Latest news with #salesTax
Yahoo
3 days ago
- Business
- Yahoo
Prop B discussion hints at renewal question
Joplin council members and city officials are beginning talks on whether to try to renew the Proposition B sales tax because the police and fire pension fund it was put in place to address may close out several years earlier than expected. The half-cent tax approved by voters in 2019 addressed a low funding ratio in the Police and Firemen's Pension Fund. It is commonly called the pension tax. It was intended to bring the pension fund up to a funding level of 120% of benefits owed. It was projected that could take up to 12 years. But the pension plan's actuary recently projected that the plan could be fully funded, or reach the agreed upon 120% level of benefits owed, in early 2027. That would be five years earlier than the 12-year sunset given to fully fund pension obligations when the tax was proposed to voters. The actuarial report states that the plan's funded ratio as of Oct. 31, 2024, was at 90.1%. That percentage could fluctuate with market conditions, the city's contribution rate and other factors. Proposition B last year provided more than $8.6 million that was paid into the fund, which exceeded the actuarial recommended contributions for the year by more than $5.5 million, according to the actuary report. LAGERS In order to provide better retirement benefits at a lower cost to police officers and firefighters in the future, part of the Proposition B plan was to transition those employees and retirees who wished to move their coverage to the Missouri LAGERS pension plan and get them out of the city plan. LAGERS is the largest pension plan in the state for government employees. The city's finance director, Leslie Haase, said the final members of the pension plan are finishing up transitioning to LAGERS unless they opt to stay in the local pension fund. She intends to have a report on that status in September, she said. Council members discussed the handling of past sales tax campaigns for police and fire expenses at a work session Monday. Council member Ryan Jackson said of a Proposition B renewal, 'I think it's a great idea to keep that funding mechanism in place,' though he expressed concerns about going too far with campaign statements, such as those who said of Prop B that 'This is what is going to take care of these departments forever.' But the campaign gave voters a clear, strong message, he added. 'What I think gave that the resounding success is that it wasn't the mayor and city staff handing the rest of us, 'Here is the plan.' They said, 'We're here to give you some information. You guys figure it out.'' 'It kind of came down to three options. We did some public information gathering, working with the unions and department heads, and that's how we ended up with the public safety sales tax proposition and the council got the Chamber of Commerce to back it. I think it really made a difference and I want to make sure when we do this that we do it right and do everything we can.' The measure was promoted by the chamber with the slogan that it was 'A Better Plan for Joplin.' Mayor Keenan Cortez talked about the successful passage of the first half-cent public safety sales tax in 2004. It has funded the construction of new fire stations, the Public Safety Training Center, and the addition of needed firefighters and police officers to the city departments. 'I will also add that during that time in 2004 when we were working on that ... the city had come up with what was a pretty good plan and it looked it was going to be a long-term plan or solution to a problem that the city had for a while. And then 20 years happened. And there was a global pandemic, a recession in 2008, and a lot of things took place. ... I remember what we were paying police officers then, and it's almost double now. The costs of goods and services has almost gone through the roof' since that tax was approved. The mayor said he agrees that residents need to be involved in the process, 'but I caution to call it the solution, or the fix-all, or greatest next thing, because who knows what we're going to have 20 years from now. So, we can make the best plans we can right now, and I think Prop B renewal is one of the best plans we can do going forward, but I just caution that it is going to be end-all, fix-all' for public safety pay. Councilman Josh Bard said he agreed with the idea of getting a group of people to represent the proposal. Details on what the city would use a renewed Proposition B tax to fund were not discussed. Solve the daily Crossword
CBS News
11-08-2025
- Business
- CBS News
Maryland tax-free week is in effect. Here's what to know
