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.
Officials across the state voiced concerns about proposed legislation that would hold the gubernatorial recall election as early as Aug. 24 and would push costs beyond the projected $215 million price tag.
With one of the region’s largest cryptocurrency mining facilities, a Bitcoin ATM operator and a bill that would allow special trusts to hold digital assets, the state could be a center of the growing fintech industry.
Mobile, Ala., Mayor Sandy Stimpson has proposed that the city copy Birmingham’s plan to give its full-time and part-time city employees a $5,000 and $2,500 bonus, respectively, for working during the coronavirus pandemic.
Lawmakers are studying whether they can spend part of the $2 billion the state received from the American Rescue Plan Act on prison construction. The state will have until the end of 2024 to use the funds.
While some argue that the state should save most of the historic budget surplus for the inevitable next recession, others want to spend it ahead of the upcoming midterm elections.
A program has been placing homeless clients into housing while guaranteeing rent, utility payments and damage repairs. But it’s a scramble to get landlords to sign on before the eviction moratorium ends in August.
South Carolina’s gas tax will increase another 2 cents in July to increase funds for road maintenance. But officials predict the state may still need an additional $240 million annually for all of the necessary repairs.
Community colleges are well situated to provide the skills needed to thrive in the evolving post-pandemic economy. States have the resources to provide a tuition-free path right now, but they need to do it right.
As Bitcoin gains momentum, some cities, including Los Angeles, Harrisburg and Raleigh, are allowing Bitcoin ATMs. The trend has both advantages and downsides.
Residents will vote on the “Fair Share” amendment next year and if approved the state will impose a 4 percent surtax on household incomes exceeding $1 million. The tax increase would produce an additional $2 billion in revenue annually.
There are less than three weeks until the state’s constitutional deadline to establish a budget. With federal aid and large tax revenues, the state plans to spend approximately $3 billion more during the 2021-2023 cycle.
The warring camps in Washington are unlikely to find a middle ground on their own. Governors and mayors need to take a seat at the adult tax-policy table.
Western New York officials hope that federal funding from the Innovation and Competition Act, the proposed infrastructure package and from stimulus relief funds would be used to develop tech hubs and revitalize transportation networks.
The proposed California bill would have created excise taxes on the sale of new guns and would have raised more than $100 million annually for gun violence prevention programs. It failed by nine votes.
Consultants have found that the public library branches in the less affluent, southern parts of the city are smaller, receive less circulations and have lower numbers of overall visits. A new library funding plan may address the discrepancy.
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