DOCSLIB.ORG

Report of the Tax Study Commission of the State of North Carolina

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Report of the Tax Study Commission of the State of North Carolina REPORlS REPORT of the TAX STUDY COMMISSION of the STATE of NORTH CAROLINA f/J/^^y>U.i \^ ^^ If] ' ^-^U ore I RALEIGH, NORTH CAROLINA 1956 INSTITUTE OF GOVERNMENT LIBRARY This book must not be taken from the Institute of Government Building THE COMMISSION FOR THE STUDY OF THE REVENUE STRUCTURE OF THE STATE Raleigh, North Carohna November 10, 1956 Honorable Luther H. Hodges Governor of North Carolina Raleigh, North Carolina Dear Governor Hodges: Transmitted herewith is a report of recommendations for changes in the tax statutes suggested by The Commission for the Study of the Revenue Structure of the State. An extensive and intensive study of the revenue structure and the economic im- pact thereof was conducted in accordance with the requirements of Joint Resolu- tion No. 49 of the 1955 General Assembly. Based on the findings of this study the recommended changes are considered both advisable and necessary. Respectfully submitted, Brandon P. Hodges Chairman C. Gordon Maddrey, Vice-Chairman W. P. Kemp, Sr. Frank Daniels E. M. O'Herron, Jr. Howard Holderness James M. Poyner J. Y. Jordan, Jr. R. Grady Rankin ORGANIZATION AND CONTENT OF THE REPORT This report is presented in two parts and an appendix. Two studies made for the Commis- sion on a contract basis are being published separately without any editing by the Commission. If the studies and surveys made at the direction of the Commission and by the staff of the Com- mission were incorporated into this report the length would require several volumes. The limita- tions of publication time and monetary resources preclude the printing of the briefs, studies and surveys. These, however, are on file and, of course, are available for use by the members of the General Assembly and others. Drafts of legislation to implement the recommendations contained herein will be submitted at a later date. Part I of the report tells the story of the mission, the approach to the problem and the findings which necessitate recommendations for change. The recommendations are outlined and evaluated in terms of the present and future effect of the changes on the State's revenues and the State's economy. Part II presents detailed recommendations organized by tax schedule and subject matter. The sections appear in order of the revenue importance of the taxes dealt with in the section. Each section has a brief statement as to general criteria and philosophy behind the detailed recommen- dations. Each recommendation is emphasized in italics and immediately followed by a resume of the present provisions, an explanation of what is changed and why, and a statement as to effect on revenue, if any. Since tax data for all levels of government in North Carolina are being published as usual by the Department of Tax Research under the title of "Statistics of Taxation", which will be avail- able for distribution to the members of the General Assembly and the public, no statistical series are reported herein. This is a tax policy report specifically designed for the Governor, members of the General Assembly, and the people they represent. HI Digitized by the Internet Archive in 2013 http://archive.org/details/reportoftaxstudy19nort_2 : SPECIAL ACKNOWLEDGMENTS To acknowledge each person who contributed to the study conducted by the Commission would require numerous pages. General expressions of appreciation and designations of the sources of assistance appear in appropriate places throughout Part I of this report. Special acknowledgement is due to Mr. Eugene G. Shaw, Commissioner of Revenue, for his cooperation with the Sales Tax Committee in preparing the recommended recodification of the Sales and Use Tax statutes and the administrative rules to complement the proposed revision. The following members of the faculty of The University provided surveys and analyses which were especially helpful in the study of the economic and sociological characteristics of the State From The University at Chapel Hill: Lowell D. Ashby, Department of Economics; Gordon Blackwell, Director of the Institute for Research in Social Science ; Paul Guthrie, Chairman of the Department of Economics ; Milton S. Heath, Co-ordinator of Research and Graduate Training of the Graduate School of Business Administration; Harriet L. Herring, Institute for Research in Social Science ; C. S. Logsdon, School of Business Administration ; Daniel Price, Department of Sociology; and George L. Simpson, Jr., Department of Sociology. From the University at State College: Dr. C. E. Bishop, Professor of Agricultural Economics; Dr. D. W. Colvard, Dean of the School of Agriculture ; Dr. C. Horace Hamilton, Head of Depart- ment and Professor of Rural Sociology; Dr. H. B. James, Head of Department and Professor of Agricultural Economics. LEGISLATIVE DIRECTIVE A JOINT RESOLUTION AUTHORIZING THE GOVERNOR TO