Maryland's Tax-Free Week is underway, giving shoppers the chance to purchase certain items without paying the state's 6% sales tax. The exemption ends at 11:59 p.m. on Saturday, Aug. 16. Eligible items include clothing and footwear priced at $100 or less, plus the first $40 of backpack and book bag purchases. The Maryland General Assembly designated clothing, footwear, and backpacks as eligible for the August tax-free period. Qualifying items priced at $100 or less include: Each qualifying item selling for $100 or less will be exempt, regardless of the total purchase amount. Two $60 sweaters sold together are both exempt, even though the total exceeds $100. However, if a single item costs more than $100, sales tax applies to the entire amount. A $110 suit is taxable on the full $110, not just the amount over $100. Online purchases can qualify for the exemption if items are paid for and delivered to Maryland customers during the tax-free period. Items also qualify if customers order and pay during the period and retailers accept orders for immediate shipment, even if delivery occurs after the period ends. Items on backorder or those where retailers do not charge until shipment after the tax-free period do not qualify. Customers starting layaway agreements during the tax-free period can apply the exemption to eligible items placed on layaway during that time. For exchanges, no additional tax applies when swapping an item for the same item in a different size or color. However, returning items for credit toward different purchases after the tax-free period requires paying full sales tax on the new items. Customers returning pre-period purchases during the tax-free week and using credit for eligible clothing face no sales tax. You can get more information on Maryland Tax Free Week at
Yahoo
08-08-2025
- Business
- Yahoo
Long a tax-wary locale, Spokane Valley will now have higher taxes to boost policing
Aug. 7—Two conservative issues — policing and low taxes — went head to head on Tuesday in Spokane Valley. Some are surprised at the one that came out on top. With a City Council that has gone years without approving property tax increases that most cities consider routine, residents still voted by a wide margin to boost sales taxes by 0.1% to boost its police force. Votes are still being counted, but as of Wednesday afternoon, Proposition 1 was approved with 59% of voters backing the tax for more law enforcement equipment and deputies. One council member opposed putting the tax on the ballot. "I'm glad the community is supporting the police. That being said, we did not need this tax, and we should have paid for the police out of our budget," City Councilman Al Merkel said Wednesday. "The council left the community with no choice. They made it pretty clear that without this tax, there would be no more police officers." The percentage of votes for Proposition 1 was surprising, Merkel said. Other city officials said the voter approval shouldn't be seen as a sign that Spokane Valley is walking away from its aversion to taxes. Deputy Mayor Tim Hattenburg noted it's the first time the city has had a general sales tax increase. It will bring the total sales tax to 9% in Spokane Valley. According to the city, around 48% of sales tax is paid by people visiting the city, not residents. The average yearly cost of the tax increase will be $12.43 per shopper and $28.48 per household. The city estimates the new tax will raise at least $2.6 million in 2026. Raising taxes to fund police is not a conservative way of thinking, Merkel said. The city contracts with the Spokane County Sheriff's Office to provide its police department. As it stands now, police services make up around 63% of the city's recurring cost, Council woman Laura Padden said on Wednesday. Last year, the city cut 5% of the budget from other services to help fund policing. "Our revenues don't go up fast enough to support policing," Padden said. "We still believe in lower taxes, which is why we let the people decide." The city, along with the council, has typically been fiscally conservative with a tight budget as sales and property tax proceeds have stagnated and expenses have risen. "I'm really pleased," Padden said. "I was surprised, I thought it would be close. 59% is a strong vote in favor of the proposition. People felt really strongly about this. They can see the growth in the Valley, and they know the consequences of that growth impact policing." In the months leading up to Election Day, Spokane Valley police Chief Dave Ellis spent several days educating the public on Proposition 1. Dozens of people showed up to public forums and community events to inform the public on the upcoming election. He never had a resident approach him and say there wasn't a need for more police officers, Ellis said. The new revenue could fund at least 10 more officers over the next two years, Ellis said. Right now, Ellis says the department has 118 officers. That fills the need that was made clear two years ago, when the city hired Matrix Consulting Group to review the efficacy of the city's police department. The group found policing in Spokane Valley has not kept pace with the city's growth and recommended the city add 25 deputies. Since that report, the City Council approved 10 additional deputies for the city's police force last year by pulling funding from parks projects and street maintenance, and by cutting some city positions. Solve the daily Crossword
Yahoo
06-08-2025
- Politics
- Yahoo
Raytown votes ‘yes' on sales tax increase for parks, stormwater repairs
