November Ballot Features Critical Tax Decisions Across Multiple States
Taxes are a significant focus this November. Beyond the candidates’ visions for tax policy, voters in various states will directly vote on measures that will influence how their states generate revenue. Crucial decisions include North Dakota’s potential abolition of property taxes, Washington’s evaluation of their new capital gains tax, and Oregon’s consideration of the highest gross receipts tax in the country. Other states like Utah and South Dakota have significant tax measures as well.
Some initiatives are incremental adjustments, while others could bring extensive changes. Below, we shine a light on eight major ballot measures, providing links for further analysis, and briefly summarize all 21 tax-related measures on this fall’s state ballots. We will regularly update this page with live results for the featured measures on Election Day.
Featured Ballot Measures
Georgia Personal Property Tax Exemption Increase Measure
This initiative aims to raise Georgia’s tangible personal property (TPP) de minimis exemption from $7,500 to $20,000, reducing compliance costs for small businesses. However, Georgia’s new exemption level would still trail many states that offer $50,000 or more. To enhance competitiveness, Georgia might consider further increasing the TPP de minimis exemption or removing personal property from the tax base entirely. Click here for more details on this measure’s ballot journey.
Illinois Income Tax Advisory Question
This non-binding advisory question will gauge voter sentiment on amending Illinois’ constitution to implement an extra 3% tax on income over $1 million, intended for property tax relief. Currently, Illinois has a flat income tax rate of 4.95%. The proposed surtax would elevate the top marginal rate, potentially affecting both individual and pass-through businesses significantly. Click here for more on this advisory question.
North Dakota Initiated Measure 4, Prohibit Taxes on Assessed Value of Real Property Initiative
Initiated Measure 4 proposes to eliminate property taxes on real and personal property, cutting over $1.5 billion in local funding annually. This measure does not clarify the alternative revenue options for locals, possibly leading to increased income or sales taxes which could negatively impact the economy. Click here for more information about this measure.
Oregon Measure 118, Corporate Tax Revenue Rebate for Residents Initiative
Measure 118 seeks to introduce a 3% corporate minimum tax on gross sales exceeding $25 million, significantly altering Oregon’s tax landscape. This move may increase costs for low-margin sectors and lead to higher consumer prices due to tax pyramiding. Residents would receive rebates for spending over 200 days in Oregon, financed through this tax. Click here for further analysis.
South Dakota Initiated Measure 28, Prohibit Food and Grocery Taxes Initiative
If passed, Measure 28 would eliminate the state’s 4.2% sales tax on groceries, potentially reducing state revenues by $124 million annually. While it aims to address food insecurity and economic fairness, it could lead to budget deficits and shifts in tax burdens. Click here for a detailed analysis.
Utah Constitutional Requirements for Education Funding Amendment
This measure could remove the earmark requiring all income tax revenue to be dedicated solely to education, thus enabling more flexible budget balancing. A favorable vote would also trigger the elimination of state-level grocery taxes, pending voter ratification. Click here for in-depth coverage.
Washington Initiative 2109, Repeal Capital Gains Tax Initiative
Initiative 2109 proposes to repeal the state’s controversial capital gains tax. Critics highlight the tax’s volatility and its potential impact on outmigration among high net worth individuals. There’s concern that this sets a precedent for broader income taxes under Washington’s current legal framework. Click here for a comprehensive review.
Wyoming Property Tax on Residential Property and Owner-Occupied Primary Residences Amendment
This amendment introduces residential property as a new tax class, creating a distinct subclass for owner-occupied residences. It raises concerns about non-neutrality and potential shifts in tax burdens that could affect businesses adversely. Click here for further details.
All Tax-Related Ballot Measures
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