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Wednesday, January 8, 2014

Wednesday, January 08, 2014, 08:00 - 17:00

Volume 29, No. 5 Wednesday, January 8, 2014

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New Liquor Tax: January 1st, a new tax law effecting liquor by the drink went into effect. Prior to that, drinking establishments charged a flat 14% alcohol tax imbedded in the cost of the drink, rather than paid directly by the consumer.  State Representative John Otto said as of January 1st, that alcohol tax has been lowered to 6.7% and a true sales tax of 8.25% has been added to the sale of mixed drinks. Representative Otto, a sponsor of the bill, said it was a way for the mixed drink industry to compete, fairly, with those who sell only beer. Those establishments pay just the 8.25% tax rather than the 14% alcohol tax. Some media reported the price was raised 14%. Otto says it’s about the same.

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DaytonLiquor Petition:Mayor Felix Skarpa said, so far they have about 200 signers of the 600 plus needed by Jan.31stfor a May 10thvote to legalize sale of liquor. If they fail to get the required signers the City will hold the vote in November using the same signatures acquired for the May effort. Mayor Skarpa said he’s checking to be sure all signers are Dayton City voters. He said a table is in Dayton City Hall and other places for Dayton voters who wish to sign.

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LibertyPolice Station: Since the Liberty Police Station was heavily damaged by Hurricane Ike in 2008, the Liberty Police has been housed in modular buildings behind the Liberty Fire Station on Lakeland. A few weeks ago a ground breaking ceremony was held at the location of the new police station, next door to the fire station. Now, Liberty City Manager Gary Broz said the slab is complete and framing should begin any day. It is a $2.6 million project with $1.1 million provided by federal hurricane recovery money. City Manager Gary Broz said completion should come this July.

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Tax Record Retention: According to Liberty Certified Public Accountant Byron Swaim, keeping records of financial transactions relating to your federal income tax return for five years is still the norm.  However, CPA Swaim said the financial records of property listed on a business tax return that has been depreciating longer than five years, should be kept past that five-year period. Remember, if you have questions about tax laws or rules relating to filing a federal income tax return consult a financial advisor you trust for information.

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*LakeRelease: 2,000 CFSLibertyBridge: 6.48 ASL

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