Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
States are spending a lot of their federal TANF money on things that don’t help families that need it the most, and work reporting requirements keep too many families from accessing benefits.
A report from the HHS showed that 44,000 residents would lose state health insurance coverage entirely while 24,000 would lose subsidies if the tax credits were not extended through the legislative package.
If approved, residents would vote on their fourth bond program in less than two decades. The $1 billion program would help pay for better streets and city infrastructure, including $150 million for housing.
The most significant climate legislation ever enacted by Congress has become law, without the word “climate” in its title. Here’s how it can benefit state and local energy and climate programs.
State and federal officials were quick to respond to rising gas prices earlier in the year. But some of households’ biggest costs, like housing, are still rising.
With government workers’ pay raises lagging the private sector’s, state and local officials will need to navigate through different measures of inflation to fairly calibrate wage and pension increases.
The U.S. Census Bureau found that nearly half of adults ages 55 to 66 had no personal retirement savings in 2017. But a state-sponsored private retirement auto-IRA savings program could give many retiring Kansans a break.
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.
The federal Inflation Reduction Act includes a provision that would update the tax credit regulations for new electric vehicles to decrease or eliminate foreign-made parts in cars, which could possibly make EVs more expensive.
State officials hope to get a large chunk of the more than $65 billion that is available to improve broadband access across the nation through the infrastructure bill that was approved last year.
The first round of payment distributions for taxpayer funds will happen on Aug. 15. But there is concern that the more than $8 million won’t be enough to pay all the candidates who qualify for public matching between now and February.
A meetup that was intended to showcase farming issues quickly dissolved into a forum in which top state Republicans voiced concern over a Democrat-proposed measure that, Republicans fear, would place financial strain on farmers and families.
New incentives included in the Manchin-Schumer “Inflation Reduction Act” could help overcome range anxiety and cost concerns. Meanwhile, states are submitting plans to spend millions of federal dollars on EV charging networks.
The CHIPS and Science Act is awaiting signature from President Biden after it received approval from Congress last week. Many expect the legislation to be a huge boost to Michigan’s auto industry.
A proposal to provide middle-income residents with stimulus checks of $250 failed to pass the state’s Legislature. But House Speaker Ronald Mariano is determined that tax relief is “going to happen” this year.
A long-running lawsuit alleging collusion in the securities lending industry may be heading for class-action status. That could be a big deal not only for pension funds nationwide but also for the future of a $2.5 trillion marketplace.
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