You Could Be Paying More Taxes on Your Rhode Island Vacation Home
Many of the world’s wealthy enjoy the luxury of having a vacation home, or perhaps several vacation homes. Some people have homes in a sunny paradise, while others choose mountain locations where they can get away for a great ski vacation. One popular spot in the U.S. for vacation homes is Rhode Island. However, for those who own vacation rentals in the state, the tax burden is going up.
According to the budget that was just passed in June, lawmakers have voted to expand the definition of hotel to also include private home rentals and bed and breakfasts in that category. The new tax increase is expected to add an additional $700,000 to the fiscal budget in 2016. Despite opposition from the Rhode Island Association of Realtors, the governor signed the budget proposal and the changes are now in affect. One of the arguments against the increase was that the tax would kick in right as the summer season begins. That could prove to be a problem for many vacationers who had not planned for the extra taxes in their vacation budget.
The president of the Rhode Island Association of Realtors, who had asked lawmakers to reject the proposal, claimed that many vacationers would instead choose different states for their vacation, thus costing the state more income. He also claimed that fewer people would be willing to purchase vacation homes in Rhode Island because of the extra tax. Time will tell if he is right, but regardless, if you have a vacation home in Rhode Island then you will now have to start paying more to rent it.
Could You Pay More to Drink Soda in Berkeley?
Could You Pay More to Drink Soda in Berkeley? We all know that obesity is a problem in our country. Activists and other interested parties continue to work on ways to help curb this growing problem. Indeed, obesity is neither good for individuals or for our country. However, would creating a new tax to help…
What Happened to California’s Tax Revenue in May?
Where has all of California’s money gone? Ok, so the state isn’t bankrupt or anything like that, but according to recent reports, the state’s tax revenues fell short by 5.5 percent in the month of May. That marks the first time in six months that California’s revenues have not reached expectations. In fact, that 5.5…
Beware the Pump: Another Gas Tax Is on the Way
If you’ve had enough with California’s high gas prices, then you might not want to keep reading, because just when you thought things couldn’t get any worse, they are about to. That’s because when 2015 rolls around California residents are going to have to pay another new gas tax. In fact it’s a double-digit hike…
Try These Five Tips For Tax Savings in 2014
Everyone loves to save on their taxes, especially since it seems like the government never runs out of ways to add to American’s tax bill. So let’s discuss some helpful tips to reduce your tax bill. Although it might be too late to implement these ideas for last year’s return – unless you file an…