Municipal Officials Guide to Tax Reform: HB 386

Municipal Officials Guide to Tax Reform: HB 386

April 1, 2012

April 2012

Passed during the 2012 Legislative Session, HB 386 had several provisions that did not pertain to local governments’ revenue, such as the personal income tax exemption for married filers, state jet fuel tax exemption expansion, changes to the state tax credit for conservation easements and capping the personal income tax retirement exclusion. Although those are significant changes to the state’s tax policy and could have long-term individual state government revenue implications, they do not impact a municipality’s budget. This guide provides an explanation and guidance to the recent changes in the tax code that affect a municipality’s revenue.

This publication is for general informational purposes only. While some of the information contained in this publication is about legal issues, it is not and should not be treated as legal advice. You should consult with your legal counsel before taking action based on the information contained in this publication. Material posted in this publication may be subject to copyrights owned by GMA or others, and any reproduction, retransmission or republication of such material, except for personal use or with the prior written consent of GMA or other copyright owner, is prohibited. The names, trademarks, service marks, logos and other emblems of GMA in this publication may not be used without GMA's prior written express permission.

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