State tax initiatives receive mixed results on election day

Income tax repeal measures were defeated in last week's election, as Massachusetts voters once again rejected a ballot question to eliminate the state's income tax, six years after the question lost by a slim margin. And in North Dakota, voters overwhelmingly rejected a measure that would reduce their income taxes by 50 percent and create an oil-tax trust fund.

Results were mixed for environmental and energy related initiatives but in Minnesota, a state where ballot initiatives are uncommon, voters approved a proposed constitutional amendment to set aside a percentage of the sales tax for environmental and arts funding. More citizens cast "Yes" ballots for the amendment than voted for any candidate for president or senate, Minnpost.com reports.

Colorado voters rejected Amendment 58, which would have substantially raised the amount of severance taxes oil and gas companies had to pay through the removal of a property tax credit. An effort to alter state spending limits under Colorado's Taxpayers' Bill of Rights (TABOR) law was also defeated.

Results for other tax measures by state are:

California - Measure to authorize incentives for purchasers and developers of high fuel economy vehicles – Defeated. Measure to finance high speed train system with bonds and federal funds – Passed.

Florida – Amendment 3 creating property tax exemptions for residential improvements that increase renewable energy use or resistance to wind damage. -- Passed. Amendment 4: Conservation property tax break -- Passed. Amendment 6: Working waterfront tax break -- Passed

Maine – Repeal of a 2008 law that increased excise taxes on beer, wine and soda -- Passed

Missouri – Increase in state tax on casinos to 21 percent and elimination of the $500/two- hour loss limit for individual gambling losses. – Passed

Oklahoma – Amendment requiring a person or a business to file an application before receiving a tax exemption. – Passed

Oregon – A measure that would allow unlimited deductions for federal income taxes on state income tax returns – Defeated.

You may like these other stories...

IRS audits less than 1 percent of big partnershipsAccording to an April 17 report from the Government Accountability Office (GAO), the IRS audits fewer than 1 percent of large business partnerships, Stephen Ohlemacher of the...
Legislation coming out of Washington just might reduce homeowners' burden for disaster insurance. It's a topic very much on everyone's minds since the mudslide in Oso, Washington. The loss of human life was...
Divorce is hard, and the IRS isn't going to make it any easier. The IRS generally says "no" to tax deductions that might ease the pain of divorce. In certain circumstances, however, you might be able to salvage...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.