Payroll Tax Updates

Tennessee offers a $2,500 sales tax refund for Hurricane Helene victims who received FEMA assistance. Eligible items include major appliances, residential furniture, and building supplies purchased for home repairs.

Starting January 1, 2025, Arizona will eliminate the city Transaction Privilege Tax (TPT) on residential rentals of 30 days or more.

The Florida Department of Revenue is offering tax relief for businesses and individuals affected by Hurricane Helene. This includes a dyed diesel fuel tax penalty waiver from September 26th to October 15th, extended tax deadlines for businesses in 17 counties until November 22nd.

The Kansas Department of Revenue has issued a memo clarifying guidance on renewable energy resources and battery energy storage systems (BESS), including the renewable energy exemption, application process, and valuation.

The Minnesota Department of Revenue has announced that electronic filing of Form M1X, Amended Returns, will not be available for tax year 2024 due to development issues. The Department will accept amended returns on paper and is working to publish updated forms online by October 11, 2024.

The Nebraska Department of Revenue's Directive 24-3, issued on September 30, 2024, provides guidance on the assessment and valuation of renewable energy generation facilities, covering both real and personal property taxation, including exemptions.

The Texas Comptroller is offering a 90-day extension for Texas taxes (excluding property taxes) to out-of-state taxpayers affected by Hurricane Helene who are eligible for IRS disaster relief.

The Alaska Department of Revenue has announced that the interest rate for overpayments and underpayments for the fourth quarter of 2024

The Arkansas Department of Finance and Administration has updated local sales and use tax rates, effective January 1, 2025. The city of Barling's sales and use tax rate will be 0%, down from 1%. Several municipalities will annex additional territory, while others will de-annex certain territory.

Tax changes for the month of October 2024

The Missouri Department of Revenue has announced that the interest rate on underpayments for 2025 is 8%. This is down from 9% in 2024. The interest rate on refunds for the first quarter of 2025 (January 1, 2025, to March 31, 2025) remains at 3.2%.

The North Carolina Department of Revenue is offering tax relief to individuals and businesses affected by Hurricane Helene.

The Virginia Department of Taxation is providing automatic filing and payment extensions for final and estimated income tax payments and income tax returns made by individual and fiduciary taxpayers affected by Hurricane Helene.

The DC Earned Income Tax Credit will be boosted to 85% of the federal credit, effective for tax years starting after December 31, 2024, and lasting until December 31, 2028. Additionally, the general sales and use tax rate will rise from 5.75% to 6%

New Mexico's tax changes in October 2024 include a $231 million tax cut for residents, with the statewide portion of the Gross Receipts Tax dropping to 4.875% on July 1st.

Georgia's tax changes for October 2024 include updates to sales tax rates, which are effective on October 1st. Additionally, the state income tax rate was lowered to 5.39% on January 1st, 2024, and the deadline for filing 2023 income tax returns has been extended to May 1st, 2025, for those affected by Hurricane Helene

Tax changes for the month of October 2024

The complete 2024 tax rates and exemption amounts will be available on the FTB website in late December. The statewide sales tax rate is 7.25%, with additional district taxes in most areas. Tax returns are due by October 15, 2024, but payments are still due by April 15. Senate Bill 167 limits the use of credits for tax

Colorado has updated its tax laws. Key changes include: sales to the U.S. government outside of Colorado are not sourced to Colorado, property tax exemption rules have been amended, and the Medical Use of Marijuana Program application fee has increased to $52, effective October 15, 2024.

Delaware has updated its tax system, including: Military pensions: A new definition clarifies which pensions are tax-exempt. Short-term rentals: A 4.5% tax applies to stays of 31 nights or lessProperty tax: Changes include electronic notices, fair market value assessments, and a school property tax exemption

Effective November 1, 2024, Chicago's prepaid wireless E911 surcharge rate will increase from 0% to 9%, while the rate outside Chicago remains at 3%. This change is due to an amendment to the Prepaid Wireless 9-1-1 Surcharge Act, restoring Chicago's authority to impose a surcharge.

