Tag: Finance

Michigan’s $348.7 Million Pandemic Relief Bill, with Funds for Child Care, Hospitals, Signed into Law

The Center Square
Jim Stamas

Gov. Gretchen Whitmer has signed Senate Bill 27 to appropriate $384.7 million in supplemental pandemic relief funding.

Signed by the governor on Monday afternoon, the bill also provides $10 million of financial support for Southeast Michigan families and businesses that endured massive flooding in June.

SB 27 was introduced by Sen. Jim Stamas, R-Midland, in January. The bill combines $367.7 million of federal COVID relief funding authorized through the Coronavirus Response and Relief Supplemental Appropriations Act and $17 million from the state’s general fund.

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Georgia to Issue Licenses to Companies for Medical Marijuana Production

The Center Square
Zane Bader

The Georgia Access to Medical Cannabis Commission will pick six companies to start producing the plant for medical uses in the state.

Nearly 70 companies applied for licenses to grow marijuana and convert it to oil to treat various illnesses. Once the commission approves them, the companies could be looking at paying up to $200,000 in licensing fees to the state. They will have one year to get product to thousands of Georgians who have been waiting for more than five years.

Patients with a Low THC Oil Registry card legally can purchase up to 20 fluid ounces of the THC oil from licensed dispensaries or pharmacies under legislation signed into law by former Gov. Nathan Deal in 2015. However, without guidelines and a medical marijuana marketplace, the 14,000 registered patients in Georgia have no way of legally obtaining the oil.

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Treasury Secretary Warns of ‘Rapid’ Inflation This Year

The Center Square
Janet Yellen

As more federal data show a major spike in inflation, another top federal official said the U.S. is in for more aggressive inflation for the rest of 2021.

Federal officials have been pressed to speak on rising inflation after \data released earlier this week showed that the all items index increased 5.4% over the last 12 months, the biggest spike since the 2008 financial crisis.

Treasury Secretary Janet Yellen commented on the rise in inflation, saying it would grow worse this year.

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Ducey Invests Millions of Federal Dollars to Start Visit Arizona Initiative

The Center Square
Three people on bikes in Arizona during sundown

Gov. Doug Ducey is investing $101.1 million from the federal American Rescue Plan funding to launch the Visit Arizona Initiative to increase tourism spending in Arizona and expedite its economic recovery. 

“Tourism is essential for Arizona’s booming economy and job growth,” Ducey said in a release. 

He said that when tourists stay at Arizona hotels, eat at restaurants, buy Arizona products, and partake in the state’s recreational activities, Arizona’s economy booms.

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Republicans Push Back Against ‘Politicization’ of IRS

The Center Square

President Joe Biden has pushed for beefing up IRS audits of corporations to raise revenue for his new spending proposals, but Republicans are raising the alarm about the potential consequences of the plan.

Biden unveiled his “Made in America Tax Plan” earlier this year as a strategy to help fund his trillions of dollars in proposed new federal spending that includes several tax hikes. Despite this, a bipartisan coalition in the U.S. House and Senate have agreed to a basic framework for Biden’s proposed infrastructure plan, but one element has been the theme of the negotiations among Republicans: no new taxes.

The GOP pushback against raising taxes, though, puts more pressure on the Biden administration to find ways to fund his agenda. Aside from Biden’s controversial tax hike proposals, the president also has proposed adding $80 billion in funding to the IRS so it can increase audits of corporations.

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Study: Ohio COVID-19 Vaccine Lottery Failed to Increase Rates

The Center Square

Giving away millions of federal tax dollars and hundreds of thousands of dollars in college scholarships did nothing to improve Ohio’s COVID-19 vaccination rate, a recent study concluded.

Those results have Democratic leaders saying the state needs to do more to address vaccine hesitancy and deal with what they call root causes of Ohio’s stagnant vaccination rate.

The study, conducted by the Boston University School of Medicine using information from the Centers for Disease Control and Prevention, concluded reports that the state’s Vax-a-Million lottery program increased rates failed to factor in vaccinations expanded to ages 12-15.

