How do state and local severance taxes work? Q.How do state and local severance taxes work? A.Severance taxes are taxes on the extraction of natural resources such as oil and natural gas. State and local governments collected a combined $11.8 billion in revenue from severance taxes in 2021. Read more about How do state and local severance taxes work?
How do state and local estate and inheritance taxes work? Q.How do state estate and inheritance taxes work? A.Estate and inheritance taxes are taxes levied on the transfer of property at death. State and local governments collected a combined $6.7 billion in revenue from estate and inheritance taxes in 2021. Read more about How do state and local estate and inheritance taxes work?
How do state child tax credits work? Q.How do state child tax credits work? A.A state child tax credit (CTC), like the federal version, is a tax credit for households with eligible children. However, both the amount of the credit and the eligibility rules for households vary considerably across states. Read more about How do state child tax credits work?