local tax

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.

local tax

a TAX on property or persons by local authorities/councils which, together with central government grants, is used to finance the provision of various local services. Before 1990, in the UK, rates were levied on eligible properties; between April 1990 (April 1989 in Scotland) and April 1993 a community charge (poll tax) was levied on eligible persons; since April 1993 a council tax has been levied on eligible properties. The current means of raising local taxes, the council tax, is based on the rateable value of local properties, the amount payable in the case of residential dwellings being adjusted to take into account such things as the number of people living in the property, their incomes, and any disabilities they suffer. See UNIFORM BUSINESS RATE.

local tax

a TAX on property or persons by local authorities/councils that, together with central government grants, is used to finance the provision of various local services. Before 1990, in the UK, rates were levied on eligible properties; between April 1990 and April 1993, a ‘community charge’ (‘poll tax’) was levied on eligible persons; since April 1993, a ‘council tax’ has been levied on eligible properties. The current means of raising local taxes, the council tax, is based on the rateable value of local properties, the amount payable in the case of residential dwellings being adjusted to take into account such things as the number of people living in the property their incomes, and any disabilities they suffer. See UNIFORM BUSINESS RATE.
References in periodicals archive ?
In total, 67 of California's 540 cities and counties have adopted local cannabis taxes to date, contributing to combined state and local tax rates that Fitch estimates could be as high as 45%.
Schumer today called on the Internal Revenue Service (IRS) to immediately grant New York residents, who paid their 2018 property taxes early, the ability to apply those taxes to their 2017 state and local tax deductions, even if their property taxes were not assessed.
Millions of taxpayers in high-taxed states like New York depend on the state and local tax deduction to help pay their expenses and care for their families, Lowey said.
But in April 2019, when they file their 2018 taxes, they could claim just $10,000 in state and local tax deductions.
Little Rock Mayor Mark Stodola said the failure to collect internet sales tax is eviscerating the local tax base and hurting brick-and-mortar stores.
The report compares state and local tax rates across all 50 states and the District of Columbia against the national median.
The federal income tax allows (some) taxpayers to deduct (some) of their state and local taxes; this is the State and Local Tax (SALT) deduction of section 164.
The state and local tax deduction is thus a subsidy for big government.
The subsequent sections, which comprise the bulk of the paper, analyze the impact of state and local tax deductibility on public K-12 education.
Heimus, CPA, senior managing director of state & local tax services at FTI Schonbraun McCann Group, has been appointed to NAIOP's Tax and Finance Subcommittee for 2011.
Taylor was active in TEI at the local and Institute level (primarily through the Institute's State and Local Tax Committee).
What this legislation does is preempt state and local taxing authority and represents a federal intrusion into historically-protected state and local tax classifications," he continued.

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