State Taxes Update

Posted: March 25, 2012 in Uncategorized
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All states except Alaska, Delaware, Montana, New Hampshire and Oregon, collect sales taxes. Delaware collects a Gross Receipts Tax (GRT) which is a business and gross receipts tax that can total 2.07%. Some have a single rate throughout the state though most permit local city and county additions to the base tax rate. Those states with a single rate include Connecticut, District of Columbia, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, Rhode Island, and West Virginia. States with the highest sales tax are: California (7.25%), Indiana (7%), Mississippi (7%), New Jersey (7%), Rhode Island (7%), Tennessee (7%), Minnesota (6.875%), Nevada (6.85%), Arizona (6.6%), Washington (6.5%), Kansas (6.3%), Texas and Illinois (6.25). Most states exempt prescription drugs from sales taxes. Some also exempt grocery store (unprepared) food and clothing purchases and a few also exempt non-prescription drugs. [Source: MOAA General State Tax Overview Mar 2012 ++]

 

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