APPOINT A COMMISSION TO STUDY AND MAKE RECOMMENDATIONS FOR REVISION AND RECODIFICATION OF THE REVENUE ACT AND REPORT ITS FINDINGS TO THE 1957 SESSION OF THE GEN- ERAL ASSEMBLY. WHEREAS, there has been no major revision or basic change in the tax structure of the State of North Carolina since 1932; and WHEREAS, it is proper and desirable that the State of North Carolina and its tax structure be such as to favor the migration of individuals and business enterprises from other states to come within the bounds of North Carolina to establish their businesses and residences; and WHEREAS, the technological and industrial advances in manufacturing, scientific and agri- cultural processes since 1932 have changed the nature of many industries, and many entirely new industries have been developed; and WHEREAS, it is desirable that the tax structure of the State of North Carolina should be studied and reviewed to ascertain whether it meets the tests of stability and equity, and gives proper economic incentive to the greater productivity of the citizens and business enterprises of this State, and with a steady and adequate provision of revenue for the sound and essential pur- poses of government; Now, therefore, be it resolved by the House of Representatives, the Senate concurring: Section 1. The Governor of North Carolina is hereby authorized and empowered to appoint a Commission to be composed of 9 members, and to be known as the Commission for the Study of the Revenue Structure of the State. One member shall be selected from the membership of the 1955 Senate and 2 members shall be selected from the 1955 House of Representatives. The remain- ing members shall be selected with a view toward fairly and equitably representing the various economic interests of the State as nearly as possible. Sec, 2. It shall be the duty of said Commission to make a detailed and careful study of the revenue laws of the State which now comprise the Revenue Act, together with all other laws of the State which have a bearing upon such a study of the Revenue Act, and to make recommendations to the 1957 Session of the General Assembly: (a) To provide for such revision or recodification of such revenue laws as would provide a more easily understandable and workable system of revenue laws for the State, with separate recommendations being made of all such sources of taxation under the General Fund, as well as the Highway and the Agricultural Fund. (b) To recommend changes in the basic tax structure of the State and in the rates of taxation, together with predicted revenue effects thereof, together with proposed alternate sources of revenue, to the end that our revenue system may be stable and equitable, and yet so fair when vw compared with the tax structures of other states, that business enterprises and persons would be encouraged by the economic impact of the North Carolina Revenue Laws to move themselves and their business enterprises into the State of North Carolina. (c) To recommend study of alternate sources of revenue found in the tax structures of other states of the Union, and particularly, in the other southeastern states, and to make a report upon the economic impact of the North Carolina tax structure upon the business enterprises of various types of industry, as compared with those of other southeastern states. (d) To make recommendations for long range revenue planning, and for future amendments of the Revenue Laws of North Carolina. (e) To make a study of allocation formulas providing for the allocation of income for taxation purposes of corporations and other enterprises and persons doing business in North Carolina and other states, together with recommendations as to flexible adjustment procedures which may be provided, in cases of inequity of application of any allocation formulas which may be adopted or recommended. Sec. 3. The Commission shall have power to hold public hearings, examine the records of the Revenue Department or any other agencies of the State, to receive testimony of any employees of the State or any other witnesses who may assist the Commission in its duties and to call for assistance in the performance of its duties from any employees or agencies of the State or any of its political subdivisions. The Commission may administer oaths, subpoena and compel attendance of witnesses, and do any and all things necessary to accomplish the objective and purposes of this Resolution. To this end the provisions of G. S. 105-259 shall not apply to the members of the Commission or any of its employees or staff. Sec. 4. Upon its appointment the Commission shall organize by electing from its membership a chairman and a vice-chairman. The members of the Commission shall be paid a per diem allow- ance in an amount to be determined by the Governor for the days when they are engaged in the performance of the duties of the Commission, and such necessary travel expenses and subsistence and other expenses as may be incurred by them in the performance of the duties of the Commis- sion.
