The capital loss would be included in the computation of his New York state income tax.
Typically, a business will not pay state income tax on 100% of its income.
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All except for U.S. Treasurys (and funds holding them) are subject to state income tax.
Florida has no state income tax while Ohio has a top tax rate of 5.925%.
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Nineteen states offer residents a 2001 state income tax deduction for contributions to their plans.
Both houses of the legislature had considered enacting a state income tax, but the proposal failed.
Businesses and their employees can enjoy all the comforts of home with no state income tax.
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In California, with maximum 9.3% state income tax, the highest rate rises to 47.2%.
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However, husband sees accountant, who prepares joint Federal and State income tax returns for husband and wife.
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Then it not only enacted a state income tax but also subsequently raised it to nosebleed levels.
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McDougal faces three counts of state income tax evasion and seven theft-related charges in the state case.
But state income tax breaks for the restoration of private homes are more recent and less widely known.
Although some might prefer to live outside Texas, it is hard to argue with no state income tax.
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Meanwhile, Governor Jerry Brown persuaded Californians last fall to raise the top state income tax rate to 13.3%.
Maine, on the other hand, has a fairly normal state income tax based on federal adjusted gross income.
There likely would have been no state income tax effect either, if Mr. Olsheim had lived in New York.
In many states, shoppers are required to pay unpaid sales tax when they file their state income tax returns.
State and Local Taxes: The big ticket items here are state income tax and local property tax deductions.
Illinois, for example, doesn't make you pay state income tax on any conversions.
For Californians, Nevada is just next door and has no state income tax.
To keep things focused on essentials, we put the Ernest family in Texas, which doesn't have a state income tax.
Seven states have no state income tax, while eight states have a top marginal bracket of at least 8 percent.
Also, coupons on Treasurys are exempt from state income tax, while interest on corporate bonds and Ginnie Maes is not.
Yet the state pension system is bankrupt, causing the legislature to put in place a 50% state income tax increase!
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So even if you owe no federal or state income tax, you may still receive this money as a refund.
If Rodriguez is traded to and relocates to Florida, which has no state income tax, the benefits would be substantial.
Some people also retire to states with a lower state income tax or even none at all like Florida or Texas.
Virginia is one of nine states that give homeowners state income tax credits for rehabilitating historic homes (see table, p. 439).
The authors further contrast the economic performance of Tennessee, with no state income tax, with the performance of Missouri next door.
Now that they are in this fix, a lot of cherished deductions like property and state income tax go to waste.
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