In October 2024, four Indiana counties have seen changes to their income tax rates. These changes were announced by the Indiana Department of Revenue.

The Louisiana Department of Revenue has updated its tax regulations. Casinos now have clarified sales tax rules for discounted and complimentary items. Installment agreements for tax payments have increased thresholds and payment periods. Aviation fuel dealers must now electronically file their sales tax returns

Maine Revenue Services announced that the Maine interest rate on underpayments and overpayments for calendar year 2025 will be 10%, compounded monthly, which is the same as the 2024 rate

Massachusetts Tax Amnesty 2024 program, which allows taxpayers to pay off outstanding taxes and interest by December 30, 2024. The Massachusetts exclusion amount for Tax Year 2024 has increased from 300 to 315 per month.

The Michigan income tax rate will return to 4.25% in 2024, impacting taxes filed in 2025. The Michigan State Tax Guide provides information on the state income tax and other taxes you may need to pay.

The Mississippi Department of Revenue has changed the effective date for when it adopts amendments to Miss. Admin. Code § 35.IV.11.03 (Aircraft), to October 17, 2024.

The Montana Supreme Court has upheld the Department of Revenue's (DOR) mass appraisal sales comparison methodology for valuing lakefront properties.

New Jersey has several tax updates for October 2024, including a 3.3125 percent sales tax rate for zero emission vehicles, tax relief for Hurricane Helene victims, a new taxpayer portal launching mid-to-late 2024, and a 5.39 percent corporate income tax rate for 2024.

New York has several tax updates for October 2024. The IRS has announced tax relief for taxpayers impacted by severe storms, which may impact certain tax-filing and tax-payment deadlines. The New York State Department of Taxation and Finance has extended the deadline for filing tax returns for 2023 to October 15, 2024,

Ohio has several tax updates for October 2024. The Ohio Department of Taxation has amended regulations for Commercial Activity Tax (CAT), adult-use cannabis tax, and property tax.

Oregon has several tax updates for October 2024, including: electronic filing for state and federal income taxes, a Cost-of-Living Adjustment (COLA) for the First-Time Home Buyer Savings Account, an electronic filing deadline of October 15th for PTE-E tax returns, a proposed ballot measure to increase corporate taxes.

The Pennsylvania Supreme Court ruled that property tax exemptions are not automatic and taxpayers must prove their eligibility. The court also upheld a tax on net gains from like-kind exchanges of real property, meaning taxpayers must pay income tax on these gains at the time of the exchange.

A new voluntary deduction from personal income tax refunds is available for contributions to the behavioral health fund. The Town of Smithfield extended the exemption period for industrial property from 10 to 20 years. Banking institutions can now choose how they allocate and apportion their net income.

South Carolina DOR updates include a new standard affidavit for beer/wine tax exemptions, tax relief for Hurricane Helene-affected taxpayers, a revised ACH Credit Instructions Manual, and a Supreme Court ruling requiring proper posting of tax levy notices.

The South Dakota Supreme Court upheld a use tax assessment on construction equipment brought into the state for projects, finding it did not violate the U.S. Constitution. Voters will decide on November 5, 2024, whether to eliminate the state sales and use tax on food and drinks, excluding alcohol and prepared foods.

The maximum acreage eligible for greenbelt valuation in Tennessee is 1,500 acres per person per county. This information is based on the Tennessee Code Annotated § 67-5-1003(3).

Vermont's Homestead Declaration, Property Tax Credit, and Renter Credit deadlines are October 15, 2024. Homestead owners must file annually, even if not seeking a credit. Taxpayers must meet income requirements and file a 2024 Homestead Declaration to be eligible for a property tax credit.

Washington's watercraft excise tax depreciation schedule is updated effective January 1, 2025. Employers and property managers can earn tax credits for commute trip reduction incentives through December 31, 2024 (employers) and December 31, 2023 (property managers).

Manitowoc County, Wisconsin, Enacts Sales Tax: Starting January 1, 2025, Manitowoc County will impose a 0.5% sales tax. This change has been reflected in all Wisconsin Department of Revenue sales tax publications.