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Ohio Ranks Low in Actual Independence

The Center Square
Ohio State flag

Celebrating Independence Day means a little more for some states than others, at least in terms of being independent and self-sufficient.

A report from personal finance website WalletHub showed which states were the most-self-sufficient, and Ohio ranked 36th in where Americans are the most self-reliant despite the COVID-19 pandemic.

To determine the ranking, WalletHub compared five sources of dependency: consumer finances, the government, the job market, international trade and personal vices. Those categories were broken down into 39 key indicators.

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Michigan Senate Passes $17 Billion Budget Plan

The Center Square

The Michigan Senate passed a plan totaling $17 billion for K-12 schools, hours before the budget deadline that levies no penalties for late action.

The real deadline for the state budget is Sept. 30, ahead of the Oct. 1 start of the state’s fiscal year.

House Bill 4410 passed on a 34-0 vote, which Senate Appropriations Chair Jim Stamas, R-Midland, called an “immediate priority.” The bill includes $10 million to repair natural disaster relief in cities flooded in June 2021.

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Michigan House Passes Bipartisan Budget, Including Historic Increases in Education Spending

The Center Square
Jason Wentworth

Although she thinks it’s only a “start,” Gov. Gretchen Whitmer applauded the bipartisan budget passed Thursday night by the Michigan House of Representatives.

The House voted to pass the budget before the July 1 deadline, and includes the governor’s proposal to implement the largest increase in K-12 public school spending in the state’s history. Whitmer’s office claims the $16.7 billion in school expenditures will “close the gap between the lowest- and highest-funded school districts for the first time since the goal was introduced in 1994.”

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Report: Clarksville Among Country’s Fastest-Growing Metro Areas

The Center Square
Clarksville, TN watertower

In a housing market booming across the country, Clarksville stands out.

A recent National Association of Realtors report shows that while the Nashville-Davidson-Murfreesboro-Franklin metro area is one of the largest growing markets in the country, it is Clarksville that ranks as the fifth-fastest growing housing market in the U.S. in terms of new housing permits.

Clarksville’s growth coincides with a jobs boom in Nashville, which is located less than an hour away, but it also has seen its own boom with the growth of small businesses and employers such as Hankook Tire.

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School-Choice Advocates Applaud Ohio Senate’s Budget Plan

The Center Square
Matt Dolan

School-choice advocates are calling the recently passed Ohio Senate budget proposal as a step in the direction toward more options for parents.

The Senate’s version of the budget includes differences negotiators still must work out with the House’s budget, but it includes a provision that allows parents to create an education savings account for afterschool care. Negotiations begin this week.

“While the new Afterschool Child Enrichment Education Savings Account program is limited, its inclusion in the budget is an important step in helping parents afford desperately-needed resources giving them the flexibility necessary to improve their children’s educational outcomes,” said Rea Hederman, executive director of the Economic Research Center at The Buckeye Institute, a Columbus-based think tank.

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Price Jump for Used Cars Results in Boost in Michigan Sales Tax Collected

The Center Square
Close up of a line of cars

The microchip shortage responsible for bottlenecking the production of new cars has been a boon for the used car market.

However, the lack of available new vehicles also has created a greater demand and thus a scarcity of quality used vehicles.

This has driven up the cost of used cars and trucks, which has also increased the sales tax collected on used vehicle transactions. The national average increase in used car sales prices is 16.8% or $3,926 per vehicle sold.

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Arizona Gains 66,000 New Taxpayers, Mostly from California

The Center Square
Phoenix, Arizona cityscape

Taxpayers are coming to Arizona from other states by the tens of thousands and bringing billions of dollars in annual earnings with them. 

The Internal Revenue Service released its annual migration statistics, a record of address changes by filers and their dependents between tax years. The data released in late May reflects changes from the 2018-2019 tax years, which symbolize moves that occurred between 2017 and 2018. Nationwide, 8 million people relocated to either another state or county. 

Arizona gained 218,736 new taxpayers in that time. Having lost 152,769, that’s a net gain of 65,967 exemptions from one tax year to the next. That’s nearly 1,000 more than the previous tax year.

