State Tax Structures: A Regional Overview Presentation to the Arkansas Tax Reform and Relief Task Force July 11, 2017
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1 EXHIBIT E Strong States, Strong Nation State Tax Structures: A Regional Overview Presentation to the Arkansas Tax Reform and Relief Task Force July 11, 2017 Kathleen Quinn Fiscal Affairs Program
2 National Conference of State Legislatures NCSL is committed to the success of all legislators and staff. Our mission is to: Ensure state legislatures a strong, cohesive voice in the federal system. Improve the quality and effectiveness of state legislatures. Promote policy innovation and communication among state legislatures.
3 NCSL Fiscal Publications State Tax Actions State Budget Update State Budget Actions
4 Overview State Tax Sources Regional Overview of State Tax Structures Recent Tax Reform Efforts
5 Review of State and Local Tax Sources Individual Taxes Corporate Taxes General Sales and Use Taxes Selective Sales and Excise Taxes Insurance premiums Public utilities Motor fuel Tobacco Alcoholic beverages Property Taxes Other Taxes Severance taxes Real estate transfer taxes Estate taxes License taxes (motor vehicle, casinos)
6 State and Local Tax Reliance, 2014: U.S. Average Corporate 3.7% Individual 22.9% Other 7.5% Property Taxes 31.3% Selective Sales 11.4% General Sales 23.3% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
7 Regional State Tax Structures
8 State and Local Tax Reliance, 2014: Arkansas Arkansas State and Local Tax Reliance, 2014 Corporate 3.6% Individual 23.4% Other 5.1% Property Taxes 18.0% Total State and Local Tax Collections by Category, 2014 Corporate 3.7% Individual 22.9% Other 7.5% Property Taxes 31.3% Selective Sales 12.5% General Sales 37.5% Selective Sales 11.4% General Sales 23.3% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
9 Arkansas Personal Tax 6 brackets; from %, (indexed annually for inflation) Lowest income bracket is $4,299; Highest is $35,100 Corporate Tax 6 brackets; from % NOL (Net Operating Loss) deduction - 0 back, 5 forward Lowest tax bracket is $3,000; highest is $100,001 Apportionment - three factor formula with double weighted sales
10 Arkansas General Sales and Use State rate: 6.5% Local Option Allowed; Range: 0-3.5% Combined Rate (2016): 9.30% Selective Sales Motor Fuel - $0.218 per gallon Cigarettes - $1.15 per pack Insurance Premiums 2.5% Beer - $0.23 per gallon Wine - $0.75 per gallon Spirits - $2.50 per gallon
11 State and Local Tax Reliance, 2014: Louisiana Louisiana State and Local Tax Reliance, 2014 Corporate 2.7% Individual 15.2% Selective Sales 13.9% Other 8.3% Property Taxes 21.6% General Sales 38.3% Arkansas State and Local Tax Reliance, 2014 Corporate 3.6% Individual 23.4% Selective Sales 12.5% Other 5.1% Property Taxes 18.0% General Sales 37.5% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
12 Louisiana Personal Tax 3 brackets; from % Lowest income bracket is $12,500; Highest is $50,001 Federal Tax Deductible Corporate Tax 5 brackets; from % NOL deduction - 3 back, 15 forward Lowest tax bracket is $25,000; highest is $200,001 Apportionment - three factor formula Federal Tax Deductible
13 Louisiana General Sales and Use State rate: 5.0% Will decrease to 4.0% July 1, 2018 Local Option Allowed; Range: 0-7.5% Combined Rate (2016): 9.0% Selective Sales Motor Fuel - $0.201 per gallon Cigarettes - $1.08 per pack Insurance Premiums 0.25% Beer - $0.40 per gallon Wine - $0.76 per gallon Spirits - $3.03 per gallon
14 State and Local Tax Reliance, 2014: Mississippi Mississippi State and Local Tax Reliance, 2014 Arkansas State and Local Tax Reliance, 2014 Corporate 5.0% Individual 15.9% Other 7.0% Property Taxes 26.2% Corporate 3.6% Individual 23.4% Other 5.1% Property Taxes 18.0% Selective Sales 14.4% General Sales 31.5% Selective Sales 12.5% General Sales 37.5% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
15 Mississippi Personal Tax 3 brackets; from % Lowest income bracket is $5,000; Highest is $10,001 Corporate Tax 3 brackets; from % Lowest income bracket is $5,000; Highest bracket starts at $10,001 NOL Deduction: 2 back, 20 forward Different apportionment formulas based on type of business. If no business formula is specified, then single sales is used.
