Tax Court Coming to Georgia?

The Daily Report Online had an interesting article about a possible development in GA that most tax advisors would welcome -- a dedicated Tax Court. This court would handle mostly income tax cases, but it would also take some complex sales tax cases. It goes (almost) without saying, that a dedicated court makes good sense to specialized state tax attorneys also. Here's a quote from the article:

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Win this $100 Raffle and You Could Owe $150K in Income Taxes

The Herald-Mail newspaper had a story about a house being raffled off for charity purposes. The house was appraised for $390,000. The newspaper asked a CPA to figure out what taxes the winner would owe. In this case, a $100 purchase would net you a tax bill of $150K.

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Even General Partnerships Subject to Franchise Tax in Texas

Wait a minute! I thought general partnerships were not subject to the new franchise tax? 

I guess in Texas, you're presumed taxable until proven nontaxable. Even though general partnerships made up of only natural persons as general partners are not subject to the revised Texas franchise tax, to preserve that non-taxable status, the comptroller requires the partnership to report certain information. Last June the comptroller published a form for such partnerships to file to preserve their non-taxable status, stating: "If the form is not returned, the partnership will be presumed to be subject to the revised franchise tax and will have an annual report due on May 15, 2008."

Again I ask this question: Why are Texas legislators trying to turn Texas into California?

Another State with a Surplus -- Credit the Income Tax

Here's the headline and story from the Missouri newspaper the Columbia Tribune:

State tax income higher than expected

Published Thursday, December 6, 2007

JEFFERSON CITY (AP) - Missouri's tax revenue is coming in ahead of what was budgeted.
The state Office of Administration says November's net general revenue was up more than 6 percent compared to November 2006.

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