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Among the taxes set to increase are the gas tax, which is going up one penny, from 47 to 48 cents per gallon.
The tax on nicotine products going up from 36 to 45 percent, expected to raise 50M for the State.
New sports betting tax: Betting sites will be
taxed 25 cents for the first $20 million in wagers and 50 cents for each
subsequent bet. The new tax is expected to raise $36 million for the State.
Short term-rental companies including Vrbo, will begin paying the state's hotel-motel
operators' tax, something Airbnb already voluntarily pays. The tax is
estimated to raise $10 million in state revenue.
The tax on telecommunications, including messages through telephone
services, computer services and cell phone services, shall increase from 7
percent to 8.65 percent. The increase is expected to bring another $50
million in state revenue to fund the state's 988 hotline.
The single largest sum of new tax revenue, $336 million, will come from businesses that move profits to other countries who will now be subject to the state's corporate income tax, according to ABC7.
