staging.rockymountainvoice.com

Menu

Tag: Taxes

Property tax bill passes Colorado House during special session
No Comments
CBS 11 KKTV, State

Property tax bill passes Colorado House during special session

By Tony Keith | CBS11 The Colorado House passed HB24B-1001 on Wednesday hoping it will help reduce property taxes. News releases from both House Democrats and House Republicans shared their take on the legislation. ”We are committed to making Colorado a more affordable place to live, and with this bill we’re delivering additional property tax relief in a responsible way while protecting funding for our schools, parks, libraries and community institutions,”said Speaker Julie McCluskie, D-Dillon.“Two initiatives from wealthy special interests on the November ballot would de-fund schools, lengthen emergency response times, and strip health care away from our most vulnerable Coloradans. Stopping these measures with small changes to the bipartisan property tax package from last session...
Read More
Mayor’s push for ‘affordable’ housing will lead to Denver voters considering $100M sales tax hike in November
No Comments
denvergazette.com, Local

Mayor’s push for ‘affordable’ housing will lead to Denver voters considering $100M sales tax hike in November

By Alexander Edwards | Denver Gazette A divided Denver City Council on Monday approved a measure that will ask Denver voters in November to hike the city’s sales tax by 0.5 points to generate $100 million, which Mayor Mike Johnston wants to spend on "affordable" housing.  The council adopted several amendments, including a 40-year sunset provision. If approved by voters, Denver’s sales tax would be 9.31%, and if another sales tax measure to fund Denver Health — the city’s hospital system — also sails through, the sales tax would increase by another 0.34 points. READ THE FULL STORY AT THE DENVER GAZETTE
Read More
‘I’m opposed to the timing’: Former Denver Mayor Wellington Webb pushes back on tax initiative
No Comments
CBS Colorado, Local

‘I’m opposed to the timing’: Former Denver Mayor Wellington Webb pushes back on tax initiative

By Shaun Boyd | CBS Colorado Former Denver Mayor Wellington Webb says now isn't the time to ask voters to approve a sales tax hike for affordable housing.   Webb says the measure, pushed by current Mayor Mike Johnston, will put a tax measure by Denver Health in jeopardy. "I'm not opposed to affordable housing, I'm opposed to the timing," Webb said. "I was surprised that Mayor Johnston, who has a lot of issues on his plate primarily around homelessness, did not delay it until the spring in order to get one of these issues passed." READ THE FULL STORY AT CBS COLORADO
Read More
Panel of Colorado lawmakers schedule meeting amid talk of property tax compromise, special session
No Comments
coloradopolitics.com, State

Panel of Colorado lawmakers schedule meeting amid talk of property tax compromise, special session

By Deborah Grigsby | Colorado Politics A panel of Colorado lawmakers tasked with crafting long-term property tax policy is meeting on Monday, potentially laying down the groundwork for a special session amid speculation that parties are negotiating a potential compromise that would pull two initiatives from the November ballot in exchange for deeper reductions to people's tax liabilities. The agenda posted on the state’s legislative website stated that the 19-member Commission on Property Tax will convene to discuss potential changes to legislation that Democrats and Republicans passed just this last session. That measure, the product of a deal reached by Democrats and Republicans, reduced commercial property tax assessment rates and decreased property valuations. The pr...
Read More
Prop. 108, the ‘Citizens’ Tax Cut’ plan, could be headed to the ballot with nearly 200k signatures
No Comments
coloradopolitics.com, State

Prop. 108, the ‘Citizens’ Tax Cut’ plan, could be headed to the ballot with nearly 200k signatures

By Marissa Ventrelli | Colorado Politics A ballot initiative to reduce property tax assessment rates has received enough signatures to qualify for the November 2024 ballot, its sponsors announced Tuesday.  Proposition 108, also known as the Citizens' Tax Cut, has submitted nearly 200,000 signatures to the Secretary of State's Office, exceeding the required threshold by over 75,000. The signatures will now undergo a verification process to ensure their validity. Backed by Advance Colorado and Colorado Concern, Proposition 108 aims to reduce assessment rates to 5.7% for residential properties and 24% for commercial properties. If passed alongside Constitutional Amendment 50, which is also on the ballot this November, Proposition 108 would cut this year's tax increase and limit ...
Read More
Denver mayor wants a tax increase. Proposes lifting sales tax to 9.31%.
No Comments
kdvr.com, Local

Denver mayor wants a tax increase. Proposes lifting sales tax to 9.31%.

