sales tax

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From Texas Standard.

A new proposal from Republican lawmakers would cut some tax rates and overhaul portions of the U.S. tax code. House Republicans rolled out the Tax Cuts and Jobs Act in Washington on Thursday.

Among the most controversial aspects of the GOP tax plan is that it lowers the mortgage interest deduction for homeowners. Current homeowners wouldn’t be affected, but new borrowers would only be able to deduct the first $500,000 – that’s down from the current limit, which is $1 million.

John Diamond, director of Rice University’s Center for Public Finance says that the mortgage deduction change could lower Texas home values by 1-2 percent.

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Requiring Amazon to charge state sales tax has sent many consumers looking for other tax-free options, according to a new study for the National Bureau of Economic Research.

In 2012, Texas Comptroller Susan Combs reached an agreement with Amazon to collect sales tax on items sold to Texans. Because Amazon has a "physical presence" in Texas - its distribution center in Irving - Combs said Amazon should have been collecting state sales tax on online sales. She agreed to drop her demands for $269 million in taxes if Amazon promised to create 2,500 jobs and spend $200 million in capital investments.

But after Amazon started charging sales tax in Texas, its sales in this state dropped by 11 percent, according to researchers.

Todd Wiseman & Mikhail Popov/Texas Tribune

The state’s annual sales-tax-free weekend is a little earlier this year, but there’s still time to get ready.

Coming up on the weekend of August 9 to 11, Texas shoppers can save the sales tax on most clothing and back-to-school stuff priced under $100.

courtesy flickr.com/hubgoat

If you’re thinking of buying an appliance anytime soon, you might want to circle Memorial Day weekend on your calendar. The state’s annual Energy Star sales tax holiday runs May 25- 27.

Dub Taylor with the State Energy Conservation Office says they want to encourage people with the idea that after you save on sales tax, you’ll also save on your electric bill.

flickr.com/dborman2

The growth of Austin means people are spending more money; today we got a measure of that. Sales tax collections in the city grew almost 5 percent in April compared to the same month last year.

Some cities around Austin saw a major jump in sales tax collections.

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