Our Wednesday roundup of tax-related tech news from the Internets.
What Would Woz Do?… Apple co-founder Steve Wozniak wants us to beware of the cloud. In remarks given at a performance of the one-man show “The Agony and Ecstasy of Steve Jobs,” Wozniak expressed his concern about a basic predicate of cloud-storage systems: end-user licensing agreements. Woz is concerned that in executing these agreements—many of them require the end-user to sign over their rights to access the cloud service—end-users may lose control over their files and software in the cloud; especially, if the cloud continues grow in popularity.
Zooom, Zoooom… If you—or your business—owns a hybrid with a plug, and you are a South Carolina taxpayer, you may have a credit due. Last week, legislation extending the credit for hybrid vehicles went into effect for taxpayers who purchased or leased a plug-in hybrid car in South Carolina from 2012 through 2017. Certain restrictions apply. Taxpayers who think that they might meet the eligibility requirements should consult the required form. Unused credits can be carried forward for five years.
What? No Fist Pump for That .Com Tax?… A recent study conducted by Fairleigh Dickinson University’s PublicMind Poll asked 945 Garden State residents whether the possible added tax revenue from the state imposing an online sales tax would “be worth the burden” to consumers. Fifty-three percent of respondents said that it would not. Presently, New Jersey imposes a 7% use tax on purchases made by New Jersey taxpayers from remote sellers, however, the amount of use tax collected is based on self-reporting. The poll comes on the heals of last week’s hearing in the Senate Finance Committee on federal legislative efforts to pass a bill allowing the states to impugn nexus for remote sellers, and New Jersey’s deal earlier this year with retailer Amazon.com under which the site will begin to collect sales tax from New Jersey residents in 2013.
Why California May Want a Dislike Button… In other news from the Facebook IPO, reports surfaced this past week that the decline in share price of the stock for the popular procrastination social media site could have California seeing red—literally. The per-share price of FB stock fell to $19.82 last week—down from $38 at its public offering. The problem for California is that the $93.1 billion budget signed into law in June assumed a $1.9 billion tax revenue from top-stock owners (we’re looking at you, Mark Zuckerberg). This assumption was based on a sales price of $35 per share. If this trend continues through the end of the year, a significant portion of the projected revenue could be at risk.