Welcome to the IMA Tax Policy Blog. The blog format reflects our efforts to provide IMA members with timely, relevant and thought provoking information in a form that is accessible for easy reference. IMA’s Tax Policy Blog will be updated on a regular basis. Weekly news update emails will be sent out to notify subscribers of new information posted on the blog. IMA members are welcome to submit material for the blog, or request specific information. Simply email Editor Stefany Henson at shenson@ima-net.org with your information or request. Editorial submissions are subject to review. 

Wednesday
Oct152014

How Much Do Americans Pay in Cell Phone Taxes?

Americans pay 17 percent in federal, state and local cell phone taxes, according to a new study from Scott Mackey and Joseph Henchman of the Tax Foundation. On average, wireless customers pay states and local governments an average tax rate of 11.23 percent, in addition to a 5.82 percent federal tax rate. Notably, the cell phone tax is twice the amount of taxes on other consumer goods and services, and some customers (in Washington, Nebraska, New York, Florida, Illinois, Rhode Island and Missouri) pay taxes worth more than one-fifth of their cell phone bill. The amount of taxes vary between states:

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Wednesday
Oct152014

Businesses Paid Nearly $671 Billion in State and Local Taxes Last Year

By Liz Malm of the Tax Foundation

Each year, the Council on State Taxation (COST) estimates the share of total state and local taxes that are paid by businesses. The latest edition of the report found that firms paid 44.9 percent of total U.S. state and local taxes last year — amounting to nearly $671 billion.

Here’s the breakdown by tax type:

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Wednesday
Oct082014

Illinois CPA Society’s Manufacturing Conference — Wednesday, October 22nd — Oakbrook Terrace

The manufacturing industry is a vibrant part of the US economy and now experiencing a changing landscape with new opportunities and challenges. The new Illinois CPA Society Manufacturing Conference will provide important key updates for those working within this sector in both public accounting and corporate finance.

Featured keynote speakers include Greg Baise, President & CEO, Illinois Manufacturing Association (IMA); James Hrabak, CFA, Chief Investment Officer, MB Financial Bank, Rosemont, IL; Spencer Klein, CFA, Sr. Portfolio, MB Financial Bank, Rosemont, IL; and Karen Kurek, CPA, National Industrial Products Practice Leader/Partner, McGladrey, Chicago, IL

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Wednesday
Oct082014

Small Employers Should Check Out the Health Care Tax Credit

New and existing small employers who do not yet benefit from the Small Business Health Care Tax Credit should look into whether the credit can help them provide insurance to their employees. For tax years beginning in 2014 and after, the maximum credit is 50 percent of premiums paid for small business employers, and 35 percent of premiums paid for tax-exempt small employers, such as charities. Beginning in 2014, a small employer may qualify for the credit if: It has fewer than 25 employees who work full-time, or a combination of full-time and part-time. For example, two half-time employees equal one full-time employee for purposes of the credit.

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Wednesday
Oct012014

Manufacturers Welcome Extension of Moratorium on Internet Taxes

Ban has spurred critical broadband investment and should be made permanent

National Association of Manufacturers Vice President of Tax and Domestic Economic Policy Dorothy Coleman issued this statement thanking Congress for including the ban on taxing Internet access in the continuing resolution approved recently:

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