Menu

COVID-19 (coronavirus) Archive

Wisconsin Budget Surplus Presents Opportunity for Future Growth

TweetShareSharePin0 Shares As Wisconsin legislators work to finalize the state budget for the fiscal year (FY) 2022-23 biennium that begins July 1, the Wisconsin Legislative Fiscal Bureau (LFB) on Tuesday reported the state has substantially more revenue to work with than was anticipated when the LFB issued revenue projections earlier this year. Specifically, the LFB’s

Vaccine Lottery: Taxes on Lottery Winnings

TweetShareSharePin0 Shares Krispy Kreme may have started the vaccine incentive ball rolling, but many states are putting big money into the effort with vaccine lotteries. Unlike a normal lottery, no one is paying for tickets—but the tax collector still gets paid when someone wins. With lots of restricted spending COVID-19 relief funds and a substantial

Ohio Budget Proposals: Ohio Income Tax Reform

TweetShareSharePin0 Shares Ohio is one of a growing number of states which experienced revenue increases despite the economic slowdown from the coronavirus pandemic and is now looking to return some of that through tax relief. (See analysis of Arizona, Kansas, Louisiana, Montana, and Oklahoma). The question for Ohio legislators is, how best to do that?

State Pension Funding: State Pension Plan Finances

TweetShareSharePin0 Shares Although most states are on solid financial footing following the coronavirus crisis, pension liabilities are a deep-seated problem that long predates the pandemic. The most recent data from Truth in Accounting (which analyzes government accounting data from every state) shows the strain on state retirement systems in 2019 as pension funds strive to keep pace

Business Tax Lessons from Down Under

TweetShareSharePin0 Shares This week the Australian government released its latest budget proposal and two policies that stand out in its fiscal response to the pandemic should be helpful as the economic engine of the country turns back on. The first is full expensing for some investments and the second is the introduction of a loss

Biden’s Tax Plan Could Impact Small Businesses

TweetShareSharePin0 Shares Although the Biden administration’s intention may be to target top firms and earners with its new corporate tax proposals, many small businesses could be impacted by what would be unwise policy considering the disproportionate harm done already by the COVID-19 pandemic. Contrary to the image some may hold of corporations, not all are

Treasury State Tax Cuts Limitation Rule Raises New Questions

TweetShareSharePin0 Shares Today, the U.S. Treasury issued an interim final rule on the $350 billion in State and Local Fiscal Recovery Funds provided under the American Rescue Plan Act (ARPA). The proposed rule resolves several important questions but continues to involve the federal government in state finances at an extraordinary level. Most astonishingly, the rule

These States Will Pay You to Move. Does That Strategy Make Sense?

TweetShareSharePin0 Shares This year, state relocation incentives are striking closer to home. Once the near-exclusive domain of economic development offices seeking to attract employers and business investment, the incentives battle has taken a personal turn, with cities and states increasingly offering incentives to individuals, not just companies, as the opportunity for many people to work

Biden’s First 100 Days: Taxes & Tax Policy

TweetShareSharePin0 Shares In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States. While proposing ways to pay for new spending and for

Kansas Tax Reform Bill: Lawmakers Consider Veto Override

TweetShareSharePin0 Shares The Kansas legislature will reconvene next week for its 2021 veto session, when legislators will reconsider bills that were vetoed by the governor. One such bill that has a second chance of being enacted, Senate Bill 50, would enhance Kansas’ economic competitiveness by improving the state’s corporate, individual, and sales tax structure while
You cannot copy content of this page
Social Media Auto Publish Powered By : XYZScripts.com