Along with the cooler weather and major seasonal traditions, November is also the month for voting. Every four years we get to choose our President of the United States and our state representatives; in the meantime, we vote for various legislation. This year certain states are deciding on some major tax initiatives that could be implemented within the upcoming 2016 year.
According to ballot tracking, these votes could lead the electorate to effectively implement new laws and get rid of old ones based on the number of tallies. Other votes will have no tangible force, but will give insight on how voters feel about certain laws that have already been passed or are still in early stages.
Key State Tax Votes within the Nation:
- The Question 1 tax initiative aims to increase the state’s funding for full public financing of its political candidates by 50%. If approved, the fund will pull from the $6 million invested in corporate tax breaks that were considered low-performing and unaccountable.
- Colorado’s Proposition BB will let the state keep its excess of marijuana tax revenue instead of refunding it to taxpayers as its current Taxpayer Bill of Rights mandates. If passed, the $58 million excess will be distributed through various state-funded projects. If not, it’ll have to be refunded to each Colorado taxpayer, which breaks down to about $32 per citizen.
- Similar to Proposition BB, Colorado’s capital, Denver, is voting to pass Measure 2B, which will grant the city rights to spend 2014’s sales tax money from marijuana rather than refund it to taxpayers. If rejected, the payout must be done by Dec 31.
- State Prop 1 foresees tax relief for homeowners if it passes as a constitutional amendment increasing the residential homestead property tax exemption from $15,000 to $25,000. It could also see an estimated $1.2 billion loss in school investments, if passed.
- A property tax exemption for homeowners that are surviving spouses of deceased, disabled veterans from 2009 and earlier could happen with the approval of State Prop 2. The initiative is projected to have little impact on the state’s budget simply because it would only apply to about 3,800 citizens.
- State Prop 7 would send money collected from certain sales taxes to road construction and transportation debt. It’s considered an easy way for Texas to meet its underfunded roadway needs; however, many are hesitant because the proposal denies closing corporate tax loopholes or increasing fuel tax to assist transportation needs.
- In the state of Washington, voters have a variety of ballots that will only give a consensus of laws that have already been established. Bankrate.com lists these as:
– Certain oil spill response and administration taxes (advisory vote No. 10)
– A marijuana excise tax on medical marijuana sales (advisory vote No. 11)
– A gas tax increase of 7 cents per gallon that took effect on Aug. 1 and an additional 4.9 cents per gallon scheduled to take effect on July 1, 2016 (advisory vote No. 12)
– The elimination of some tax preferences for certain manufacturers (advisory vote No. 13)
- There is also Initiative 1366, which is directed to cut the state’s sales tax by a full one percent next year. However, if the state passes the most recent constitutional amendment proposal for a tax increase, the sales tax will remain as it currently is.
It’s tax laws, such as these, which change where money is collected from and how it is spent, and that change the amount of money you pay or receive from your tax return. E-filing a tax extension will grant you further time to file so you can figure out exactly how recent tax changes will affect your payment or refund.
E-file your extension with ExpressExtension today! There’s no waiting for a reply with any questions or assistance you may need. Our team of live experts are ready to help. Give us a call at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m., EST. We also answer emails 24/7 at email@example.com, and offer live chat at www.expressextension.com.