Oregon’s budget increased because of federal tax hike on wealthy
Oregon lawmakers delivered some great financial news this past Friday, allowing some room to breathe with the budget.
The state’s economists have said that the state revenues are supposed to come in at $162 million higher in the latest biennium because of the tax increases on the wealthy that was implemented by Congress. The tax increases will have an effect on filers in 2013, which influenced a sell-off of assets at the end of 2012. This gave a sudden increase to state tax receipts.
The sell-off will eventually lead to a reduction of $75 million in the revenue outlook for the next two years. Adding it up, the lawmakers will have about $88 million more to use for Oregon as they start to develop a budget for the 2013-2015 biennium. This is not a bailout, but rather a difficult choice that had to be made. Oregon has experienced some bad news in its finances in the past four years, and it’s nice to have this good financial news drop on them.
Senate President Peter Courtney mentioned that this forecast is a positive net gain because every single penny will help Oregon, parting the clouds a little to help the sun shine enter.
Overall, Oregon’s state general fund is supposed to hit around $16.6 billion for 2013 through 2015. That’s about a 9% increase from the current budget of $15.2 billion. There’s expected to be larger tax collections in the new few months because of higher earners pushing more of their income into 2012.
Categories: Federal Tax, Income Tax, State Tax, Tax Law Tags: corporate tax, federal income tax, federal tax, income tax, oregon tax, tax code
Heating and cooling systems get tax credits
The popularity of heating and cooling systems in Maryland homes is rising, and fortunately, homeowners are now able to get rewarded when they file their taxes for 2012, as well as 2013.
It’s tax season once again, and A Supreme Heating and Cooling would like to tell the customers of the tax credit they’re able to receive for the heating and cooling systems in their neighborhood. The tax credit available will apply to homeowners and will allow people to get up to $500 just for having energy efficient heating and cooling systems. The tax credit will work for 2012 and will continue throughout 2013; however, you have to take notice that this tax credit will only apply to energy efficient heating and cooling systems, not every single heating and cooling system around.
If you don’t have an energy efficient heating and cooling system, you would probably like to consider getting one installed by A Supreme Heating and Cooling; they’re a reliable company to turn to for those living in Anne Arundel, Baltimore and Howard Counties.
If you haven’t heard of the company yet, A Supreme Heating and Air Conditioning serves Baltimore, Howard, and Anne Arundel Counties with repairs for a variety of makes and models. They’ve been working proficiently for the last 28 years in the heating and cooling business. A Supreme Heating and Air Conditioning also offers a 24-hour emergency service, giving its customers incredible satisfaction and support.
Categories: Federal Tax, Income Tax, State Tax Tags: avoiding taxes, federal tax, income tax, tax credits, tax law
Federal Income tax offset and State tax advantages
Different States have told that change in federal income tax will affect the tax changes for all tax payers of different income groups. State lawmakers ignores the point that tax reform proposals for State citizens also vary with federal income tax rates and applies individually for the States. The high income groups and wealthy taxpayers offset the federal income tax payment with their property taxes and local income. It is important to know about federal offset and change of State taxes for their citizens. The federal offset policy explains those forgotten links between federal income taxes and state changes.
Federal income tax has facilitated the individuals to claim for personal expenditure of itemized deductions when they pay the federal imposed taxes. So an individual can offset the cost of property tax payments, local income, interest payment for homes and charity contributions. Such deductions will make it affordable to pay to the charitable institutions, payment of loan for home or payment of mortgage. It means some of the federal taxes are optimized and lowered down through your itemized deductions or federal offsets.
So who benefit from federal offset? When you itemize the federal income tax and write off your local and state taxes, then your property tax bills and income tax will never be as much as you are paying today. But it is important to know that lower income tax payers who itemize the federal income tax will not be able to get the benefit of federal offset.
Categories: Federal Tax, Income Tax, State Tax Tags: federal income tax, federal tax, income tax, state tax, tax law