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?
How do taxes on lotteries, casinos, sports betting, and other types of state-sanctioned gambling work? Q.How do taxes on lotteries, casinos, sports betting, and other types of state-sanctioned gambling work? A.Various forms of state-sanctioned gambling, including lotteries, casinos, parimutuel wagering (e.g., horse racing), sports betting, and video games (e.g., video poker), are taxed. State and local governments collected a combined $35 billion from state-sanctioned gambling in 2021. Read more about How do taxes on lotteries, casinos, sports betting, and other types of state-sanctioned gambling work?
How do state individual income taxes conform with federal income taxes? Q.How do state individual income taxes conform with federal income taxes? A.States use federal tax laws in their own state tax codes to make rules and definitions simpler for both taxpayers and tax administrators. However, “conformity” means federal tax changes can also affect state tax laws. Read more about How do state individual income taxes conform with federal income taxes?