With Election Day approaching, state tax matters are at the forefront for many voters. While federal taxes have been dominating the headlines, state and local taxes can have a significant impact on individuals and businesses. Some of the most important state tax issues on the ballot are highlighted, including measures in Arizona, California, Colorado, Florida, Georgia, Illinois, Louisiana, Nevada, North Dakota, Oregon, South Dakota, Washington, and Wyoming. These measures cover a wide range of tax-related topics, from property tax refunds to corporate tax rebates.
In Arizona, Proposition 312 aims to allow property owners to apply for a property tax refund if they believe the local government has not adequately enforced certain laws related to homelessness. Meanwhile, in California, a ballot measure known as the Taxpayer Protection and Government Accountability Act was rejected by the state Supreme Court. This initiative would have made it more difficult to raise taxes in California, requiring voter approval for any tax increases or new taxes.
Colorado voters will consider Proposition JJ, directing sports betting tax revenue to water conservation projects, and Proposition KK, which would impose an excise tax on firearms and ammunition to fund various programs. Florida’s Amendment 5 would adjust the homestead exemption for inflation, while Georgia voters will decide on three tax-related measures, including the creation of a Georgia Tax Court. In Illinois, voters will consider a 3% surtax on incomes over $1 million to reduce property taxes.
Louisiana’s Amendment 4 would address property tax sales administration, while Nevada voters will decide on Question 5, which seeks to exempt diapers from the state sales tax. North Dakota’s Initiative Measure 4 aims to eliminate property taxes based on assessments, requiring the state government to replace lost revenue to local governments. Oregon voters will decide on Measure 118, which would increase the minimum tax on corporations with Oregon sales and distribute the additional revenue as a tax rebate to eligible residents.
South Dakota’s Initiated Measure 28 targets the elimination of the state sales tax on items sold for human consumption, while Washington voters will consider repealing the state’s capital gains tax and a law targeting greenhouse gas emissions. Lastly, Wyoming’s proposed amendment would create a new class designation for owner-occupied residential properties. These tax measures cover a range of topics and could have significant implications for state budgets and taxpayers in the years to come.
As voters prepare to cast their ballots, the importance of state tax issues cannot be overstated. These measures have the potential to impact state finances and individual taxpayers, making them a critical aspect of the upcoming elections. It is essential for voters to familiarize themselves with the specific details of each proposal on their ballots to make informed decisions that will shape the future of state tax law.
