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Taxing and Spending

Covering topics such as bonds, cryptocurrency, federal aid and pensions.

The state government used more than half a million dollars of its $6.24 billion in COVID relief funds to buy SUVs to transport Gov. Phil Murphy and other officials around the state. Here’s how the rest of the money was spent.
The bill would impose a new tax on the state’s “extremely wealthy” at rates of 1.5 percent and 1 percent for those worth more than $1 billion and $50 million, respectively. If passed, it could generate $21.6 billion for the state.
Democratic state lawmakers have asked Gov. Hochul to allot $10 billion for climate projects and proposed legislation that would require fossil fuel companies to pay for major storm-related issues and climate resiliency projects.
The Inflation Reduction Act allots more than $360 billion for business incentives to promote low-emission technology and manufacturing, which is also creating a competitive drive from businesses in Europe.
The $1.7 trillion spending bill that will fund the federal government through Sept. 30 includes hundreds of payouts for New Jersey municipalities’ projects, the largest of which will build an overpass along County Road 539.
The new program will pay off up to $50,000 in debt for five to 10 qualifying families this year, in an attempt to clear or reduce old debts that may inhibit a homebuyer’s ability to get a mortgage.
A new federal law will eventually make some data searches and comparisons easier, but implementation will be a challenge. Software vendors will be staking their claims, but public-sector finance associations should take the lead.
The governor’s two-year plan would put the budget over $10 billion for the first time, a $900 million increase over the current cycle’s funds. It includes $58 million for free school meals, $400 million for transportation and more.
Counties across the state have been challenging the accuracy of the federal Internet expansion map ahead of a Friday deadline. Westmoreland County alone identified 14,527 sites that don’t appear at all on the address maps.
So far, nine Democrats have officially declared their intention to run for the mayorship. Meanwhile true bipartisan leadership exists at the state level, Ohio's attorney general does double dipping and more.
In Oregon, data centers and cryptocurrency miners would have to adhere to the same standards as big private utilities. If the bill passes, violation of the rules would result in hefty penalties and withheld tax breaks.
Idaho employs an average of 53,000 farmers annually, but the state only has 274 homes subsidized by the federal government for farmworkers. The state is looking for ways to build more farmworker housing.
CARES. ARPA. IIJA. These bills and more have put billions into the state and local government market. We break down the major federal funding packages and how they’re being put to use.
The state’s comptroller announced an additional $6 billion to the state’s projected budget surplus, sparking discussions about how to spend the cash. Including the surplus and transfers, there will be $188.2 billion in funds.
They will help fund energy-saving and climate projects for businesses and homeowners. Congress’s approval of the Greenhouse Gas Reduction Fund could supercharge green banks across the nation.
From public health to climate change to immigration, there will be plenty of challenges for our federal system to contend with. But the tensions will be more about social policies and regulation than about money.