TAX 9866 Lecture Notes - Lecture 21: Real Estate Transfer Tax, Gross Receipts Tax, State Income Tax
Document Summary
State income tax: nys on individuals, franchise tax on corporations, premium tax on insurance companies. Corresponding use tax- when companies buy things from out of state companies. Inheritance tax- the person who received the inheritance. Commercial rent tax- rent space in nyc (core manhattan area vs. brooklyn (none)) Mortgage recording tax- buy house, get mortgage, pay tax on bank recording mtg. Vat (value added tax) sales tax @various levels // rest of world has this tax, but not us (couple of states only) Delaware- state in which incorporation occurs/ public company, shares outstanding (pay tax annually) Texas & florida- no state income tax. State & local tax- has a huge constitutional element. Our discussion focuses on federal limitations on state tax income. Origins of us constitution//1776 governing document - articles of confederation. Articles of confederation: no president//didn"t exist yet. No federal courts (no ability to handle disputes among colonies/states) Taxes running amuck: each trying to tax colony next door.