By Samantha Jarpe | Fox 31 News Denver Mayor Mike Johnston unveiled a proposal Monday to raise $100 million a year for affordable housing projects by raising the sales tax in Denver by 0.5%. The proposed 0.5% tax will account for about 5 cents on a $10 purchase, according to a release sent by the mayor’s office. There would be exceptions for many of the everyday essentials people buy including food, fuel, medical supplies and personal hygiene products, meaning the new tax would not apply to those purchases. Because it involves raising taxes, the proposal will need to be approved by the City Council and then by voters in November before being implemented. READ THE FULL STORY AT FOX 31 NEWS
Read More
IRS plans to close ‘major’ tax loophole used by wealthy Americans
No Comments
Fox Business, National

IRS plans to close ‘major’ tax loophole used by wealthy Americans

By Megan Henney  | Fox Business The IRS and Treasury Department on Monday unveiled a plan to end a major tax loophole used by wealthy taxpayers, a move that could generate as much as $50 billion in revenue over the next decade. The plan targets so-called "partnership basis shifting," a transaction that allows a business or person to operate through many different legal entities in order to take more deductions and minimize what they owe, according to Treasury. "These tax shelters allow wealthy taxpayers to avoid paying what they owe," IRS Commissioner Danny Werfel said in a statement. READ THE FULL STORY AT FOX BUSINESS
Read More
Analysis: Trump plan to cut taxes on tips would save taxpayers $250 billion over decade
No Comments
National, THE HILL

Analysis: Trump plan to cut taxes on tips would save taxpayers $250 billion over decade

By ARIS FOLLEY | The Hill Former President Trump’s plan to end taxes on tips could come with a price tag of $250 billion, a budget watchdog estimated in a new analysis. The Committee for a Responsible Federal Budget estimated Sunday that exempting tip income from federal income and payroll taxes could lead to a decrease of $150 billion to $250 billion in federal revenues over a decade. The watchdog noted the estimate was calculated on “a static basis” and that it does not factor in certain behavioral effects but is instead the “net of revenue gains” from eliminating the Federal Insurance Contributions Act Tip Credit. READ THE FULL STORY AT THE HILL
Read More
Woodland Park sales tax repeal proposal could be losing steam
No Comments
Local, Pikes Peak Courier

Woodland Park sales tax repeal proposal could be losing steam

By Doug Fitzgerald | Pikes Peak Courier The idea of ending the sales tax that benefits the Woodland Park School District has, for now, lost traction among members of the city council. But the desire for detailed accountability for how the money is spent has never been stronger. The Woodland Park City Council held a work session on May 29 concerning the 1.09% sales tax that is earmarked for the city’s schools. Mayor Kellie Case reminded the council that the city has authority only over the sales tax. READ THE FULL STORY AT THE PIKES PEAK COURIER
Read More
What is the Work Opportunity Tax Credit and how does it benefit business owners?
No Comments
National, The Street

What is the Work Opportunity Tax Credit and how does it benefit business owners?

By The Street (via TurboTax) The work opportunity tax credit (WOTC) rewards businesses that hire workers from certain targeted groups who might otherwise be overlooked in the job market. Businesses of any size can claim the credit for as many eligible workers they employ. The credit amount depends on several factors, including the eligible employee’s targeted group, wages, and number of hours worked. There’s also a maximum credit amount per employee, which runs from $1,200 to $9,600, depending on the employee's targeted group and length of employment. The WOTC is a nonrefundable federal tax credit. As a result, it can reduce your tax bill to $0, but it won’t trigger a tax refund if the credit amount is greater than your tax liability before the credit is applied. READ THE FULL ...
Read More