Load more

Recommended publications
  • The Standard Deduction and Personal Exemption
    The Standard Deduction and Personal Exemption Richard Auxier February 5, 2017 any households reduce their taxable income through the standard deduction and personal This year, Congress will consider what may M exemptions. Both President Donald Trump be the biggest tax bill in decades. This is one and House Republicans have proposed increasing the of a series of briefs the Tax Policy Center has standard deduction and eliminating personal exemptions. prepared to help people follow the debate. Each These changes would simplify tax filing but may benefit focuses on a key tax policy issue that Congress some households and hurt others. and the Trump administration may address. CURRENT STANDARD DEDUCTION AND PERSONAL EXEMPTION AMOUNTS When filing federal income taxes, a taxpayer may claim This is because the largest itemized deductions are for the standard deduction or itemize deductible expenses state and local taxes–which benefits higher earners–and from a list that includes state and local taxes paid, mortgage interest, which only benefits homeowners. mortgage interest, and charitable contributions. Both options lower the tax filer’s taxable income (and thus tax). The standard deduction amount varies by filing type, with married couples filing jointly and heads of households Most Americans (70 percent) use the standard deduction (single filers with dependents) receiving larger benefits because it is larger than the value of the deductions they than single filers (table 1). Filers who are ages 65 and can itemize. In particular, taxpayers with income below older or blind also receive an additional standard $100,000 typically use the standard deduction (figure 1). deduction ($1,250 in 2016).
    [Show full text]
  • Itep Guide to Fair State and Local Taxes: About Iii
    THE GUIDE TO Fair State and Local Taxes 2011 Institute on Taxation and Economic Policy 1616 P Street, NW, Suite 201, Washington, DC 20036 | 202-299-1066 | www.itepnet.org | [email protected] THE ITEP GUIDE TO FAIR STATE AND LOCAL TAXES: ABOUT III About the Guide The ITEP Guide to Fair State and Local Taxes is designed to provide a basic overview of the most important issues in state and local tax policy, in simple and straightforward language. The Guide is also available to read or download on ITEP’s website at www.itepnet.org. The web version of the Guide includes a series of appendices for each chapter with regularly updated state-by-state data on selected state and local tax policies. Additionally, ITEP has published a series of policy briefs that provide supplementary information to the topics discussed in the Guide. These briefs are also available on ITEP’s website. The Guide is the result of the diligent work of many ITEP staffers. Those primarily responsible for the guide are Carl Davis, Kelly Davis, Matthew Gardner, Jeff McLynch, and Meg Wiehe. The Guide also benefitted from the valuable feedback of researchers and advocates around the nation. Special thanks to Michael Mazerov at the Center on Budget and Policy Priorities. About ITEP Founded in 1980, the Institute on Taxation and Economic Policy (ITEP) is a non-profit, non-partisan research organization, based in Washington, DC, that focuses on federal and state tax policy. ITEP’s mission is to inform policymakers and the public of the effects of current and proposed tax policies on tax fairness, government budgets, and sound economic policy.