16 Mississippi General Sales and Use State rate: 7.0% Local Option Allowed; Range: 0-1.0% Combined Rate (2016): 7.07% Selective Sales Motor Fuel - $0.184 per gallon Cigarettes - $0.68 per pack Insurance Premiums 3.0% Beer $0.427 per gallon Wine - $0.35 per gallon Spirits - State Controls Sales
17 State and Local Tax Reliance, 2014: Missouri Missouri State and Local Tax Reliance, 2014 Arkansas State and Local Tax Reliance, 2014 Corporate 2.0% Individual 27.0% Other 6.0% Property Taxes 27.6% Corporate 3.6% Individual 23.4% Other 5.1% Property Taxes 18.0% Selective Sales 10.9% General Sales 26.4% Selective Sales 12.5% General Sales 37.5% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
18 Missouri Personal Tax 10 brackets; from % Lowest income bracket is $1,000; Highest is $9,001 Federal Tax Deductible (limited to $5,000 single $10,000 joint) Corporate Tax Flat Rate, 6.25%; 7% for financial institutions NOL deduction - 2 back, 20 forward Apportionment - three factor formula
19 Missouri General Sales and Use State rate: 4.225% Local Option Allowed; Range: % Combined Rate (2016): 7.86% Selective Sales Motor Fuel - $0.173 per gallon Cigarettes - $0.17 per pack Insurance Premiums 2.0% Beer - $0.06 per gallon Wine - $0.42 per gallon Spirits - $2.00 per gallon
20 State and Local Tax Reliance, 2014: Oklahoma Oklahoma State and Local Tax Reliance, 2014 Arkansas State and Local Tax Reliance, 2014 Corporate 2.9% Other 13.5% Individual 21.4% Selective Sales 11.5% Property Taxes 17.5% General Sales 33.3% Corporate 3.6% Individual 23.4% Selective Sales 12.5% Other 5.1% Property Taxes 18.0% General Sales 37.5% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
21 Oklahoma Personal Tax 6 brackets; from % Lowest income bracket is $1,000 ; Highest is $7,200 Corporate Tax Flat rate; 6.0% NOL deduction - 2 back, 20 forward Apportionment - three factor formula
22 Oklahoma General Sales and Use State rate: 4.5%, 1.25% Motor Vehicle Sales are taxed at a state rate of 1.25% Local Option Allowed; Range: 0-6.5% Combined Rate (2016): 8.82% Selective Sales Motor Fuel - $0.170 per gallon Cigarettes - $1.03 per pack Insurance Premiums 2.25% Beer - $0.40 per gallon Wine - $0.72 per gallon Spirits - $5.56 per gallon
23 State and Local Tax Reliance, 2014: Tennessee Tennessee State and Local Tax Reliance, 2014 Arkansas State and Local Tax Reliance, 2014 Individual 1.2% Corporate 5.8% Other 10.2% Selective Sales 15.0% Property Taxes 26.8% Corporate 3.6% Individual 23.4% Other 5.1% Property Taxes 18.0% General Sales 40.9% Selective Sales 12.5% General Sales 37.5% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
24 Tennessee Personal Tax 5.0% on dividends and interest income only Reform measure decreases this tax by 1% annually Will be eliminated in Corporate Tax Flat rate; 6.5% NOL deduction - 0 back, 15 forward Apportionment - three factor formula, triple weighted sales
25 Tennessee General Sales and Use State rate: 7.0% Local Option Allowed; Range: % Combined Rate (2016): 9.46% Selective Sales Motor Fuel - $0.254 per gallon Cigarettes - $0.62 per pack Insurance Premiums 2.5% Beer - $1.29 per gallon Wine - $1.21 per gallon Spirits - $4.40 per gallon
26 State and Local Tax Reliance, 2014: Texas Texas State and Local Tax Reliance, 2014 Arkansas State and Local Tax Reliance, 2014 Selective Sales 14.0% Other 9.6% Property Taxes 40.4% Corporate 3.6% Individual 23.4% Other 5.1% Property Taxes 18.0% General Sales 36.0% Selective Sales 12.5% General Sales 37.5% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
27 Texas No Personal Tax No Corporate Tax Imposes the Texas Franchise Tax, also called the Texas Margin Tax
28 Texas General Sales and Use State rate: 6.25% Local Option Allowed; Range: 0-2.0% Combined Rate (2015): 8.17% Selective Sales Motor Fuel - $0.20 per gallon Cigarettes - $1.41 per pack Insurance Premiums 1.6% Beer - $0.20 per gallon Wine - $0.20 per gallon Spirits - $2.40 per gallon
29 Regional Ranking of State and Local Combined Sales Tax Rates State Combined State/Local Sales Tax Rate Tennessee 9.46% Arkansas 9.30% Louisiana 9.00% Oklahoma 8.82% Texas 8.17% Missouri 7.86% Mississippi 7.07% United States Median 6.89% Source: Federation of Tax Administrators, State Tax Rates, 2017.
