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Colorado
The Colorado Taxpayer’s Bill of Rights (otherwise known as TABOR) limits the amount of revenue the state can retain each year. When state revenue is above the TABOR limit, the excess amount is refunded back to taxpayers.
Colorado taxpayers can claim a credit for the current excess amount on their 2024 personal income tax return. The credit amounts range from $177 to $565 for single filers and from $354 to $1,130 for joint filers, based on adjusted gross income.
Qualifying individuals can claim the credit by filing a Colorado Individual Income Tax Return (DR 0104) or a Colorado PTC Application (DR 0104PTC) by the October 15 extended filing deadline. If the allowable credit exceeds an individual’s tax liability, the excess is refundable.
The credit is available to individuals aged 18 and older who lived in Colorado the entire tax year. Incarcerated individuals do not qualify for the credit if they were incarcerated for at least 180 days of the 12-month period ending on June 30 of the tax year.
Idaho
State tax laws and federal tax laws don’t always agree. Therefore, states periodically update their laws to conform to the Internal Revenue Code (IRC) as of a certain date.
Idaho state income tax law now conforms to the IRC as amended and in effect on January 1, 2025, with the exception of IRC Section 85 related to unemployment compensation, which applies as in effect on January 1, 2020.
Minnesota
A business is subject to the minimum fee if the total of its Minnesota property, payroll, and sales or receipts exceeds the minimum threshold. The minimum fee amounts are adjusted annually for inflation.
For tax year 2025, the additional minimum tax amounts are as follows:
- if the total amount of the entity's Minnesota property, payroll and sales is less than $1,250,000, the minimum fee is zero;
- if the total is in the $1,250,000 to $2,509,999 bracket, the minimum fee is $260;
- if the total is in the $2,510,000 to $12,539,999 bracket, the minimum fee is $750;
- if the total is in the $12,540,000 to $25,069,999 bracket, the minimum fee is $2,510;
- if the total is in the $25,070,000 to $50,139,999 bracket, the minimum fee is $5,020;
- if the total is $50,140,000 or more, the minimum fee is $12,540.
South Carolina
The South Carolina Department of Revenue has announced it will start accepting 2024 Individual Income Tax returns on January 27, 2025, consistent with the date announced by the IRS. However, the filing deadline for 2024 returns is May 1, 2025, due to the relief granted in October 2024 in response to Hurricane Helene.
Changes for the 2024 tax year include a lower top marginal rate of 6.2%, down from 6.4%. In addition, the exemption amount for tax year 2024 is $4,790, up from $4,610. The exemption is allowed for each eligible dependent, including both qualifying children and qualifying relatives.
Furthermore, two deductions have doubled for the 2024 tax year: (1) the volunteer deduction has increased to $6,000 (previously $3,000) for qualifying volunteer firefighters, rescue squad workers, hazmat team members, reserve police officers, and others; and (2) the subsistence allowance deduction increases to $16 (previously $8) for each regular workday for police and all commissioned law enforcement officers, full-time firefighters, and full-time emergency medical service personnel.
Texas
The single local use tax rate is an alternative local tax rate that remote sellers can use instead of collecting and remitting the total local tax in effect at the destination address. It is based on the estimated average rate of local sales and use taxes imposed in Texas during the previous fiscal year ending in August.
A rate of 1.75% will apply for calendar year 2025. Added to the state sales tax rate of 6.25%, this makes a total rate of 8%.
For more information about remote sellers’ tax responsibilities in Texas, click here. For a list of other sales and use tax changes effective in 2025 for Texas jurisdictions, click here.
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