    [Show full text]
  • Your Federal Tax Burden Under Current Law and the Fairtax by Ross Korves
    A FairTaxSM White Paper Your federal tax burden under current law and the FairTax by Ross Korves As farmers and ranchers prepare 2006 federal income tax returns or provide income and expense information to accountants and other tax professionals, a logical question is how would the tax burden change under the FairTax? The FairTax would eliminate all individual and corporate income taxes, all payroll taxes and self-employment taxes for Social Security and Medicare, and the estate tax and replace them with a national retail sales tax on final consumption of goods and services. Payroll and self-employment taxes The starting point in calculating the current tax burden is payroll taxes and self-employment taxes. Most people pay more money in payroll and self-employment taxes than they do in income taxes because there are no standard deductions or personal exemptions that apply to payroll and self-employment taxes. You pay tax on the first dollar earned. While employees see only 7.65 percent taken out of their paychecks, the reality is that the entire 15.3 percent payroll tax is part of the cost of having an employee and is a factor in determining how much an employer can afford to pay in wages. Self-employed taxpayers pay both the employer and employee portions of the payroll tax on their earnings, and the entire 15.3 percent on 92.35 percent of their self-employed income (they do not pay on the 7.65 percent of wages that employees do not receive as income); however, they are allowed to deduct the employer share of payroll taxes against the income tax.
    [Show full text]
  • (Unofficial Compilation) INCOME TAX LAW 
    INCOME TAX LAW CHAPTER 235 INCOME TAX LAW Part I. General Provisions Section 235-1 Definitions 235-2 Repealed 235-2.1 Repealed 235-2.2 Repealed 235-2.3 Conformance to the federal Internal Revenue Code; general application 235-2.35 Operation of certain Internal Revenue Code provisions not operative under section 235-2.3 235-2.4 Operation of certain Internal Revenue Code provisions; sections 63 to 530 235-2.45 Operation of certain Internal Revenue Code provisions; sections 641 to 7518 235-2.5 Administration, adoption, and interrelationship of Internal Revenue Code and Public Laws with this chapter 235-3 Legislative intent, how Internal Revenue Code shall apply, in general 235-4 Income taxes by the State; residents, nonresidents, corporations, estates, and trusts 235-4.2 Persons lacking physical presence in the State; nexus presumptions 235-4.3 Repealed 235-4.5 Taxation of trusts, beneficiaries; credit 235-5 Allocation of income of persons not taxable upon entire income 235-5.5 Individual housing accounts 235-5.6 Individual development account contribution tax credit 235-6 Foreign manufacturing corporation; warehousing of products 235-7 Other provisions as to gross income, adjusted gross income, and taxable income 235-7.3 Royalties derived from patents, copyrights, or trade secrets excluded from gross income 235-7.5 Certain unearned income of minor children taxed as if parent’s income 235-8 Repealed 235-9 Exemptions; generally 235-9.5 Stock options from qualified high technology businesses excluded from taxation 235-10, 11 Repealed 235-12
    [Show full text]
  • Section 5 Explanation of Terms
    Section 5 Explanation of Terms he Explanation of Terms section is designed to clarify Additional Standard Deduction the statistical content of this report and should not be (line 39a, and included in line 40, Form 1040) T construed as an interpretation of the Internal Revenue See “Standard Deduction.” Code, related regulations, procedures, or policies. Explanation of Terms relates to column or row titles used Additional Taxes in one or more tables in this report. It provides the background (line 44b, Form 1040) or limitations necessary to interpret the related statistical Taxes calculated on Form 4972, Tax on Lump-Sum tables. For each title, the line number of the tax form on which Distributions, were reported here. it is reported appears after the title. Definitions marked with the symbol ∆ have been revised for 2015 to reflect changes in Adjusted Gross Income Less Deficit the law. (line 37, Form 1040) Adjusted gross income (AGI) is defined as total income Additional Child Tax Credit (line 22, Form 1040) minus statutory adjustments (line 36, (line 67, Form 1040) Form 1040). Total income included: See “Child Tax Credit.” • Compensation for services, including wages, salaries, fees, commissions, tips, taxable fringe benefits, and Additional Medicare Tax similar items; (line 62a, Form 1040) Starting in 2013, a 0.9 percent Additional Medicare Tax • Taxable interest received; was applied to Medicare wages, railroad retirement com- • Ordinary dividends and capital gain distributions; pensation, and self-employment income that were more than $200,000 for single, head of household, or qualifying • Taxable refunds of State and local income taxes; widow(er) ($250,000 for married filing jointly, or $125,000 • Alimony and separate maintenance payments; for married filing separately).
