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 ?
While the Bureau of Local Government Finance has been issuing rulings relative to the levy and administration of local taxes, there is no provision in the Local Government Code of 1991 that explicitly confers such authority to the BLGF.
The City Council passed on first reading on Tuesday a legislation that will generate income from telecommunication firms on top of the existing local taxes and regulatory fees.
The Tax Cuts and Jobs Act of 2017 (TCJA) limits the amount of state and local taxes (SALT) an individual can deduct to $10,000 a year.
April 22, 2019) answers the following question: If a taxpayer received a tax benefit from deducting state and local taxes in 2018 and recovers all or a portion of those taxes in 2019, what portion of the refund must the taxpayer include in 2019 gross income?
Two Long Island congressmen are introducing a bill to reinstate full deduction for state and local taxes, which had been limited by the federal tax law enacted in Dec.
The Stable Outlooks factor in Fitch's expectation that growing direct local taxes and a flexible expenditure framework will allow Kaduna to weather structurally declining statutory oil-related transfers in the medium term.
Last month, the governor had ordered the exemption of local taxes for the food items transported from settled areas of the country to the tribal agencies.
LAHORE -- The All Pakistan Textile Mills Association (APTMA) Chairman Aamir Fayyaz has expressed his disappointment over inordinate delay in clearance of claims for drawback of local taxes and levies (DLTL), saying that the State Bank of Pakistan has paid just Rs18 billion duty drawback refunds .
One of the more transparently partisan provisions of the tax bill signed late last year by President Trump imposes a $10,000 cap on taxpayers' ability to claim state and local taxes as a deduction on their federal income tax forms.
A key provision of the bill modifies a long-standing tax break that allowed individuals to deduct from their federal taxable income any state and local taxes paid that year, including real estate or property taxes.
Traders Union President, Gul Hussain Athar told journalists here owing to expected visit of Prince Karim Aga Khan, martyrdom of Additional IG KP, Ashraf Noor and issuance of notification about ending of all local taxes by the local government department, the traders union have decided to postpone their strike for next two to three weeks.
The federal government has announced the procedure for providing drawback of local taxes and levies, under the textile package announced in the budget FY17, applicable to exporters that have enhanced exports by 10% in FY15 compared to FY14.