Colorado
The state’s Taxpayer’s Bill of Rights (TABOR) Amendment generally limits the amount of revenue the state can retain and spend and requires excess revenue be refunded to taxpayers. The Colorado Department of Revenue has announced TABOR surplus sales tax refunds for 2025, which can be found here.
Iowa
The Iowa Department of Revenue has announced the 2025 tax year individual income tax rate and the 2025 interest rate. For details, click here.
The state has also announced that the statutory threshold for recalculating the corporate income tax rate has not been met, so corporate income tax rates for tax years beginning in 2025 will remain the same as rates for 2024. More details can be found on the DOR website by clicking here.
Maine
Maine Revenue Services released the individual income tax rate schedules and personal exemption and standard deduction amounts (adjusted for inflation) for tax years beginning in 2025. For details, click here.
Massachusetts
The state will run a 60-day tax amnesty program from November 1, 2024 to December 30, 2024. The Amnesty Program will be open to eligible individuals and business taxpayers and will include personal income tax, corporate excise tax, and sales and use tax. Eligible taxpayers will be able to file delinquent or amended returns, pay the outstanding tax and interest, and benefit from a waiver of most tax penalties.
Most taxpayers are eligible for the program unless they fall into one of these excluded categories:
- Engaged in pending litigation with the state’s Tax Commission;
- Seeking a refund or tax or credit of an overpayment;
- Does not owe any Massachusetts tax;
- Is the subject of a tax-related criminal investigation or prosecution unless exonerated;
- Fails to report the full amount of tax properly due or attempts to defeat or evade a tax using the Amnesty Program;
- Has entered into a settlement agreement with the Commission;
- And/or is in active bankruptcy.
For more information, see the text of the information release by clicking here.
Michigan
The Michigan Department of Treasury has announced that the tax rate for tax years beginning in 2024 is 4.25%.
This is in response to the decision of the Michigan Supreme Court that allows the Michigan Court of Appeals decision to stand that concluded the reduction to the income tax rate for tax year 2023 was temporary.
Oregon
The state has created two new authorization forms for taxpayers to use that will allow other parties to receive and handle their confidential tax information or to deal with the Oregon Department of Revenue on their behalf. Links to the forms and more information is available from the Oregon Department of Revenue website by clicking here.
Pennsylvania
The Pennsylvania Supreme Court has held that net gains from the exchange of real property are taxable in Pennsylvania at the time of the exchange rather than when the property is sold.
This is an affirmation of orders by the Pennsylvania Commonwealth Court and the Board of Finance and Revenue sustaining the Department of Revenue’s reassessments of personal income tax on the taxpayers’ gain from like-kind exchanges.
Texas
The state’s Comptroller’s office is in the process of mailing Form 05-212, Texas Notice of Forfeiture of Right to Transact Business to entities who have not satisfied their franchise tax filing and/or payment requirements. An entity’s franchise tax account status can be verified online by clicking here.
West Virginia
The state’s personal income tax rates have been lowered effective October 8, 2024 in addition to reductions already slated to begin on and after January 1, 2025.
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