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Local Option Sales Tax
In the United States, a local option sales tax (often abbreviated ''LOST'') is a special-purpose tax implemented and levied at the city or county level. A local option sales tax is often used as a means of raising funds for specific local or area projects, such as improving area streets and roads, or refurbishing a community's downtown area. LOSTs are always appended onto a state's base sales tax rate, most commonly at a rate of 1%. For example, in Iowa, the base sales tax rate is 6% statewide, or six cents per dollar. If a city or county in Iowa were to implement a local option sales tax, this would result in a 7% sales tax rate, or seven cents per dollar. Since a LOST is implemented at city or county level, they apply only within the city or county in which it was implemented. Using the Iowa example, this means that any neighboring cities or counties would remain at 6% sales tax, unless they implement their own LOST. A LOST most often (if not always) requires a passing vote by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
County (United States)
In the United States, a county or county equivalent is an Administrative division, administrative subdivision of a U.S. state, state or territories of the United States, territory, typically with defined geographic Border, boundaries and some level of governmental authority. The term "county" is used in 48 states, while Louisiana and Alaska have functionally equivalent subdivisions called List of parishes in Louisiana, parishes and List of boroughs and census areas in Alaska, boroughs, respectively. Counties and other local governments in the United States, local governments exist as a matter of U.S. state law, so the specific governmental powers of counties may vary widely between the states, with many providing some level of services to civil townships, Local government in the United States, municipalities, and Unincorporated area#United States, unincorporated areas. Certain municipalities are List of U.S. municipalities in multiple counties, in multiple counties. Some municip ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the Tax exemption, exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Value-added tax#Comparison with sales tax, Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final good, final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the cer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iowa
Iowa ( ) is a U.S. state, state in the upper Midwestern United States, Midwestern region of the United States. It borders the Mississippi River to the east and the Missouri River and Big Sioux River to the west; Wisconsin to the northeast, Illinois to the east and southeast, Missouri to the south, Nebraska to the west, South Dakota to the northwest, and Minnesota to the north. Iowa is the List of U.S. states and territories by area, 26th largest in total area and the List of U.S. states and territories by population, 31st most populous of the List of states and territories of the United States, 50 U.S. states, with a population of 3.19 million. The state's List of capitals in the United States, capital, List of cities in Iowa, most populous city, and largest List of metropolitan statistical areas, metropolitan area fully located within the state is Des Moines, Iowa, Des Moines. A portion of the larger Omaha–Council Bluffs metropolitan area, Omaha, Nebraska, metropolitan area ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
School Infrastructure Local Option
The School Infrastructure Local Option (SILO) is a 1% local option sales tax adopted on a county by county basis in Iowa, United States. Although the tax is collected by county, state mandate says the total amount collected is to be pooled and shared between the school districts. SILO was developed in 1998 by the Iowa General Assembly to give school districts a revenue options other than the property tax. The tax can be enacted for up to 10 years at a time. As of late 2005, only Linn and Johnson Johnson may refer to: People and fictional characters *Johnson (surname), a common surname in English * Johnson (given name), a list of people * List of people with surname Johnson, including fictional characters *Johnson (composer) (1953–2011) ... counties in Iowa had not enacted a SILO tax. In the spring of 2006 the Iowa legislature encouraged the two remaining counties to join the other 97 counties which had enacted this tax by offering an incentive provided the tax was enacted by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Taxes
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a " resale certificate" by the taxing authority and required to provide the certificate (or its ID number) to a seller at the point of purchase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
