New white paper examines states’ likely tax moves
Businesses should expect state governments to look for ways to increase their sales and use tax revenue to ease financial shortfalls, according to a new white paper from CCH.
The white paper, The Impact of the Loss of State Sales and Use Tax Revenue on Business and Consumers, identifies:
- 8 states that have already increased their sales tax rates or are likely to do so this year, and localities in 15 states that have followed suit or are likely to this coming year
- 5 states that will expand their tax base by early next year
- 10 states that have introduced or are seriously considering measures to expand nexus
- 5 states that are taking a serious look at joining the Streamlined Sales Tax
“For many states, the picture is very grim and could take years to rebound from the current economic downturn. Whether popular or not, states will have cut costs and generate additional revenue,” said Phil Schlesinger, a CCH product manager.
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