Sentences with phrase «of general tax revenue»

Two programs administered by the federal government and financed out of general tax revenues comprise the first pillar: Old Age Security (OAS) and the Guaranteed Income Supplement (GIS).

Not exact matches

In 2009, General Motors killed its Pontiac line of vehicles, which was named for the city, and then announced the closure of two local plants, putting more than 2,000 people out of work and costing the city a huge chunk of tax revenue.

Most of the tax revenue goes to the state's general fund, and the remainder is distributed to cities and counties based on population.

This is a substantial amount of «general tax revenues» that will go to a small group of high - income taxpayers.

In fact, noting that 50 % of the MSP premiums have already been eliminated (with the impact being absorbed in «general revenues»), the new payroll tax collected will more than make up the remaining MSP revenue shortfall, and is a material contributor to achieving the balanced budgets that are forecast.

General Obligation (GO) bonds are municipal bonds backed by the credit and «taxing power» of the issuing jurisdiction rather than the revenue from a given project.

The La Mesa bond is also a general obligation bond backed by taxes, which is safer than a revenue bond backed by the performance of the asset e.g. train fares.

The potential impact of this shift on churches becomes apparent when one realizes that the average local government receives 64 per cent of its general revenue from property taxes and that churches own a vast amount of untaxed property.

It is important to draw the attention of the general public to the objectives and significant benefits of the Act which are to revise and consolidate the laws relating to income tax after fifteen years of operation of the Internal Revenue Act, 2000 (Act 592).

The Advisory Panel on the proposed General Anti Abuse Rule (GAAR) should be wholly independent, with no representatives of HM Revenue and Customs (HMRC), say the two leading professional bodies for tax practitioners.

According to the report, the city has a general fund of $ 93 million, supported primarily by $ 33 million in property taxes, $ 21 million in sales tax, and $ 11 million in casino revenue.

Initially, the tax cut was supposed to cost $ 250 million in M.T.A. - dedicated revenue, to be offset by the state out of general funds, and it was to sunset in three years.

«This campaign is therefore meant to remind and educate all categories of persons on this civic requirement and encourage the general public to visit any of the offices of the Ghana Revenue Authority across the country and file their tax returns if they haven't already done so before the end of April, 2018.»

The Income Tax Act 2015 (Act 896) and the Revenue Administration Act, 2016 (Act 915) mandate every eligible person to file an income tax return with the Commissioner - General not later than four months after the end of each year of assessmeTax Act 2015 (Act 896) and the Revenue Administration Act, 2016 (Act 915) mandate every eligible person to file an income tax return with the Commissioner - General not later than four months after the end of each year of assessmetax return with the Commissioner - General not later than four months after the end of each year of assessment.

Section 1 (1) of the Revenue Administration Act, 2015, Act 915 provides, «The Ghana Revenue Authority is responsible, through the Commissioner - General, for administering and giving effect to tax laws in accordance with the provisions of the Ghana Revenue Authority Act, 2009, (Act 791)».

For purposes of this section, the total General Fund calculation shall not include sales and compensating use tax revenues shared with local governments and school districts.

If an individual pays $ 3,700 per year into the Social Security trust fund but simultaneously draws a net $ 25,000 per year (benefits minus taxes) out of general government revenue, the solvency of government has not improved.

Lembo says his office agrees with Malloy's budget office and the General Assembly's Office of Fiscal Analysis that November's consensus figures show lower than expected state revenue collections from sales and income taxes.

He said aside being a civic responsibility to file tax returns, is also a requirement by Law (Income Tax Act 2015 (Act 896) and Revenue Administration Act 2016 (Act 915) which mandates every person to file an income tax return; with the Commissioner - General not later than four months after the end of each year of assessmetax returns, is also a requirement by Law (Income Tax Act 2015 (Act 896) and Revenue Administration Act 2016 (Act 915) which mandates every person to file an income tax return; with the Commissioner - General not later than four months after the end of each year of assessmeTax Act 2015 (Act 896) and Revenue Administration Act 2016 (Act 915) which mandates every person to file an income tax return; with the Commissioner - General not later than four months after the end of each year of assessmetax return; with the Commissioner - General not later than four months after the end of each year of assessment.

Sales taxes make up about 40 percent of general fund net revenue for the county; while property taxes produced only 20 percent in 2014.

«Since 2006, Rockland County has seen its deficit skyrocket for several reasons, including overly optimistic revenue projections, failing to repay advances of general fund monies to other county funds and the loss of a major property tax case,» DiNapoli said.

Whenever one - time revenue is used as general operating revenue, it builds a tax increase into the next year's budget equal to the amount of revenue recorded,» Mr. Cohen wrote.

Commissioner General of GRA, Emmanuel Kofi Nti, says it is surprising the second largest regional economy after Greater Accra Region was performing poorly with regards to tax revenue.

Revenue collected from the tax — projected to be $ 1.2 million in the first year — goes into a Berkeley general fund, part of which has been earmarked for healthy living programs.