KANSAS CITY, Mo. — The 2025 Primary Election has concluded, and Raytown voters have made a decision on a ballot measure that would increase a citywide sales tax for the next several years. Your Local Election Headquarters: Candidates, races and results on FOX4 Raytown's 'Question 1' asked voters whether they wanted to increase the city's sales tax to 0.25% (one-fourth of one percent) for local parks and stormwater control, and they voted to pass the measure. The increase equates to about 2.5 cents for a $10 purchase, 25 cents for a $100 purchase, and is set to last seven years. According to the city, it will delegate 80% of the funds to local parks and 20% to stormwater control. See the latest headlines in Kansas City and across Kansas, Missouri One of the main projects the park fund will tackle is repairs to the Kenagy Pond wall, as well as the Colman shelter and playground. The pond project is estimated to cost about $850,000, and the Colman shelter project about $1.1 million. As for the stormwater funds, the city has estimated that it will spend about $20 million on the project. If passed, the city expects the sales tax to generate about $724,000 for the park fund and $240,000 for the storm fund each year. Currently, Raytown has a 1/8 of a cent park/storm sales tax, which has been in place since 2003 and is set to expire in March 2026. According to the city, the sales tax will continue to be paid for by everyone who spends money in the city, not just Raytown residents. For a round-up of all primary election results across Kansas and Missouri, . Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Malay Mail
08-07-2025
- Business
- Malay Mail
Sabah amends sales tax law, approves forest degazettement and launches Malaysia's first carbon credit law
KOTA KINABALU, 7 July — The Sabah State Legislative Assembly today passed three Bills to tighten the management of state sales tax, degazette forest reserves for development, and introduce new laws to regulate the carbon credit industry. The first Bill introduced 37 amendments to the State Sales Tax Enactment 1998 to strengthen fiscal governance, improve tax administration, and ensure continued sustainable revenue for the state. Finance Minister Datuk Masidi Manjun said the amendments do not introduce any new taxes but instead refine and update the existing law to make it more efficient, fair, and responsive to the current economic environment. 'This is not just a technical exercise, but a holistic reform to ensure our sales tax system remains effective in a complex and evolving economy,' said Masidi. 'We are actively tightening the system, closing leakages, and protecting the rights of taxpayers,' he added. One update expands the definition of 'sale' to include the removal of taxable goods from Sabah, even if the transaction occurs outside the state. Other changes criminalise the unlicensed sale of taxable goods, sales outside authorised premises, refusal to provide computerised data, and impersonation of tax officials. Taxpayers will now be able to appeal to an Appeal Board or tribunal and apply to pay sales tax or penalties by instalments. A new State Sales Tax Appeal Board will be established to handle disputes, though the cost of setting up the board is still unknown. 'We consulted some of the best tax lawyers in the country and also the State Attorney General,' said Masidi. 'This is about closing gaps, not raising taxes,' he said, noting the changes balance administrative effectiveness with taxpayer fairness. State sales tax revenue has grown from RM89 million or 7 per cent of state revenue in 1999 to RM3.03 billion or 44.5 per cent in 2024. The number of items taxed under the State Sales Tax has increased from three in 2018 — crude palm oil, lottery tickets, and slot machines — to nine in 2025, including petroleum products, fishery commodities, scrap metal, silica sand, palm biomass, and locally mined gold and silver. As of June 2025, total collections since its inception stood at RM32.26 billion, with 386 licensed taxpayers contributing an average of RM250 million monthly. 'This demonstrates that the SST is no longer a supplementary revenue stream — it is now a primary source of Sabah's fiscal sustainability and development,' Masidi told the House. While some opposition members raised concerns about a potential rise in living costs, it remains unclear whether the amendments will impact consumer prices. Meanwhile, the Forest Enactment (Amendment) 2025 Bill proposed the degazettement of 16,728.9 hectares from 10 forest reserves to formalise 40 rural villages, build the Serudong–Simanggaris ICQS complex, and support local infrastructure and livelihoods. The areas affected span across Sipitang, Tenom, Kemabong, Tawau, Kalabakan, Ranau, and Pitas, and will benefit over 12,000 residents. The degazetted forest classes include Class I (Protection), Class II (Commercial), Class IV (Amenity), Class V (Mangrove), and Class VI (Virgin Jungle Reserve). 'Despite the degazettement, Sabah's total Permanent Forest Reserve will only shrink by 0.47 per cent, from 3.575 million hectares to 3.558 million hectares,' said Assistant Minister in the Chief Minister's Department Datuk Nizam Abu Bakar Titingan. He said the state government would replace the removed forest areas with equally sized reserves to uphold its conservation commitments. The final Bill passed was the Climate Change and Carbon Governance Enactment 2025, the first legislation of its kind in Malaysia. Assistant Minister Datuk Abidin Madingkir said the Bill protects Sabah's status as a 'net carbon sink' — one of the few places globally that absorbs more carbon than it emits. He described it as a 'strategic economic asset' that must be safeguarded to maintain Sabah's environmental and economic standing. The law will establish a full carbon governance framework, promote inclusive climate action, and ensure climate benefits are shared by all Sabahans.
