Finance
Managing public finance has become a demanding aspect of state and local government, especially as economic health fluctuates and outside forces create revenue instability. Articles on taxes, budgets, pensions and bonds help to bring insight to finance management at the state and local level.
Now 25,000 members strong, financially secure and long blessed with thoughtful leadership, the Government Finance Officers Association is poised to address the challenges to come for those who manage the public purse.
Big tech companies like Amazon and Apple are building Culver City, Calif., into a media hub and the city is wondering if the business tax needs a fresh look. While a tax bump would increase revenues, it raises the risk that some businesses would leave.
Taking their cues from states as diverse as Arizona and Virginia, they are shredding red tape at a remarkable clip, freeing their economies and providing a map for what's needed at the federal level.
A Bureau of Economic Analysis report sheds light on the health of U.S. counties, but experts caution that more analysis is needed for insight into what has driven growth in some counties while others have fallen behind.
Calhoun County, S.C., says that the taxes from online purchases are being collected by neighboring counties due to incorrect ZIP code information. “I think we need to get every nickel we can get.”
States can now collect sales tax on products purchased remotely, opening the door to billions in new revenue. But how to collect the money is complicated. New software tools might be the answer.
As the number of rides from transportation network companies has surged in recent years, governments feel compelled to charge higher fees to help pay for road congestion problems and to improve public transit.
U.S. officials are debating the value of printing money if many people never use cash anymore. Some people think that as credit and debit card use increases, cash may be a waste. Others argue that cash maintains equality.
Baltimore has not been collecting taxes on Uber, Lyft rides and it’s costing the city $2.1 million annually. The increase in app-based rides resulted in a $4.1 million decline in parking revenue.
A new federal law could go a long way toward improving oversight of grant spending and making state and local financial reports more accessible to researchers and constituents.
California’s gas tax allotted a portion of gas prices for road maintenance. However, as more electric vehicles roll onto the road, fewer consumers are contributing to the tax, and it’s costing the state millions.
This week, Governing’s Future of Finance examines the moves made in advance of tax season, California’s crackdown on traffic fine scofflaws, the world’s largest money manager is making the climate crisis its primary investment criterion, and MIT’s “significant” Jeffrey Epstein mistakes.
Businesses that make more than $10 million a year need to pay up to 6 percent more in taxes in the California bill that received Abigail Disney’s support. “This is a problem of corporate culture 50 years in the making.”
The federal tax law change took place in 2018, but the revised form has just been released. The IRS hopes the new W-4 is more transparent and less complex. But there are a few changes to be aware of.
Traffic fines in California can be quite expensive, often more than the monthly disposable income for many families. Officials are thinking of reworking the program to make it more feasible and to make sure the state gets paid.
Gov. Kim Reynolds’ plan to “Invest in Iowa” would mean raising sales tax by a penny but decreasing both property and income tax. But it also hopes to improve water quality, conservation, and outdoor rec opportunities.
The tax break would extend an existing incentive but after seeing the hefty price tag, the lobbyists have stepped back. But even if the break doesn’t pass this year, “the group may push for it again in future years.”
New York’s Lockport City School District has facial and object recognition that it can no longer use after the state changed the rules. A school board trustee thinks the district should get a refund for the $1.4 million purchase.
Reporting by ProPublica revealed that TurboTax’s host company, Intuit, had been deceiving customers into paying for what could have been free. The IRS has responded by dropping a long-standing agreement not to compete with industry by developing its own tax filing software.
The financial system for any major organization is complex and that includes state and local government. Efforts to expand the capabilities of finance through new technology can lead to different results as these two examples show.
By building on the data they gave away in the HQ2 competition, they can support the real engine of job growth: entrepreneurship
Allowing hundreds of municipalities to impose their own ridesharing taxes is a terrible idea. There's a simpler and better way to make sure these companies pay taxes that’s beneficial to both states and localities.
