Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
Hospitals stand to lose hundreds of millions of dollars under the new tax and spending law, with rural facilities at particular risk. Some states are likely to reconvene their legislatures to deal with funding shortfalls.
The state capital has a modest-sized transit system, so taking out the farebox during the pandemic was easy and so far everyone likes the outcome. But making free bus service financially sustainable could be harder.
Congress should rewrite the ground rules to minimize nuisance lawsuits that can cost local taxpayers millions, while focusing civil courts on bad cops and blind-eye departments.
The county is beginning to develop plans for a new $500 million jail, but it remains unclear how officials will pay for the project. The building will be the most expensive and consequential in county history.
The program, which will toll vehicles entering Manhattan’s central business district, has been in limbo since the Trump administration refused to OK the review process. It is expected to raise $1 billion in revenue annually.
The U.S. Small Business Administration announced nearly $68 million worth of COVID relief grants to venues in the Baltimore region. Many of the theaters and museums have been closed since the pandemic started.
Downtowns thrive when small-scale manufacturing is prioritized, and the ownership of those businesses is diverse. Federal recovery funds can go a long way toward helping this vital sector.
State lawmakers and Gov. Gavin Newsom still have not agreed on a budget deal. A lot of time was used to determine how to allocate the state’s unexpected windfall. Placeholder legislation has kept the government running.
The federal government sent a lot of money to states to help with an anticipated COVID-related economic downturn. Turns out, states did not need that much money – but they may spend it anyway.
Housing advocates agree that California’s Project Homekey had a significant impact on the Fresno community, but there is still more that must be done to ensure all residents have safe, affordable housing options.
The earnings broke a record for oil and gas royalties, which have been recovering since the pandemic. But the state is still increasing its climate regulation enforcement of the industry.
Many of the state’s towns and cities have yet to receive their American Rescue Plan Act funds and are still considering how the money would best be spent. The funds must be spent before 2026.
State laws and local practices vary widely, so the impact on budgets will defy generalizations. But it’s unlikely that rising revenues will uniformly cover impending growth in municipal costs.
Total aid ranges from about 5 percent to more than 20 percent of annual spending.
Fontana City Manager Ken Hunt was the highest paid city manager in California in 2020. He earned $932,623 by resigning to retire. The high pay has raised eyebrows among taxpayer advocates.
New Jersey’s $46.4 billion budget will allocate some funds towards public pensions, tax deductions for college aid and small property tax relief payments. Republican lawmakers worry the increased spending will result in future cutbacks.
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