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Study Finds Tennessee Collects $38M in Court Fines, Fees Each Year

The Center Square
Tennessee flag on pole

A new report from The Sycamore Institute shows Tennessee collects nearly $38 million annually in fines and fees through the criminal justice system, while county governments are collecting a shrinking amount in fines and fees.

While the Tennessee Department of Revenue reports its collections of fines and fees annually, other agencies, such as the Department of Correction, the Department of Safety & Homeland Security and the Tennessee Bureau of Investigation, do not report detailed information on their collections.

The Sycamore Institute study found 360 fees and fines authorized in Tennessee law, from being charged with a crime to civil asset forfeiture to incarceration costs.

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Missouri’s Treasurer Opposes Biden Administration’s Influence on Divesting in Fuel Companies

The Center Square
Gas station at night

Missouri Treasurer Scott Fitzpatrick and 14 other Republican state treasurers are questioning President Joe Biden’s administration pressuring of U.S. banks and financial institutions to not lend to or invest in fossil fuel companies.

The group of chief financial officers sent a letter to presidential climate envoy John Kerry this week expressing concern about a reported strategy to eliminate the coal, oil and natural gas industries by cutting off loans or investments.

“While the pursuit of more renewable sources of energy is a noble cause, the fact is that fossil fuels remain critical to our country and the entire world,” Fitzpatrick said in a statement. “The Biden Administration’s failure to acknowledge this will result in increased costs for consumers and businesses. An energy independent America is vital for national security and strengthens our economy which impacts all Americans – especially our poorest citizens who feel rising prices at the gas pump and the checkout line most. Attempts to pressure financial institutions to cut off the fossil fuel industry amounts to nothing less than an abuse of power by the federal government and should not be tolerated by states.”

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Expanding Broadband Access in Ohio Becomes Law

The Center Square
Gov. Mike DeWine

Advancing broadband access across Ohio became official when Gov. Mike DeWine signed into law a bill that creates a grant program that government and business groups said is critical to economic development.

DeWine and Lt. Gov. Jon Husted signed the bill Monday at Middletown’s Amanda Elementary School, along with students, Ohio Superintendent of Public Instruction Paolo DeMaria and Ohio Development Services Agency Director Lydia Mihalik.

“Reliable high-speed internet is a necessity for all Ohio industries, including manufacturing,” said Ryan Augsburger, president of the Ohio Manufacturers Association. “The pandemic has illuminated the need for Ohio families and businesses to efficiently access broadband in today’s technology-based economy.”

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Virginia Directs Nearly $136 Million for State and Local Criminal Justice Programs

The Center Square
Arlington Police motorcycles

Virginia awarded $135.8 million worth of grants to support state and local criminal justice programs, primarily to support those who have been the victims of a crime, Gov. Ralph Northam announced late Thursday afternoon.

Nearly 63% of the funding, $85.5 million, will be used to provide services for victims. Many organizations receiving money provide direct services for traditionally underserved populations and for victims of child abuse, domestic violence and sexual assault.

“Each of these grant recipients play an important role in keeping our communities safe and supporting victims and survivors of crime,” Northam said in a statement. “This funding will sustain the operations of a variety of critical programs and help expand the reach of services to underserved areas of the Commonwealth.”

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Republicans Release Plan to Address Growing Inflation Under Biden Administration

The Center Square
High gas prices

Congressional Republicans grabbed headlines this week after releasing an aggressive budget they say would cut taxes and spending, but key measures in the plan also would address one of the country’s most serious economic problems.

The House’s Republican Study Committee released a budget that lays out several measures to deal with inflation, a growing concern among economists after the latest federal data showed a spike in consumer prices. Notably, the index for used cars and trucks rose 10%, the largest one-month increase since BLS began recording the data in 1953. Food and energy costs rose 0.9% in the month of April, prescription drugs rose 0.5%, and gasoline rose 1.4% during the same month. The energy cost index rose 25% in the previous 12 months.

Republicans on the committee say their plan would address concerns over inflation by balancing the budget within five years, thereby eliminating the need to monetize debt, a process where the federal government prints money to make payments on what it owes. The national debt has soared to more than $28 trillion and is expected to continue climbing under President Joe Biden’s new spending plans.

