Sentences with excise-tax
1. Noun Phrase Oklahoma places an excise tax on half of the purchase price at a rate of 3.25 percent. 2. Noun Phrase Generally, excise tax es are associated with tobacco and other products that have a high social cost. 3. Noun Phrase The state also charges an excise tax on trailer purchases, determined by the price of the trailer. 4.
2. excise
verb. ['ɛkˈsaɪs, ˈɛksaɪz'] remove by erasing or crossing out or as if by drawing a line.
3. excise
noun. ['ɛkˈsaɪs, ˈɛksaɪz'] a tax that is measured by the amount of business done (not on property or income from real estate).
What is the space tax?
The SPACE Tax Act — or Securing Protections Against Carbon Emissions — proposed by Blumenauer would include a per-passenger tax, but also an excise tax based on how far into space the flight goes.
What is the penalty for late filing of cannabis taxes?
AB 725 eliminates the 50 percent tax penalty on late filings or payment for cannabis excise and cultivation taxes, while maintaining the 10 percent late penalty assigned to all other business types.
What is excise tax?
Excise taxes are taxes required on specific goods or services like fuel, tobacco, and alcohol. Excise taxes are primarily taxes that must be paid by businesses, usually increasing prices for consumers indirectly. Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit). Some excise taxes can be required directly ...
What are some examples of excise taxes?
Some examples of federal, specific excise taxes include cigarettes ($1.01 per pack of 20), pipe tobacco ($2.83 per pound), beer ($7 for the first 60,000 barrels), cruise ship passengers ($3 per passenger), and gasoline ($0.183 per gallon). 5 . Often sin taxes on targeted goods like beer and alcohol will be taxed at the federal level ...
How does excise work?
How an Excise Tax Works. Excise taxes are primarily for businesses. Consumers may or may not see the cost of excise taxes directly. Many excise taxes are paid by merchants who then pass the tax on to consumers through higher prices.
What are the types of ad valorem taxes?
Other types of ad valorem excise taxes include firearms (10%), airline tickets (7.5%), and heavy trucks (12%). 5 Property taxes can also be considered a type of ad valorem excise tax.
What is specific tax?
Specific taxes are fixed dollar amounts applied to certain purchases. In some cases, governments levy excise taxes on goods that have a high social cost, such as cigarettes and alcohol, and for this reason, these taxes are sometimes called sin taxes .
Which government has the authority to institute excise taxes?
Federal, state, and local governments have the authority to institute excise taxes. While income tax is the primary revenue generator for federal and state governments, excise tax revenue also makes up a small portion of total revenue. Excise taxes are primarily a business tax, separate from other taxes a business must pay, like income taxes.
Can excise taxes be ad valorem?
Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit). Some excise taxes can be required directly from the consumer like property taxes and excise tax penalties on certain retirement account activities. 1:34.
