Most & Least Taxing States: 2014

By Rebecca Helmes of Bloomberg BNA - 2014-04-14T23:05:22Z

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Tax cuts are coming in after this legislative session. Last year Minnesota became the only state besides Connecticut to impose a gift tax, but this year legislators repealed it. Those who already had paid the tax should look for a check -- the state will refund any payments. Lawmakers also increased estate tax exemption amounts and repealed several “business-to-business” sales taxes -- warehousing or storage services for tangible personal property, repairing and maintaining electronic precision equipment and repairing and maintaining commercial and industrial machinery and equipment.

*Exemption is $1.2 million.