Local taxes

Local taxes

Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes.

Local Tax

A tax levied and collected by a state/province and or municipality. Local taxes are collected in order to fund local government services, but they often are also used to pay coupons and principals on municipal bonds. Local taxes sometimes come in the form of income or sales taxes, but the largest example of a local tax is property tax.
References in periodicals archive ?
Thus, whereas corporate income taxes account for less than 20 percent of total state and local tax revenues, in 2003 aggregate business taxes (including business property taxes, sales and use taxes on business inputs, and business excise and gross receipts taxes, as well as income taxes) exceeded 40 percent of all state and local taxes.
The government set up an advisory council Wednesday to explore ways for introducing a system of electronic filing of local taxes in Japan.
Treasury securities is exempt from state and local taxes (but not from federal tax).
At nearly one-half of a company's total tax levy, state and local taxes are a significant cost of doing business.
If the bill passes, everyone who files an income-tax return will get an annual statement estimating how much federal, state, and local taxes he paid.
As a result, state and local taxes constitute an increasingly greater share of a company's cost of doing business, and companies need to review their operations carefully to make certain they have considered all state and local tax planning opportunities available to them.
Formerly Director of State and Local Taxes at American International Group, Inc.
org) says state and local taxes imposed on telecommunications services are more than double the average levy on general business.
The SALT committee's unique insight on issues related to state and local taxes is of increasing importance to businesses across America since state and local taxes have become an important component of a business' tax burden.
Revising the definition of confidential transactions to eliminate transactions entered into by controlled foreign corporations (CFCs) for the purpose of reducing foreign or state and local taxes.
The court concluded that the taxpayer was not required to accrue refunds of state or local taxes until the year the right to receive those refunds was ultimately determined by the taxing authorities.
That system, the lawsuit alleges, is unconstitutional and amounts to discrimination because businesses based outside the city are required to pay the city's business tax, plus local taxes in the city in which they are based.