As Election Day approaches, taxes have become a major focus for voters across the country. While federal tax issues have dominated the headlines, state and local taxes also play a significant role in individuals’ and businesses’ finances. Several key state tax matters are on the ballot, including Proposition 312 in Arizona, which would allow property owners to apply for a refund if local government fails to enforce vagrancy and nuisance laws against homeless residents.
In California, a ballot measure known as the Taxpayer Protection and Government Accountability Act was rejected by the state Supreme Court. This proposal would have made it more difficult to raise taxes in the state, requiring voter approval. Meanwhile, in Colorado, voters will decide on Propositions JJ and KK, which address the allocation of sports betting tax revenue and the implementation of an excise tax on firearms and ammunition.
In Florida, voters will consider Amendment 5, which aims to provide an annual inflation adjustment for a portion of the homestead exemption related to property taxes. Georgia voters will tackle three tax-related measures, two of which would amend the state constitution, while Louisiana voters will consider Amendment 4, which addresses property tax sales administration.
Illinois residents will vote on a proposal to implement a 3% surtax on income over $1 million, with the revenue earmarked for reducing property taxes. Nevada voters will decide whether to exempt diapers from the state sales tax, and North Dakota voters will consider a measure to eliminate property taxes based on assessments, with the state government required to replace lost revenue for local governments.
Oregon’s Measure 118 would increase the minimum tax on corporations with Oregon sales, with the additional revenue distributed to eligible residents as a tax rebate. In South Dakota, voters will consider a measure to eliminate the state sales tax on items sold for human consumption. Washington voters will decide on repealing the state’s capital gains tax and the Climate Commitment Act, while Wyoming introduces an amendment to create a new class designation for residential property tax.
Various other tax-related measures, including the legalization of marijuana in four states and expanded veteran property tax exemptions in Colorado, New Mexico, and Virginia, are also on the ballot across the country. It is important for voters to review the specific language and details of these proposals before heading to the polls, as the outcomes will have a significant impact on state budgets and individual finances in the coming years.