That sidesteps the annual congressional appropriations process that divvies up what is known as discretionary spending, money from the government's general pot of tax and other revenue.

The Governor signed the legislation, which will increase the state sales tax from 2 percent to 3 percent until the end of the 1985 calendar year, two weeks after signing into law $ 125 million in cuts to the state's general - revenue budget for the current fiscal year.

Walker's latest budget proposes a $ 129 million general aid increase to K — 12 education, but a freeze on property - tax limits suggests that this revenue will be used to replace a portion of local money rather than increase funding as a whole.

To isolate the effect of the recessionary spending cuts from that of the general ill - effects of the recession, Cora Wigger, Heyu Xiong and I rely on the fact that states that relied heavily on state taxes to fund public schools experienced the deepest education revenue cuts during the recession, on average.

The general operating budget is composed of primarily unrestricted dollars allocated to the district through their state funding formula and local tax revenue.

Finally, the author recommends funding the WPCP through the state's general - purpose revenue, paying for statewide school vouchers through state taxes instead of placing the burden on taxpayers living in communities where students receive vouchers.

Wisconsin Association of School Boards government relations director Dan Rossmiller pointed to a 1976 state Supreme Court case that appears to forbid the state from taking property taxes from one district for use elsewhere, and the LFB has said that if money set aside by the state for education isn't enough to cover vouchers» overall cost, then general state revenues will be used.

Prior to the adoption of TABOR, the general assembly controlled property tax rates and property tax revenues available to school districts and, thereby, the level of state funding for public education.

This proposed $ 5.0 billion deposit would raise the rainy day fund balance to the Prop. 2 maximum of 10 percent of General Fund tax revenues.

In general, state governments provide the most funding, up to half of a district's funding with revenue usually coming from income and property taxes.

The districts say they need additional revenue because of property tax caps instilled in 2008 and the updated school funding formula passed during the 2015 General Assembly.

Other states use a variety — and in some cases a combination — of different methods, from general fund revenues to sales, property or other special taxes or lottery proceeds to pay for school construction.

State funding includes: $ 716 million of MdTA Toll Revenue bonds proceeds, $ 180 million from the State of Maryland Trust Fund (motor fuel tax receipts, motor vehicle excise taxes, motor vehicle fees, corporate income taxes, operating revenues), and $ 265 million from the State of Maryland General Fund.

«Professor Spence said: «The issue of whether Amazon's deal with Luxembourg was a «sweetheart» one constituting state aid seems to deflect attention from the main issue here: namely, that Luxembourg has long operated as a de facto tax haven within the internal market, effectively depriving other EU governments, and the EU in general, of significant tax revenues.

Las Vegas is the gambling capital of the US, with state gambling taxes accounting for over one third of general fund tax revenues.

As I am preparing my income taxes, I am reminded yet again of the trap that the Canada Revenue Agency has set for taxpayers in the T1 General form with this innocuous question:

Some bond investors consider general obligation (GO) munis to be safer than revenue bonds because GOs are backed by the full taxing power and creditworthiness of the government entity issuing them.

They financed it short - term, then in early 2009 issued the «A» notes, financing much of the project, encumbering tax revenues out to 2032, and allowed the rest to float via General Obligation Anticipation Notes.

While all tax revenue goes to the Treasury general account, the money received from the taxation of Social Security benefits is included as income in the annual reports done by the Social Security trustees.

the area or activities to which the funds raised from a municipal bond issue will be directed and, in turn, the source of future bond interest payments and principal repayment; for general obligation bonds, funds raised may be for general purposes, both operating and infrastructure, and payments are secured by the general taxing power of the issuer — usually a state, town, or city; revenue bonds are categorized under terms such as «Utilities» or «Transportation»

The sudden growth in CRA scrutiny has triggered concern from the Investment Industry Association of Canada, which recently complained of «insufficient guidelines» for TFSA investors to determine whether they've run afoul of tax rules, in a letter to the Finance Department and the director general of the Canada Revenue Agency (CRA).

Those measures are covered through general tax revenues, meaning that workers today pay taxes to raise the incomes of poorer seniors.

In general, any tax refunds for any years prior to and including the year of bankruptcy are assets of the bankruptcy estate, and Canada Revenue Agency will send them directly to your trustee, even if you and your trustee have been discharged.

In his first report as Canada's Auditor - General, Michael Ferguson highlighted several areas of improvement for the Canada Revenue Agency in how it monitors and enforces cases where individuals and corporations fail to file tax returns, and where businesses fail to register for the Goods and Services Tax (GST) or Harmonized Sales Tax (HStax returns, and where businesses fail to register for the Goods and Services Tax (GST) or Harmonized Sales Tax (HSTax (GST) or Harmonized Sales Tax (HSTax (HST).

OTTAWA — The Canada Revenue Agency is unable to adequately assess and track potentially millions of tax cheats in the country because of lack of resources, and weak oversight and enforcement practices, the federal Auditor - General said Tuesday.

• Millions of tax cheats are going undetected by the Canada Revenue Agency, according to the country's Auditor - General.