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.

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
ADVERTISEMENT

This Week on AccountingWEB

Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
WestArk RSVP and Fayette County Community Action Agency – organizations that received grant funding through the IRS Tax Counseling for the Elderly (TCE) program – spoke with AccountingWEB about how they assist senior citizens in their communities.
CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.
Retiring KPMG Centennial Professor of Accounting at the University of Texas at Austin McCombs School of Business Robert May, PhD talks with AccountingWEB about his rewarding forty-three-year career.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT