Arizona Bill Would Require a State Income Tax Cut After Budget Surplus Years

Arizona taxpayers could soon get half of the state’s annual surplus of funds sent back to them as an income tax cut the following year.

The state Senate passed SB 1577 Wednesday afternoon. Sponsored by Chandler Republican Sen. J.D. Mesnard, the bill would require the Joint Legislative Budget Committee to assess state revenue numbers. If the committee certifies an ongoing surplus after accounting for population increases and inflation, the Department of Revenue must cut the individual income tax rate to lower revenue by 50% of that surplus.

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Teachers Union Wants $5 Billion from Minnesota’s Budget Surplus

The state’s teachers union, a top ally of and donor to Minnesota Democrats, who now control the whole of state government, said it wants a $5 billion chunk of the budget surplus.

Minnesota Management and Budget announced in an economic forecast this week that state lawmakers will have a projected $17.6 billion surplus to work with when crafting a budget for the 2024-2025 biennium next session. That’s up from an estimated $9.2 billion surplus projected in February.

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Minnesota Projects $17.6 Billion Surplus

Minnesota’s Management and Budget estimate a general fund budget surplus of $17.6 billion for the fiscal year 2024-25 biennium.

“Strong collections and lower-than-projected spending add to the FY22-23 surplus,” the agency said. “Economic headwinds lower expected growth but large leftover surplus and healthy net revenues in FY24-25 create estimated $17.6B available for budget.”

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Tennessee Legislature Votes to Grow State Government $3 Billion and 16 Percent More than the Growth of Tennesseans’ Incomes

Tennessee Capital building

Members of the Tennessee General Assembly overwhelmingly passed a bill Thursday that acknowledges that the growth in state government this year exceeds the growth of Tennessean’s income by $3 billion, or 16 percent.

The action by the legislature is mandated by the Tennessee Constitution in Article II, Section 24 when state spending grows faster than its economy.

The measure, commonly known as the Copeland Cap, was named for its House sponsor of the constitutional amendment, the late Republican State Representative David Copeland of Ooltewah, who passed away in 2019.

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Minnesota Governor Proposes Using Budget Surplus for Stimulus Checks for Taxpayers

Many Minnesota taxpayers would receive stimulus checks under a bill Assistant Majority Leader State Rep. Dan Wolgamott, DFL-St. Cloud, introduced Tuesday.

Single filers and married individuals who filed a separate return would receive $500, and married couples filing jointly or individual head of household filers would receive a one-time payment of $1,000. The stimulus checks could start arriving in mailboxes by late summer, a news release from Wolgamott’s office said. 

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State Representative Jerry Sexton: ‘We Need to Get Back to a Representative Government and Quit Letting the Lobbyists and These Big Organizations Take over Our State House’

Wednesday morning on The Tennessee Star Report, host Leahy welcomed State Representative Jerry Sexton in studio to talk about his re-election, K12 education, and agreeing that the federal government should keep their education money.

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Senator Rick Scott Labels Biden’s COVID Relief Funds as ‘Irresponsible’

Rick Scott

Senator Rick Scott (R-FL) questioned coronavirus relief policies enacted by President Biden and congressional Democrats, labeling the added spending as “irresponsible.”

According to Scott, the funds, which were enacted through legislation passed last year, add to the levels of inflation throughout the country and waste taxpayer funds.

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Tennessee State Rep. Griffey Files Bill to Repeal Gas Tax

A member of the Tennessee State House of Representatives filed a bill Wednesday to repeal the state’s gas tax. 

“The working people of Tennessee are getting hammered by inflation and horrendous energy policy that has caused gas prices to sky rocket! All thanks to the I’m competence of Joe Biden and the Democrats in DC,” Rep. Bruce Griffey (R-Paris) told The Tennessee Star. “Tennessee is currently running monthly budget surpluses is in the hundreds of millions of dollars over projected budgeted revenues. This gas tax repeal is a way to try to help working Tennesseans and all those Tennesseans paying bother prices at the pump.

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Tennessee Finishes 2020-2021 Fiscal Year with a $3.1 Billion Budget Surplus

The State of Tennessee finished the 2020-2021 fiscal year with a $3.1 billion surplus in revenues, as compared to the budgeted estimates, Tennessee Department of Finance and Administration Commissioner Butch Eley reported Friday.

After adjusting for the increased revenue estimate of $1 billion recommended by the Funding Board in November 2020 and passed by the General Assembly on April 29, Eley announced total tax receipts for fiscal year 2020-2021 are $2.1 billion more than the budgeted estimates.

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Michigan Projects Multibillion-Dollar Budget Surplus

Michigan State Capitol

Michigan budget officials Friday reached a consensus on revised economic and revenue figures for fiscal years 2021, 2022 and 2023.

The state general fund and school aid revenues will total $26.5 billion for the current budget year, exceeding January estimates by $2.2 billion. For the new budget cycle beginning Oct. 1, the agency projected revenues will total $26.6 billion, $1.3 billion more than January predictions.

A majority of that unexpected cash is a byproduct of billions of spending via stimulus checks and boosted unemployment benefits, which led to a spike in personal spending and increased state tax revenues by billions more than previously forecast.

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Despite COVID Lockdowns, Georgia Revenue Up $2.5 Billion

Instead of a predicted deficit, Georgia’s total revenue increased by $2.5 billion, according to a statement released by Governor Brian Kemp’s office.

Many state elected officials predicted significant budget shortfalls due to a partially-closed economy because of the COVID-19 pandemic and subsequent lockdowns.

“Year-to-date, net tax collections totaled $21.74 billion for an increase of nearly $2.51 billion, or 13.1 percent, compared to the previous fiscal year when net tax revenues totaled $19.23 billion after ten months,” the statement read.

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Tennessee’s December Revenues Yield a $156.4 Million Surplus

The state’s revenue collections for the month of December were higher than budgeted yielding a $156.4 million surplus, Tennessee Department of Finance and Administration Commissioner Butch Eley announced Monday.

On an accrual basis, December marks the fifth month of the 2021-2022 fiscal year. 

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State House Rural Caucus Meets to Discuss Issues Unique to Their Districts

NASHVILLE, Tennessee – The first meeting of Tennessee House of Representatives members interested in issues related to rural districts was organized by Representative Bruce Griffey (R-Paris) and attended by nearly three dozen legislators.

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With One Month Remaining in the Fiscal Year, Tennessee’s Budget Surplus Is Now Up To $649 Million

  Department of Finance and Administration Commissioner Stuart McWhorter announced Wednesday that Tennessee’s June revenues were $92.5 million more than the state budgeted for the month, resulting in a total budget surplus of $649.2 million with just one month remaining in the 2018-2019 fiscal year. The state’s revenue collections of…

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Ten Months Into the Fiscal Year, Tennessee’s Revenues Exceed Estimates by $556.7 Million

  A press release issued Friday by Department of Finance and Administration Commissioner Stuart McWhorter announced that Tennessee’s May revenues were $46.3 million more than the state budgeted for the month. Also reported was that total tax collections by the state so far this year exceeded the estimates by more…

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Despite Budget Surpluses, Tax Increases Still Debated in Minnesota as May 20 Deadline Looms

by Bethany Blankey   Joint conference committees continue to hash out differences with the hope of reaching the May 20 deadline and closing a $2 billion gap between conflicting budget priorities. Still up for discussion in the Minnesota legislature are proposed fees on drug distributors and manufacturers to pay for…

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