Sentences with phrase «existing state tax deduction»

The Journal Times reports that on Tuesday, Mason, along with state Sen. Dave Hansen, introduced the «Higher Ed, Lower Debt» bill in Madison, which would create a state authority to help borrowers refinance their student loans at lower interest rates, extend an existing state tax deduction to include student loan payments, and provide additional information and loan counseling to borrowers.

Not exact matches

The state Senate bill approved Tuesday would remove the existing state prohibition on itemizing a state income tax return if the taxpayer decides to take the higher federal standard deduction.

The proposal would either replace or exist alongside the current personal income tax as a workaround to a newly approved federal cap on state and local tax deductions.

Other additions to the standard deduction may also exist for losses from a Federally - declared disaster zone, as well as state / local real estate taxes.

The bill would repeal the existing deduction for state and local income and sales taxes, and would cap the deduction for state and local property taxes at $ 10,000.

The transfer tax adds additional burdens on first - time home buyers saving for a down - payment and covering the closing costs and runs contrary to existing federal, state, and local programs including the mortgage interest deduction, low interest property maintenance loans, and grants to first time homebuyers.

Suburban REALTORS Alliance Position The Alliance is opposed to increases in the current transfer tax for the following reasons: 1) As the transfer tax is levied only on buyers and sellers of property, the burden per taxpayer is greater than the burden from a more broad - based tax designed to generate the same amount of revenue; 2) Since public transportation is a benefit that is open to all members of society, the charge should not be placed solely on buyers and sellers of property; 3) The transfer tax adds additional burdens on first - time home buyers saving for a down - payment and covering the closing costs and runs contrary to existing federal, state, and local programs including the mortgage interest deduction, low interest property maintenance loans, and grants to first time homebuyers; 4) A real estate transfer tax is a state and local tax assessed on real property when ownership of the property is exchanged between parties.