    [Show full text]
  • State Individual Income Tax Rates
    STATE INDIVIDUAL INCOME TAXES (Tax rates for tax year 2021 -- as of January 1, 2021) TAX RATE RANGE Number FEDERAL (in percents) of INCOME BRACKETS PERSONAL EXEMPTIONS STANDARD DEDUCTION INCOME TAX Low High Brackets Lowest Highest Single Married Dependents Single Married DEDUCTIBLE ALABAMA 2.0 - 5.0 3 500 (b) - 3,001 (b) 1,500 3,000 500 (e) 2,500 (y) 7,500 (y) Yes ALASKA No State Income Tax ARIZONA (a) 2.59 - 8.0 (aa) 4 27,272 (b) - 163,633 (b) -- -- 100 (c) 12,400 24,800 ARKANSAS (a) 2.0 - 5.9 (f) 3 4,000 - 79,300 29 (c) 58 (c) 29 (c) 2,200 4,400 CALIFORNIA (a) 1.0 12.3 (g) 9 8,932 (b) - 599,012 (b) 124 (c) 248 (c) 383 (c) 4,601 (a) 9,202 (a) COLORADO 4.55 1 -----Flat rate----- -- (d) -- (d) -- (d) 12,550 (d) 25,100 (d) CONNECTICUT 3.0 - 6.99 7 10,000 (b) - 500,000 (b) 15,000 (h) 24,000 (h) 0 -- (h) -- (h) DELAWARE 0.0 - 6.6 7 2,000 - 60,001 110 (c) 220 (c) 110 (c) 3,250 6,500 FLORIDA No State Income Tax GEORGIA 1.0 - 5.75 6 750 (i) - 7,001 (i) 2,700 7,400 3,000 4,600 6,000 HAWAII 1.4 - 11.0 12 2,400 (b) - 200,000 (b) 1,144 2,288 1,144 2,200 4,400 IDAHO (a) 1.125 - 6.925 7 1,568 (b) - 11,760 (b) -- (d) -- (d) -- (d) 12,550 (d) 25,100 (d) ILLINOIS (a) 4.95 1 -----Flat rate----- 2,325 4,650 2,325 -- -- INDIANA 3.23 1 -----Flat rate----- 1,000 2,000 2,500 (j) -- -- IOWA (a) 0.33 - 8.53 9 1,676 - 75,420 40 (c) 80 (c) 40 (c) 2,130 (a) 5,250 (a) Yes KANSAS 3.1 - 5.7 3 15,000 (b) - 30,000(b) 2,250 4,500 2,250 3,000 7,500 KENTUCKY 5.0 1 -----Flat rate----- -----------None----------- 2,690 2,690 LOUISIANA 2.0 - 6.0 3 12,500 (b) - 50,001(b) 4,500
    [Show full text]
  • UBS Financial Services Inc
    Ratings: Moody’s: “Aa1” Standard & Poor’s: “AAA” Fitch: “AAA” (See “RATINGS” herein) OFFICIAL STATEMENT Dated: April 19, 2011 NEW ISSUE: BOOK-ENTRY-ONLY In the opinion of Bond Counsel, interest on the Bonds is excludable from gross income for purposes of federal income taxation under existing law, subject to the matters described under “TAX MATTERS-Tax Exemption” herein, including the alternative minimum tax on corporations. $15,000,000 CITY OF CARROLLTON, TEXAS (Dallas, Denton and Collin Counties) GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2011 Dated: April 15, 2011 Due: August 15, as shown below Interest on the $15,000,000 City of Carrollton, Texas, General Obligation Improvement Bonds, Series 2011 (the “Bonds”), will be payable August 15 and February 15 of each year, commencing August 15, 2011 until maturity or prior redemption. The Bonds will be issued only in fully registered form in any integral multiple of $5,000 of principal amount, for any one maturity. Principal of the Bonds will be payable to the registered owner at maturity or prior redemption upon their presentation and surrender to the Paying Agent/Registrar (the “Paying Agent/Registrar”), initially U.S. Bank N.A.. Interest on the Bonds will be payable, by check, dated as of the interest payment date, and mailed first class, postage prepaid, by the Paying Agent/Registrar to the registered owners as shown on the records of the Paying Agent/Registrar on the Record Date (see “Record Date for Interest Payment” herein), or by such other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense of, the registered owner.
