Sentence examples for minimum tax state from inspiring English sources

For people who are not liable for the alternative minimum tax, state income taxes are deductible.

Possible tipping point: The alternative minimum tax, which makes state and city taxes nondeductible on federal returns, finally catches up with New Yorkers and the pampered municipal employees who ride on their backs.

He also noted that large families in any state can be affected, while high state and local taxes push people into the alternative minimum tax only in certain states.

R. Austin Chapman, retired chief executive of Northland Co., is fighting a bill for $108,000 in Minnesota state alternative minimum tax, plus interest.

If Republicans succeed in their misguided plan to abolish the corporate alternative minimum tax, the repeal could cost states another $5 billion.

Last but not least, the alternative minimum tax has a disproportionate impact on states with higher average incomes and high state and local taxes — like New York and California — which tend to vote Democratic.

This strategy is not applicable to taxpayers subject to Alternative Minimum Tax (AMT) in 2017 since any state and local taxes are added back under AMT.

But many of them already lose important tax preferences because the mortgage-interest deduction is capped for homes worth more than $1 million under current law and the alternative minimum tax already takes away the deduction for state and local taxes for those in high-tax states like New York.

The administration maintains that more than three-quarters of the corporations in the state pay only the minimum tax, a figure continually disputed by business groups.

Part of the Obama plan includes a minimum tax on the overseas income of United States-based corporations.

And whereas some municipal bonds cause Alternative Minimum Tax trouble, Treasurys actually help avoid it, because state taxes are a major source of AMT problems.