The State Taxman Cometh
BERKELEY HEIGHTS, N.J. ( TheStreet) -- As the year-end holiday and the New Year celebrations fade, tax season is upon us. Given the economic slowdown and the states' enormous looming financial obligations (including pensions and retiree health benefits), states are getting more aggressive in looking to raise tax revenues.
New Jersey, for example, has a form called the New Jersey Sales and Use Tax Form. The New Jersey Sales and Use Tax Act requires that residents pay a use tax when they buy taxable goods and services and the retailer in the state of purchase didn't collect sales tax or collected at less than the New Jersey rate of 7%.
|New Jersey, as it gets desperate for revenue, is also getting tough on its Sales and Use Tax Act, which means it's looking for its share when you buy something out of state or over the Internet. Other states are following.|
So what is different this year? New Jersey residents are required to answer the following questions right on their 2011 tax return:
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