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Wednesday, May 19, 2004

House Considering State & Local Tax Deduction as Part of ETI Repeal

Wednesday, May 19, 2004

Tax Analysts reports today that the House, as part its consideration of the Extraterritorial Income Exclusion Act (ETI Act), is debating whether to allow taxpayers who live in the 9 states without an income tax (Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington & Wyoming) to deduct sales and use taxes. The proposal apparently is based on the Sales Tax Equity Act of 2003 (H.R. 720) introduced last year, but may go further and allow taxpayers in the 41 states with an income tax to deduct the greater of their sales tax or their income tax. Tax simplification anyone? (Thanks to Deborah Geier (Cleveland State) for passing this along.)

http://taxprof.typepad.com/taxprof_blog/2004/05/house_consideri.html

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