Bacon's Rebellion

James A. Bacon


 
 

I think I'm

gonna hurl

The Loophole List

The governor's office estimates that the following credits, subtractions and deductions -- enacted between 1995 and 2002 -- drain $600 million a year from the state treasury.


 

Individual Income Tax

 

Subtraction for those aged 65 or older

Subtraction for qualified agricultural contributions

Subtraction for contributions to Pre-Paid Tuition Plan: Deduction for Savings Trust

Subtraction for Military Wages: Up to $15,000

Subtraction for Federal and State employees – up to $15,000

Subtraction of Capital Gain for Land Dedicated to Open Space.

Subtraction for Unemployment Benefits

Subtraction of Disability Income

Subtraction for Income Received by Holocaust Victims

Subtraction for Military Pay Received by Medal of Honor Recipients

Deduction for Contributions to Public School Construction Grants Program

Deduction for Teacher Continuing Education Costs

Deduction for Long-Term Health Care Insurance

Tax Credit for Taxes paid to a Foreign County on Retirement Income

Tax Credit for Purchase of Equipment for Purchasing Recyclable Materials

Tax Credit for Taxes paid to Other States

Tax credit for Providing Rent Reductions

Tax Credit for Historic Rehabilitation

Tax Credit for Equity and Subordinated debt Investments

Tax Credit for Contributions to Political Candidates

 

Tax Credit for Retrofitting a Residence with Accessibility Features

Tax Credit for Technology Investment in Tobacco-Dependent Localities

Tax Credit for Research and Development Expenses in Tobacco-Dependent Localities

Tax Credit for Riparian Buffers

Tax Credit for Individuals and Families Below the Poverty Level

Tax Credit for Donations Under the Neighborhood Assistance Act

Tax Credit for Vehicle Emissions Testing Equipment, Clean Fuel Vehicle and Job Creation

Tax Credit for Fertilizer and Pesticide Application Equipment

Tax Credit for Foreign Source Retirement Income

Tax Credit for Day Care Facility Investment

Tax Credit for Low Income Housing

Tax Credit for Employers Hiring Recipients of Temporary Assistance to Needy Families

Tax Credit for Worker Retraining

Tax Credit for Waste Motor Oil Burning Equipment

Tax Credit for Employers of Disabled Individuals

 

Corporate Income Tax

 

Tax Credit for Qualifying Co-generators & Small Power Producers

Major Business Facility Job Tax Credit

Tax Credit for Creating Jobs Involved in Clean Fuel Vehicles

Tax Credit for Qualifying Steam Producers

Tax Credit for Investment in Enterprise Zones

Tax Credit for Investment in Day Care Facilities

Tax Credit for Agricultural Best Management Practices

Tax Credit for Worker Retraining

Tax Credit for Donations to Neighborhood Assistance

Tax Credit for Purchase of Vehicle Emission Equipment

Tax Credit for Purchase of Equipment for Purchasing Recyclable Materials

Tax Credit for Purchase of Equipment for Providing Low Income Housing

Alternate Tax Credit for Purchasing Machinery and Equipment for Processing Recyclable Materials

Tax Credit for Hiring Recipients of TANF

Tax Credit for Purchase of Waste Motor Oil Burning Equipment

Tax Credit for Employing Persons with Disabilities

Tax Credit for Land Preservation

Coalfield Employment & Production Incentive Tax Credit

Tax Credit for Technology Investment in Tobacco-Dependent Localities

Tax Credit for Research and Development in Tobacco-Dependent Localities

Tax Credits for Riparian Buffers

 

Sales Tax

 

Reduction of Sales Tax on Food

Exemption of Internet Providers

Exemption for Free Book Distribution

Exemption for Non-Prescription Drugs (enacted in 1990 but deferred)

Exemption for Optometrists and Medical Practitioners

Exemption for Use of Drugs by For-Profit Hospitals

Exemption for Modular Housing

 

Other

 

Enterprise Zone: General and Investment Credits

Credit for Retaliatory Tax on Insurance Companies

Interest Equalization for Delinquent Tax Payments

Electrical Utility Deregulation

 

Source: The governor's office.

 

-- May 5, 2003

 

Bring Home the Bacon

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You can berate Bacon at jabacon@

baconsrebellion.com

 

Or read his profile here.