    [Show full text]
  • Report of the Tax Fairness Commission Commonwealth of Massachusetts March 1, 2014
    Report of the Tax Fairness Commission Commonwealth of Massachusetts March 1, 2014 I. EXECUTIVE SUMMARY Introduction The Tax Fairness Commission was established by the Massachusetts Legislature in 2013 as part of the Act Relative to Transportation Finance. The Commission was charged with analyzing a broad array of the Commonwealth’s tax laws and focused on the equity of current tax policies. The fifteen member bipartisan Commission met publicly eight times from September 2013 until February 2014. The Commission reviewed data and analysis prepared by the Department of Revenue, the Institute on Taxation and Economic Policy, the Joint Committee on Revenue, Massachusetts Budget and Policy Center, the Massachusetts Taxpayers Foundation, the Pioneer Institute, and others. After fully engaging in a broad, comprehensive, and lively debate, the Commission now issues this report. Finding The Commission concluded the following: That the overall tax system in Massachusetts is regressive, meaning middle- and low- income taxpayers pay a larger share of their income in taxes than high-income taxpayers. Recommendations The Commission voted on a number of proposals that strive to make the overall tax system fairer in Massachusetts. By majority vote, the Commission recommends the following: • Institute a graduated income tax through a Constitutional amendment. • Institute the following package proposal: o Increase the state funded match of the federal EITC from its current 15% rate and retain its refundability. o Expand the property tax circuit breaker, which is currently limited to senior citizens, to make all low-income individuals and families eligible. o Raise the current personal exemption on single filers, heads of households, and married filing jointly.
    [Show full text]
  • House Revenue & Taxation Committee
    AGENDA HOUSE REVENUE & TAXATION COMMITTEE 9:30 A.M. Room EW42 Tuesday, January 08, 2013 SUBJECT DESCRIPTION PRESENTER Organizational meeting COMMITTEE MEMBERS COMMITTEE SECRETARY Chairman Collins Rep Anderson(31) Rep Trujillo Kathleen Simko Vice Chairman Wood(35) Rep Anderst Rep Burgoyne Room: EW54 Rep Barrett Rep Dayley Rep Erpelding Phone: 332-1125 Rep Moyle Rep Hartgen Rep Meline email: [email protected] Rep Raybould Rep Kauffman Rep Denney Rep Patterson MINUTES HOUSE REVENUE & TAXATION COMMITTEE DATE: Tuesday, January 08, 2013 TIME: 9:30 A.M. PLACE: Room EW42 MEMBERS: Chairman Collins, Vice Chairman Wood(35), Representatives Barrett, Moyle, Raybould, Denney, Anderson(31), Anderst, Dayley, Hartgen, Kauffman, Patterson, Trujillo, Burgoyne, Erpelding, Meline ABSENT/ None EXCUSED: GUESTS: Derek Santos, DFM, Nathaniel Clayville, DFM Chairman Collins called the meeting to order at 9:30 am. Chairman Collins welcomed the committee and expressed appreciation to everyone for attending. Introductions were conducted and each member provided a brief bio to the committee. Chairman Collins announced that there will be a Tax 101 class, January 16 - 17th, 3-5 p.m. in the Senate Auditorium. Chair Collins indicated that the whole committee will review the pending rule changes, starting tomorrow and continuing on Thursday, January 10th. There will not be a meeting on Friday. ADJOURN: There being no further business to come before the committee, the meeting was adjourned at 10:01 a.m. ___________________________ ___________________________ Representative
    [Show full text]
  • Effects of Federal Tax Policy on Agriculture
    Effects of Federal Tax Policy on Agriculture. By Ron Durst and James Monke. Food and Rural Economics Division, Economic Research Service, U.S. Depart- ment of Agriculture, Agricultural Economic Report No. 800. Abstract This report analyzes the effects of the current Federal tax code on farming and evaluates tax proposals to assist beginning farmers. Investment, management, and production decisions in agriculture continue to be influenced by Federal tax laws. Farmers continue to benefit from both Federal income and estate tax policies tar- geted to agriculture. These provisions exert upward pressure on farmland values and help support ongoing trends