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2001 means new state tax laws -- and new Bankrate
state profiles
By Kay Bell • Bankrate.com
With a new year come changes in tax laws across
the United States.
When Maine taxpayers
fill out their returns this year, they can reduce their 2000 taxable
income by the amount they paid for long-term care insurance premiums.
In New York, if
you're doing battle with a spouse you don't have to battle the tax
collector, too. New York tax laws now make it easier to get state
innocent spouse relief.
Florida investors
will find their intangibles tax a bit smaller in 2001 as that state
has reduced the amount of holdings that are subject to the tax.
Pennsylvania tax
officials have added a slew of new forms that can be filed electronically.
Alabama residents
will be asked to report on their 2000 return -- and pay tax on --
items they bought out of state. Previously, Alabama taxpayers had
to file a separate return to pay consumer use taxes.
In Wisconsin, the
School Property Tax/Rent Credit returns to income tax forms after
a one-year absence. State officials expect credits will average
$186 per tax filer.
And in Colorado
and California, state sales tax rates
dropped along with the crystal ball in Times Square on Jan. 1.
These are just a few of the changes in state
tax laws for 2001, laws that often take generous bites out of your
spending money.
Bankrate Taxes helps you stay on top
of what your localities are collecting -- income, sales, personal
property or investment taxes (or often a combination of all). And
Bankrate's comprehensive state profiles, updated for 2001,
give you a summary of the income, personal and sales taxes levied
across the nation, as well as provide links to each state's revenue
office.
Check out our updated state
profiles now!
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