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Chapter 61 is a voluntary current use program designed by the Massachusetts Legislature to tax real property in the Commonwealth of Massachusetts at its resources value rather than its highest and best use (development) value. Landowners who enroll their land in the program receive property tax reductions in exchange for a lien on their ...
The 2017 Tax Cuts and Jobs Act limits the deduction for state and local taxes, including property, income and sales taxes, to $10,000 per year. If you need to deduct more than $10,000 on your tax ...
In general, taxpayers cannot deduct rent from their federal income taxes. However, some states offer a renter's tax credit.
Nearly all of the states and some localities impose a tax on corporation income. The rules for determining this tax vary widely from state to state. Many of the states compute taxable income with reference to federal taxable income, with specific modifications. The states do not allow a tax deduction for income taxes, whether federal or state.
Section 162(a) of the Internal Revenue Code (26 U.S.C. § 162(a)), is part of United States taxation law.It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1]
Within four years of repealing the law, Cambridge, where "the city's form of rent control was unusually strict," saw new housing and construction increase by 50%, and the tax revenue from construction permits tripled. [12] Property values in Cambridge increased by about $7.8 billion in the decade following the repeal. [10]
The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
This is the only such example of a true consolidated city-county in New England. Mismanagement of Middlesex County's public hospital in the mid-1990s left that county on the brink of insolvency, and in 1997 the Massachusetts legislature stepped in by assuming all assets and obligations of the county. The government of Middlesex County was ...