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Dec 17, 2015 11:00:00 AM

States Scramble to Replace Plummeting Oil Tax Revenues

Alaska’s governor unveiled a controversial new state budget proposal earlier this month, and the provisions in the plan should be of interest to businesses operating in states that are heavily dependent on oil tax revenues, such as Louisiana, Texas and North Dakota. The governor’s plan is designed to close a $3.5 billion deficit in state revenue created, in part, by falling oil prices.

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Topics: Amnesty, Budgets, Oil Tax Revenue

Nov 13, 2015 10:00:00 AM

Is Tax Amnesty Right For Your Business?

Louisiana is offering a tax amnesty program from Nov. 16 to Dec. 15 this year. The state will waive 33 percent of the penalties and 17 percent of the interest for either individuals or businesses that agree to pay delinquent taxes.

Louisiana isn’t alone in offering an amnesty program. Indiana, Missouri and Oklahoma are currently offering amnesty programs, and Alabama has enacted legislation for an amnesty program starting in 2016. The programs offer a range of benefits from a complete waiver of penalties, interest and collection fees to a substantial reduction of penalties, interest and collection fees. The exact terms of amnesty vary from state to state. 

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Topics: Tax Planning, Amnesty