Tag: state taxation

Vermont State Budget

Vermont State Budget Lessons

In contrast to many other states in the nation, the Vermont state budget for fiscal year 2020 appears to be relatively healthy. What’s more, unlike most budget plans, Vermont’s budget was unaccompanied by rancorous partisan squabbling. That, in and of itself, is especially welcome news in today’s day and age. According to the state fiscal rankings provided by the Mercatus Center […]

NY Co-Op Sales & Taxes

NY Co-Op Sales & Taxes

New York “co-op” apartments are unique to the State of New York. When a person owns a co-op apartment, they own a share of a “corporation,” which is the apartment complex itself. But, at the same time, the owner of the co-op also owns a piece of real estate. That is, at least from a […]

State Cannabis Taxation

State Cannabis Taxation Rules

Lately, we’ve talked quite a bit about legalized marijuana taxes. We’ve talked about Section 280E, for instance, and the tax issues raised by this important tax code section. We’ve also talked about the debate currently taking place in New York regarding the legalization of recreational cannabis. Today, we will continue to discuss this critical topic […]

Vaping Taxes

Vaping Taxes & Smoking

We’ve talked about taxes on tobacco and cigarettes before on our blog. Taxes on tobacco and nicotine products have gained attention in the media recently following the release of a new study on the effect of a Minnesota tax on vaping products. The implications of this study are quite controversial; they may suggest that heavy […]

New York's Cannabis tax law

New York’s Cannabis Tax Law

Last year, New York’s plan to legalize recreational cannabis failed when the measure was unable to gather sufficient support. The new proposal had those who predictably opposed it, such as law enforcement, political conservatives and teachers. But the measure also had some unexpected opponents, such as progressives who felt that the measure failed to do […]

Worst Fiscal Condition

States in the Worst Fiscal Condition

States are just like any other entity when it comes to money management. States have income, liabilities, long and short term obligations, and so forth. We may be tempted to think that, at the state level, fiscal problems are either non-existent or very easily solved if they do occur. But this is simply not the case. States […]

Corporate Tax Rate

State Corporate Tax Rates

The majority of the states in these United States have a corporate income tax which they levy on their in-state businesses. These corporate income taxes contribute toward the general fund of states and help further numerous state projects. Some states have a flat corporate tax rate, but most have a graduated corporate income tax which mirrors the […]

Statutory Residence

Statutory Residence in New York State

In New York, residency for taxation purposes is inferred based on behaviors of an individual in any given tax year. Residency does not exclusively hinge on a person’s official “status” as either a NY state resident or nonresident. In other words, a taxpayer may be a “statutory” resident for tax purposes based on their actions. […]

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