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Proposal To Write Off Part Of State Tax As Credit On Federal Levy
A Saturday night proposal from the Advisory Commission on Intergovernmental Relations would allow taxpayers to write off up to about 40 percent of their state income tax as a credit against federal income tax. The panel urged Congress to authorize IRS to collect state taxes for states requesting help under mutual conditions, while noting revenue losses would require careful study. The report also calls for uniform laws on tax credits, reciprocal deals to avoid double taxation, and piggyback local taxes collected with state taxes. Several lawmakers and Gov. John Dempsey opposed the idea or abstained, while the commission said the plan could boost state tax revenue growth and ease state costs.
MENTIONED IN THIS ARTICLE
Washington
Advisory Commission On Inter-governmental Relations
Congress
Internal Revenue Service
Secretary of the Treasury
Henry H. Fowler
John Dempsey
Connecticut
Fowler
Commission
IRS
Karl E. Mundt
R-S.d
Sam J. Ervin Jr
D-N.c
Dempsey
L. H. Fountain
D-Nc
Florence Dwyer
R-N.j
Frank Bane
Council of State Governments