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Michigan Projects Multibillion-Dollar Budget Surplus

The Center Square
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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Most Americans with Children to Receive Monthly Federal Payments Starting in July

The Center Square
Man with two children

Millions of American families will receive hundreds of dollars in regular federal payments beginning next month, the Internal Revenue Service said Monday.

The IRS announced July 15 as the start date for monthly child tax credit payments that would affect the vast majority of Americans with children.

“Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above,” the IRS said in a statement.

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Kemp Extends Suspension of Georgia Gas Tax by a Week

The Center Square
"Sorry out of service" bag covering gas pump

Georgia Gov. Brian Kemp extended the state’s temporary suspension of the fuel tax through May 22 as Colonial Pipeline works to become fully operational after a cyberattack.

Kemp issued an executive order Monday that suspended the gas tax, increased weight limits for trucks transporting fuel and prohibited price gouging. The order was set to expire Saturday before Kemp extended it Friday.

“While Colonial Pipeline is now operational, the company has informed the public that it will be a few days until full service is available statewide,” Kemp said in a statement. “This executive order will ensure fuel supply chains have every resource needed to deliver gas quickly and safely, and that Georgians aren’t hit with state gas taxes at the pump during this shortage. I continue to ask Georgians to only purchase the fuel they need for essential travel through the upcoming weekend.”

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Michigan House GOP $80 Million Plan Pushes Stronger Police Support

The Center Square
Speaker Jason Wentworth

Michigan House GOP unveiled a plan to spend roughly $80 million to support local police departments.

The plan aims to counter the “defund the police movement,” House Speaker Jason Wentworth, R-Clare, said in a Thursday morning press conference.

House Republicans say the plan supports law enforcement, strengthens the criminal justice system and expands community policing statewide.

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‘Backpack Bill’ Would Offer School-Choice Scholarships to All Ohio Students

The Center Square
Rep. Riordan McClain

Ohio school-choice advocates are applauding a bill introduced in the Ohio House they say empowers families to choose the best education options for their children.

The “Backpack Bill” became part of the debate on a proposed new education funding formula and would ensure each child in Ohio would be eligible for a scholarship to attend the K-12 school or their choice.

“Ohio lawmakers should be focusing on funding teachers and students, not buildings and bureaucrats,” said Aaron Baer, president for the Center of Christian Virtue, formerly known as Citizens for Community Values. “The Backpack Bill will ensure every Ohio student is able to access the education that best meets his or her needs.”

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Hawley Cites ‘Culture War’ in Proposal for Monthly Payments to Families with Children

The Center Square
Josh Hawley

Rising Republican star U.S. Rep. Josh Hawley, R-Mo., is sponsoring a new measure that would give unprecedented tax cuts to parents with children, and now he is saying his bill is on the front line of the nation’s “culture war.”

The plan in question would give a fully refundable tax credit of $12,000 for married parents and $6,000 for single parents who have children under the age of 13.

“Starting a family and raising children should not be a privilege only reserved for the wealthy,” Hawley said. “Millions of working people want to start a family and would like to care for their children at home, but current policies do not respect these preferences. American families should be supported, no matter how they choose to care for their kids.”

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Florida No-Fault Repeal Advances with No Certainty it Will Lower Auto Insurance Rates

The Center Square
Erin Gall

For decades, Florida lawmakers have pondered bills seeking to repeal the state’s half-century-old no-fault auto insurance system.

They’ve perennially failed because there’s no certainty a repeal would lower Florida auto insurance rates.

There still isn’t, at least according to the insurance industry, but nevertheless, Florida’s 16 million drivers, who already pay the nation’s highest auto insurance premiums, may learn the answer to that long-debated question next year.

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DeWine Signs Partial Repeal of Ohio’s Controversial Nuclear Power Bailout

The Center Square
Nuclear power plant

A little more than eight months after the billion-dollar government bailout of the state’s nuclear energy industry led the arrest of former Ohio House Speaker Larry Householder, Gov. Mike DeWine officially put it to rest.

DeWine signed House Bill 128 into law late Wednesday. It repeals the nuclear provisions of the infamous House Bill 6.

