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 ?
Property taxes remain by far the largest state and local tax paid by businesses, accounting for 36.
Sutherland Asbill & Brennan LLP is pleased to announce that it has expanded its premier State and Local Tax (SALT) practice with the addition of four associates: Elizabeth S.
The state and local tax deduction is thus a subsidy for big government.
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.
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.
The IRS has not issued published guidance on corporations' tax treatment of refundable state and local tax credits.
The agreement came a day after Internal Affairs and Communications Minister Hiroya Masuda proposed at a policy-making panel meeting Thursday a scheme to revitalize the local economies, which calls for setting up a special quota in local tax grants to cover possible revenue shortfalls in local governments in the wake of tax reform.
There is no shortage of challenges confronting today's state and local tax professional," Mr.
And, nearly half of the 8 million middle-income taxpayers take state and local tax deductions or mortgage interest deductions.
Charles Schumer, a member of the Senate Finance Committee, promises to protect local tax deduction from federal income tax.
For instance, the method used to estimate state and local tax levels doesn't take into account estate taxes, and it ignores licensing fees (e.

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