A Confirmation Vote, Refunds, And Other Tax Relief Options
Senate to confirm Daniel Werfel to be IRS Commissioner. The Senate is expected to vote on the confirmation in a bipartisan vote. The only Democrat expected to oppose the nomination is Sen. Joe Manchin (D-WV), who said he has “zero faith [Werfel] will be given the autonomy to perform the job in accordance with the law.” More specifically, Manchin remains critical of the Biden administration’s handling of guidelines about who receives tax credits for electric vehicles.
Purdue University: Americans will be more frugal with their tax refunds this year. A new study from Purdue University’s Center for Food Demand Analysis and Sustainability finds that the average expected tax refund of $1,940 will mostly be used for savings, investment or to pay down debt.
West Virginia adopts $750 million in tax cuts. Gov. Jim Justice (R) signed the first reduction in the state’s income tax rate since 1987. Personal income tax rates will be cut by 21.25 percent across all six tax brackets, retroactive to Jan. 1, 2023. The legislation also includes a 100 percent rebate of the car tax levied on personal vehicles, a full homestead tax rebate for disabled veterans, and a 50 percent rebate on property taxes for small businesses.
Tennessee lawmakers consider temporary and permanent sales tax carveouts. Two bills winding their way through the General Assembly would create sales tax holidays on food and food ingredients during August and September this year, as well as infant diapers, wipes, and formula sold between July 1, 2023, and June 30, 2024. A third bill would permanently eliminate taxes on the retail sale of fruit and vegetables that are fresh, frozen, or canned.
Oklahoma says no to legalizing recreational marijuana. Voters defeated a ballot measure to legalize recreational marijuana, an effort that would have raised tens of millions of dollars in annual tax revenue. Meanwhile, Gov. Kevin Stitt (R) is backing the House Republicans’ Parental Choice Tax Credit Act, which would give tax relief to families of about 60,000 private and home-schooled students. Parents of private school students would receive a $5,000 annual tax credit, while parents of home-schooled students would receive a $2,500 annual credit. This would cost up to $300 million.
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