas taxes are intended to serve as user fees and pollution deterrents, they vary widely across states.”

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Click here to read the full report at the Tax Foundation.

States are also giving home insurers almost everything they ask for on rates, an analysis conducted for The Wall Street Journal suggests. The average state-approved increase since the start of last year is just 0.2 percentage point below the increase requested by the industry, according to the analysis by S&P Global Market Intelligence.

“The industry is definitely playing hardball at the moment,” Colorado Insurance Commissioner Michael Conway said. “They’re doing that because they’re scared [of forecast extreme-weather losses].” 

Many state regulators are in a weak position to push back on industry demands. “The [state home-insurance]markets are incredibly unstable right now,” Conway said.

Click here to read the full story at Realtor.com.

Click here to read the full story at the Wall Street Journal. (subscription required).

Be sure to read your state’s “fine-print” for this exemption.  This list is subject to change and some states have already had some sales tax holidays in 2024.

Upcoming States:

• Arkansas – August 3-4
• Connecticut – August 18-24
• Iowa – August 2-3
• Maryland – August 11-17
• Massachusetts – August 12-13
• Mississippi – July 26-27
• Missouri – August 2-4
• New Mexico – August 2-4
• Ohio – August 2-4
• Oklahoma – August 2-4
• South Carolina – August 2-4
• Tennessee – July 26-28
• Texas – August 9-11
• Virginia – August 2-4
• West Virginia – August 2-5

Click here to read the full list at the Federation of Tax Administrators.

Some key findings:

• Local sales and income taxes generate 13% and 5% of local tax revenue.
• Local income taxes are authorized in 16 states and the District of Columbia.
• Localities in only seven states do not impose either local income taxes or local sales taxes.
• In many states, local income and sales taxes lack uniformity, making the tax system nonneutral and potentially incentivizing residents to make costly or economically inefficient relocation or cross-border shopping decisions.

“…state and local policymakers are constantly searching for other revenue sources that could potentially reduce the property tax burden and substitute for foregone property tax revenues. Many states have tried two alternatives: local income taxes and local sales taxes. But how do these taxes contribute to overall state and local tax competitiveness? Should one be preferred over the other? Is consumption or income a better tax base for local governments? What are the advantages and disadvantages of both?”

Click here to read the full report at the Tax Foundation.

“The CFPB is seeking to end the senseless practice of weaponizing the credit reporting system to coerce patients into paying medical bills that they do not owe,” said CFPB Director Rohit Chopra. “Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans.”

Click here to read the full release at the CFPB.

“The changes outlined in this report are a stark contrast to the years of underfunding” that led to a deterioration in the agency’s services.  Said IRS commissioner Danny Werfel on a conference call with reporters.

Click here to read the full story at CBSnews.com.

“Property taxes took an unusually high turn upward last year, pushing effective rates up, while huge gaps in average tax bills between different parts of country remained in place…The tax increases were likely connected, at least in part, to inflationary pressures on the cost of operating local governments and schools, along with rising public employee wages and other major expenses.”  Said Rob Barber, CEO at ATTOM.

Click here to read the full report at ATTOM.

“…states calculate property taxes differently by municipalities, as home prices and rates can vary greatly locally. In West Virginia, for example, average annual property taxes range from about $210 in McDowell and Webster counties to about $1,856 in Jefferson County. Similarly, in New Jersey, average property taxes in 2023 were between $4,590 in Cumberland County to about $11,350 in Essex and Bergen counties.”

Click here to read the full report at CoreLogic.

“States’ approaches to income taxes vary in other details as well. Some states double their single-filer bracket widths for married filers to avoid imposing a “marriage penalty.” Some states index tax brackets, exemptions, and deductions for inflation, while many others do not. Some states tie their standard deductions and personal exemptions to the federal tax code, while others set their own or offer none at all.”

Click here to read the full report at the Tax Foundation.

The National Law Review is reporting

“The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. FinCEN’s proposal is tailored to target residential real estate transfers considered to be high-risk for money laundering, while minimizing potential business burden, and it would not require reporting of transfers made to individuals.”

A Fact Sheet on the Notice of Proposed Rulemaking is available on FinCEN’s website.

Click here to read more at the National Law Review.