The Future of Finance
The nonpartisan group Tax Foundation ranked the state’s tax climate as the 28th best in the nation while the Council on State Taxation found the state to have the highest tax burden on business inputs nationwide.
A new study found that key goods, such as gasoline, used vehicles and natural gas prices, were impacted more by inflation in the Boston metropolitan area than the rest of the nation. Inflation in the state has hit a 40-year high.
Small businesses and those owned by women and people of color don’t receive a fair share of government contracting. With infrastructure money flowing, now is the time for public agencies to take a pledge to improve procurement practices.
Women who have more choices when it comes to pregnancy are more likely to attend college, stay in the workforce and stay out of poverty. Women who are denied abortions are four times more likely to be poor five years later.
Several other states are offering residents some form of tax relief to help deal with the financial strains of inflation, but Alabama has nothing planned and the Legislature doesn’t reconvene until March.
The bill includes $250 one-time rebates and tax breaks for families, seniors and low-income households to help residents offset rising inflation costs. But the Senate and House must find compromise before the session ends on July 31.
Just months after the fundraising limits of $500 per individual were lifted, gubernatorial candidates from all parties have reported substantial, six-figure donations from wealthy supporters.
They disproportionately impact low-income residents. “Segmenting” them — setting prices based on ability to pay — can improve lives while actually increasing local-government revenues.
It’s just as important when revenues are robust as it is in tough fiscal times to base spending decisions on what works. Here’s how to get started.
The state is receiving $119 million from the U.S. Treasury’s State Small Business Credit Initiative and will invest in supporting women and minority entrepreneurs as well as businesses that focus on cleaner energy and climate resiliency.
State and local finance teams need game plans for two divergent outcomes of the Federal Reserve’s efforts to wring inflation out of the economy: a soft-landing slowdown or a more severe downturn.
Most of the remaining funds have been earmarked by cities, townships and counties for community projects to address broadband access, housing, workforce development and other needs. But some worry about the debt repayment.
A new law requires the state’s pension system to divest from fossil fuel companies, but making that happen while considering a constitutional requirement to pension members will complicate the process.
County Executive Ryan McMahon has suggested that the surplus, which has grown to nearly three times the normal reserve, be used to double the New York county’s rainy day fund. But the plan would leave little for spending elsewhere.
Unpaid gas and electric bills piled up during the coronavirus pandemic with nearly one in every six households and thousands of small businesses falling behind in payments. Now state officials are looking for a way to pay the money owed.
Federal prosecutors have opened an investigation into Kwame Kilpatrick in an effort to force repayment of the $1.7 million debt owed to the city and the IRS for a federal racketeering conspiracy case.
If stocks keep declining, the outlook for pension obligation bonds improves. State and local financial teams should prepare now for a cyclical opportunity.
The Department of Environmental Conservation rejected an air permit to the power plant near Seneca Lake that used most of its electricity generation to mine the cryptocurrency. Many see it as an environmental win.
The state Supreme Court has ruled that when counties sell buildings for overdue taxes, any extra money must be returned to the property owners and may not be pocketed by local governments.
Starting next month, customers will notice extra charges on delivery orders, ride-sharing trips and car-share rentals, which are part of a change in transportation funding that will help pay for road and bridge projects.
Clerks have stolen an estimated $1.7 million from 17 towns in the past decade, according to audit reports and restitution orders. And the problem could be worse: 158 towns have gone more than 20 years without a full financial audit.
Congress responded to the COVID crisis by allocating unprecedented sums to help cities and states recover. Early data about how they are using the money suggests that big spends can have complications.
Recent investment losses have highlighted provisions that are missing from most municipal money management contracts: full disclosure of the downside and stronger risk controls.
If voters approve the measure in November, it would raise county sales tax by one-half of 1 percent for 40 years and fund dozens of transportation projects. But critics are concerned that it could risk the region’s climate goals.
The state’s Select Committee on Blockchain, Financial Technology and Digital Innovation Technology discussed allowing state politicians to accept digital currency donations. No formal decisions were made.
A state judge has vacated a $1 million fine levied against the energy company in 2019 for repeated power outages between 2014 and 2017. The City Council has vowed to appeal the ruling.
For decades, states have relied on the so-called "sin tax" to fund vital social programs. If the FDA's recent proposal to ban menthol cigarettes and flavored cigars prevails, states will need to find another funding source to keep the programs afloat.
Several have earmarked fiscal year 2023 funding for various infrastructure projects, including a new fire station, a child-care center, hydrologic stations, improvements to rural roads and more.
The Maine city’s budget increased 27 percent from last year’s $212 million budget, but this year it includes a 5.5 percent tax rate increase. The City Council also approved a code of ethics and appointed a new city clerk.
Mass shootings are costing governments, schools and families billions. Those who sell, buy and harbor AR-15-style firearms and other pseudo-military killing machines should bear the financial burden.
The bill would provide large businesses with up to $10 billion in tax credits over 20 years to promote green semiconductor manufacturing. But watchdog groups have questioned how the bill was hastily pushed by Gov. Hochul.
