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 ?
State and local taxes are becoming an increasingly larger share of a corporation's overall tax liability, and we believe that Mark's background and credentials strengthen our position to assist clients in this critical area," Nudelman added.
But Barbara Murphy, one of two official members of an opponents group called Citizens Against New Local Taxes, said the resolution being voted on in June does not specify how the money will be used, nor does it include a sunset clause.
On January 31, 1996, Tax Executives Institute filed the following comments with the Virginia legislature opposing proposed legislation to permit localities to hire accounting firms to conduct audits of local taxes.
Of those spending more time on state and local taxes, increased compliance requirements and in creased enforcement were each cited by 43% of the respondents as primary causes of the escalating work load.
To make the day even more painful, consider that the typical American works almost until lunch time to pay federal, state and local taxes before earning a penny for food, clothing or shelter.
Specifically, tax executives are charged with the responsibility to manage the burden of state and local taxes and to ensure compliance with the manifold forms of income, excise, payroll, sales and use, and alternative tax systems.
In short, many companies underestimate the impact of state and local taxes on their bottom lines.
In addition to creating jobs, the report notes that every $100 million invested in transportation construction generates over $200 million in economic activity, and creates $60 million in federal, state and local taxes.
you know about the state and local taxes corporations must pay.
The highest percentage increase in state and local taxes was on tobacco products, which rose 6.
Thus, after wrestling with the issue for more than half a decade, the IRS declined to answer it, "officially" leaving open the question of what rule is to be applied to certain liabilities -- in particular, state and local taxes -- during the six-year interregnum between the enactment of the Deficit Reduction Act of 1984 and the promulgation of the regulations.