Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
The exemption applies to profits from stocks, real estate and crypto at an estimated $625 million cost to state revenue.
The program offers companies tax breaks based on the number of employees they hire and where those jobs are located. A report found the program costs more to operate than the tax revenue it generates.
The Wildfire Emergency Act would accelerate forest restoration projects, create a program to maintain critical facilities’ power during disruptions, help low-income households fireproof their homes and establish a fire-training center.
State surpluses are up. So too are appetites for more spending and tax cuts. But inflation has reared its ugly head and the possibility of a recession is very real. Governing sorts out this year's financial picture.
If a congressional debt ceiling deadlock persists and capital markets seize up, states and localities will still have to pay their bills. Public financiers need to be ready to adjust their portfolios to establish a liquid cash buffer.
The Alaska governor introduced two bills that would create a regulatory framework for geologic storage of carbon dioxide and for selling carbon offset credits, and could earn billions for the state. Many details are still unclear.
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.
Gov. Greg Abbott’s wide-ranging and controversial initiative deploys thousands of state authorities to apprehend and jail migrants along parts of the Rio Grande and is costing far more than has ever been spent on border security in a budget cycle.
Due to the state Legislature’s rush to fix an oversight in a previously passed property tax reform package, the property tax rollback rate is higher than it should be, which could mean relief for taxpayers and millions less for localities.
Officials in Kansas and Missouri worry that a federal default could severely disrupt a variety of government services that could cause local layoffs, jettison retirement funds, restrict Medicaid access and more.
The city has suggested the TIF district could help deliver $115 million to South Side’s housing, streets, parks, public transit, small-business assistance and more. But TIF districts take time before they start producing revenue.
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.
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