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In 1921, the General Assembly enacted a state-administered personal and corporate income tax. As part of this new tax legislation, the assembly created the Department of Revenue to administer, enforce and collect the income tax. [1]
The federal tax was last raised on October 1, 1993, and is not indexed to inflation, which increased 111% from Oct. 1993 until Dec. 2023. On average, as of April 2019, state and local taxes and fees add 34.24 cents to gasoline and 35.89 cents to diesel, for a total US volume-weighted average fuel tax of 52.64 cents per gallon for gas and 60.29 ...
Feb. 15—Tax law changes included in last year's budget delayed the Department of Revenue's finalization of tax forms, updates for tax systems, and approval of tax preparation software, the ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
Republicans aren’t discussing sales tax cuts, but are lowering the corporate and individual income tax rates as part of a years-long plan. In 2022, Republicans lowered the 5.25% individual ...
March 4, 2024 at 1:07 PM. Nearly 21 million people in the U.S. have already received their federal tax refunds, but North Carolina residents are still waiting on money from the state. That’s ...
Previously, during a special session in August, 2022, the top personal income tax rate was reduced to 4.9% retroactively effective to January 1, 2022, instead of 2025 as was originally planned while also marking the first time since 1971 that the top income tax rate has been 5.0% or lower.
September 4, 2022 at 10:39 AM. ... Around two years ago the county reevaluated how tax rates were set, which led to new laws dictating how to “equitably distribute” fire protection services ...
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