Taxes

Montgomery County Tax Referendum Passes in Legislature

In a rare Saturday session, the Alabama Legislature passed budgets and the Montgomery tax referendum. The property tax referendum passed the Senate floor with an amendment, and was concurred by the House of Representatives. The ad valorem tax proposal would add 12 mills to the current 10 mill property tax rate in Montgomery County. All of the money would go…

Montgomery Delegation Votes Yes to Ad Valorem Tax

CORRECTION: This story was edited on 5/9/2020 to reflect the property tax increase would be 12 mils, as opposed to the previous reported 18.5 mils. On Tuesday a House Committee made of the Montgomery delegation approved a bill that would increase property taxes for education in Montgomery County. The Ad Valorem Tax Bill narrowly passed along party lines with a…

Concern IRS Rule Could Impact Private School Scholarships

Advocates of a state-supported private school scholarship program are concerned that donations could drop under proposed new IRS rules. The program, known as the Alabama Accountability Act, gives donors an income tax break for donations to groups that provide private school scholarships. Currently, donors get a dollar-for-dollar reduction on their state income tax bill, and can also claim a federal…

Supreme Court Rules States Can Now Collect Taxes from Online Retailers

The Supreme Court has ruled that states can now collect taxes from online retailers even if the retailers are out of state. It’s a decision states and retailers have been waiting on. The high court says states can compel internet sellers to collect sales tax regardless of whether they have a physical presence in the state. The decision overrules a…

H&R Block Shares Skid Again on Store-Shuttering Plan

Shares of H&R Block were down for the second day in a row following the tax preparer’s announcement that it would shutter 400 offices in response to a new tax law that could simplify the average American’s return. As more people opt for do-it-yourself software such as TurboTax, the Kansas City, Missouri company said it would invest in new technology…

Charitable Donations Help Some Save on Taxes

From the West Alabama Newsroom– Its a busy time of year for some area charities as taxpayers who are looking to save money on their taxes rush to make donations. Tax professionals say giving to charity is a good way for tax payers to save on their taxes. Officials at the Selma Area Food Bank say donations are looking up….

Sen. John McCain Says He Will Vote for GOP Tax Plan

Sen. John McCain says he’s decided to support the Senate tax bill. The Arizona Republican’s announcement gives a boost to GOP leaders hoping to push the measure through the chamber this week. McCain says the tax legislation is “far from perfect.” But he said it would spur the economy and ease the tax burden for middle class families. McCain was…

Split Between House, Senate on Taxes Poses a Big Challenge

The House and Senate tax overhaul plans are broadly similar, but crucial differences are creating headaches for Republican leaders determined to keep myriad interest groups and factions of the GOP satisfied. And then there’s the ambitious timetable of finishing in time to get legislation to President Donald Trump by Christmas. The most politically challenging decisions involve dealing with popular and…

President Trump Delivers First Address to Joint Session of Congress

(AP Photo/LM Otero)President Donald Trump opened his address to a joint session of Congress by condemning the recent threats against Jewish community centers and a fatal shooting in Kansas being investigated as a hate crime. Trump on Tuesday said that “while we may be a nation divided on policies, we are a country that stands united in condemning hate and…

GOP Running into Opposition from GOP on Tax Overhaul

House Republicans face opposition to their plan to overhaul the way corporations pay federal taxes from a powerful group of lawmakers – other Republicans. The Senate’s No. 2 Republican and the chamber’s top Republican tax-writer have both been critical. And President Donald Trump says he doesn’t love it. The House GOP plan would scrap the 35 percent tax on corporate…