30 State and Local Tax Reliance, 2014: U.S. National Average Selective Sales 11.4% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
31 State Selective Sales Tax Reliance, 2016 Motor Fuels Tax Insurance Premiums Tax Tobacco Products Tax Alcoholic Beverages Tax Public Utilities Tax Amusements Tax Pari-mutels Tax Other 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% United States Arkansas Louisiana Mississippi Missouri Oklahoma Tennessee Texas Source: U.S. Census Bureau, State Tax Collections, 2016.
32 Motor Fuel Tax Regional Rate Comparison State Motor Fuel Tax Rate (Per Gallon) United States Median $0.25 Tennessee $0.254 Arkansas $0.218 Louisiana $0.201 Texas $0.20 Mississippi $0.184 Missouri $0.173 Oklahoma $0.17 Source: Federation of Tax Administrators, State Tax Rates, 2017.
33 Cigarette Tax Regional Rate Comparison State Cigarette Tax Rate (Per Pack) United States Median $1.53 Texas $1.41 Arkansas $1.15 Louisiana $1.08 Oklahoma $1.03 Mississippi $0.68 Tennessee $0.62 Missouri $0.17 Source: Federation of Tax Administrators, State Tax Rates, 2017.
34 State and Local Tax Reliance, 2014: U.S. National Average Other 7.5% Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
35 State Other Tax Reliance, 2016 United States Severance Taxes Death and Gift Taxes Documentarty and Stock Transfer Taxes License Taxes Other 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% Arkansas Louisiana Mississippi Missouri Oklahoma Tennessee Texas Source: U.S. Census Bureau, State and Local Tax Collections, 2014.
36 Severance Tax Reliance State Source: Federation of Tax Administrators, State Tax Rates, Reliance on Severance Tax for Total State Tax Collections, 2016 Louisiana 4.9% Texas 4.5% Oklahoma 3.9% U.S. Average 0.8% Mississippi 0.5% Arkansas 0.5% Tennessee 0.01% Missouri 0.0%
37 Regional Property Tax Reliance, FY 2014 State Property Taxes Per $1,000 of Personal, FY 2014 Texas $38.39 United States Average $33.16 Mississippi $27.52 Missouri $24.18 Tennessee $21.55 Louisiana $21.01 Arkansas $18.80 Oklahoma $14.74 Source: Washington State Department of Revenue, Comparative State and Local Taxes, 2017
38 Post-Recession National Tax Trends
39 Recent Reform Efforts
40 Kansas 2012 Restructured Personal Tax Highest Rate Reduced from 6.45% to 4.9% 2015 Raised the state sales tax from 6.15% to 6.5% Increased cigarette tax Slowed scheduled rate cuts and repealed itemized deductions 2013 Further Reduced Personal Tax Sales Tax Rate Drops Eliminated Taxes on Pass Through Entities Source: NCSL Survey of Legislative Fiscal Offices, Raised personal income taxes to 5.2 % and replaced third bracket Repealed the passthrough exemption
41 North Carolina Enacted a personal and corporate income tax reform measure by lowering rates and broadening the base. Personal income tax rate changed to a flat rate 5.499% in 2017 Lowered the corporate income tax rate from 6.9% in 2013 to 3.0% in 2017 Uses a revenue trigger to enact cuts Repealed the estate tax Source: NCSL Survey of Legislative Fiscal Offices, 2017.
42 Tax Triggers Implement tax cuts when revenue meets established threshold Triggers have been used by many states Missouri On track for personal income tax rate reduction and 5% deduction on business income based on FY 2017 returns North Carolina Corporate income tax reduced from 4% to 3% after meeting revenue trigger Oklahoma Repealed trigger in 2017 legislative session, keeping rate at 5% until economy stabilizes Source: NSL Survey of Legislative Fiscal Offices, 2017.
43 Indiana 2011 Enacted corporate income tax rate reduction phase-in from 8.5% to 6.5% 2014 Local option exemption for some business personal property 2013 More corporate income tax cuts. Rate to 4.9% by 2022 Phased-in personal income tax rate reductions Repealed inheritance tax 2015 Made the business personal property exemption statewide Source: NCSL Survey of Legislative Fiscal Offices, 2017.
44 Concluding Remarks State economies vary, making tax structures unique However, there are some themes among peer group Sales Tax Reliance Low Reliance on Property Tax Low to moderate excise tax rates Tax Structure is an important consideration in reform Phasing-in tax cuts to major revenue sources Targeted big cuts to taxes that provide a lesser percentage of revenue
45 Thank You! Questions?
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