that increase the number of very small and large farms. However, the influence of the current tax structure with lower marginal tax rates and a broader income base is less than in earlier decades and may be small relative to government farm programs. Tax proposals to assist beginning farmers would likely increase the availability of land for lease or purchase, but would do little to make land more affordable. Keywords: Federal tax policy, income tax, social security tax, structure, small farms, estate and gift tax, capital gains, farm losses Disclaimer: Readers should not construe information in this report as advice given by the U.S. Department of Agriculture but should consult with their own attorneys or the Internal Revenue Service for tax advice. Washington, DC 20036-5831 April 2001 Contents Summary . .iv Introduction . .1 Federal Taxes and Farmers . .1 Farm Typology and Data . .2 Federal Income Tax Policies . .5 Individual Tax Rates and Taxable Income . .5 The Farm Income Tax Base . .6 The Farm Household Income Tax Base .
    [Show full text]
  • JLBC Tax Handbook, 2020
    STATE OF ARIZONA 2020 Tax Handbook JLBC Prepared by the Staff of the Joint Legislative Budget Committee CONTENTS Page No. Foreword .................................................................................................................................................................. i Overview of Arizona Taxes ........................................................................................................................................ ii GENERAL FUND SALES AND USE TAXES A. Transaction Privilege Tax ................................................................................................................................... 1 B. Use Tax .............................................................................................................................................................. 31 C. Severance Tax on Metalliferous Minerals ......................................................................................................... 34 D. Jet Fuel Excise and Use Tax ................................................................................................................................ 36 INCOME TAXES A. Individual Income Tax ........................................................................................................................................ 39 B. Corporate Income Tax ....................................................................................................................................... 75 APPENDIX A – Renewable Energy Tax Incentives ....................................................................................................
    [Show full text]
  • Demystifying Tax Deferral Christopher H
    SMU Law Review Volume 52 | Issue 2 Article 5 1999 Demystifying Tax Deferral Christopher H. Hanna Southern Methodist University, Dedman School of Law, [email protected] Follow this and additional works at: https://scholar.smu.edu/smulr Part of the Law Commons Recommended Citation Christopher H. Hanna, Demystifying Tax Deferral, 52 SMU L. Rev. 383 (1999) https://scholar.smu.edu/smulr/vol52/iss2/5 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in SMU Law Review by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. DEMYSTIFYING TAX DEFERRAL Christopher H. Hanna* TABLE OF CONTENTS I. INTRODUCTION ........................................ 384 II. IMMEDIATE DEDUCTION ............................. 386 A . INTRODUCTION ........................................ 386 B. PARTNERSHIP ANALOGY .............................. 388 C. KEY STEPS IN THE PARTNERSHIP ANALOGY ........... 390 III. INSTALLMENT SALES ................................. 391 A . INTRODUCTION ........................................ 391 B. ATTACKING TAX DEFERRAL .......................... 392 C. VARYING TAX RATES ................................. 395 1. Known Capital Gains Tax Rate .................... 395 2. Unknown Capital Gains Tax Rate ................. 396 IV. DEFERRAL OF PREPAID INCOME ................... 398 V. DEFERRED COMPENSATION ......................... 401 A . INTRODUCTION ........................................ 401 B. EMPLOYER IN
    [Show full text]