Gone is the bailout for the Perry and Davis-Besse nuclear power plants in northern Ohio. Also eliminated was the ability for FirstEnergy to have its revenue levels relatively the same even during years when energy consumption decreases. HB 128 directed refunds of money already collected under the guarantee.

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Surveys: 46 Million People Can’t Afford Health Care, Majority of Hospitals Not Providing Pricing Transparency

The Center Square
Assorted color syringes.

An estimated 46 million people — or 18% of the country — would be unable to pay for health care if they needed it today, a recent poll conducted by Gallup and West Health found.

In another survey by the Texas Public Policy Foundation, the majority of hospitals in the U.S. have yet to comply with a transparency ruling implemented this year that would help patients shop around for the most affordable prices.

Gallup’s findings are based on a poll conducted between February 15 and 21 among 3,753 adults with a margin of error of 2%.

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Georgia Legislature Approves $27B Budget for New Fiscal Year

The Center Square
Blake Tillery

The Georgia General Assembly has approved a $27.2 billion spending plan for the 2022 fiscal year, which starts July 1.

The Senate and House agreed to spend more money on health care, education, transportation, state positions, internet access and economic initiatives.

The House approved the measure, 148-21, late Wednesday night after it cleared the Senate unanimously, 52-0. Lawmakers now must send the proposal for state spending through June 30, 2022, to Gov. Brian Kemp for consideration.

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Virginia Businesses Will Benefit from Paycheck Protection Program Extension, Groups Say

The Center Square

Virginia businesses will benefit from the federal government extending the deadline to apply for Paycheck Protection Program forgivable loans, according to associations representing industries.

With bipartisan support, federal lawmakers passed legislation to extend the loan application from March 31 to May 31 and give the Small Business Administration an additional 30 days to process the applications. The legislation is expected to be signed by President Joe Biden.

The loans allow businesses economically harmed by the COVID-19 pandemic and subsequent economic restrictions to borrow money from the federal government. If businesses use the money in accordance with federal guidelines, the loans will be forgiven, meaning that the businesses will not have to pay the money back.

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Georgia Senate Passes Measure Blocking Local Efforts to Reduce Police Funding

The Center Square

A bill that bans counties and municipalities in Georgia from reducing their police department budgets by more than 5% has passed the Georgia Senate and will be sent back to the House.

Sen. Randy Robertson, R-Cataula, a law enforcement veteran, said the legislation, House Bill 286, is a response to local efforts to “defund the police.”

“I think everyone sees the things that are going on around our country right now related to law enforcement, and what this does is just guarantee the citizens of any community that they’re not caught up in the politics that revolves around policing and offers protection,” said Robertson, who sponsored the bill.

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Ohio Legislature Passes Transportation Budget with Additional Allocations

The Center Square

The Ohio Senate approved more than $8 billion it hopes will spur both economic development and job growth while tackling the state’s transportation needs over the next two years.

The state’s proposed transportation budget passed the Senate unanimously Thursday with some adjustments made by the Senate, including additional money for public transportation, local road projects and emergency road repair. It also requires the Ohio Department of Transportation to reopen currently decommissioned weigh stations to serve as overnight parking areas for commercial truckers.

“This transportation budget makes critical investments in Ohio’s communities and local infrastructure,” said Senate President Matt Huffman, R-Lima. “I am confident House Bill 74 will improve roads and infrastructure that Ohioans use every day and will enhance Ohio’s economy and promote job growth.”

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Virginia Budget Agreement Includes Five Percent Teacher Pay Raise, Tax Relief for Businesses

The Center Square

A Virginia budget compromise will include a 5% pay raise for teachers and tax relief for businesses negatively affected by the COVID-19 pandemic after several weeks of debate among lawmakers.

The budget legislation still needs to pass both chambers of the General Assembly, which is expected. Then, the bills will head to Gov. Ralph Northam’s desk at which time he can choose to sign the legislation or propose changes to it and send it back to the legislature.

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Tech Drives Indexes Higher on Wall Street after Choppy Start

The Associated Press

Big technology companies powered stocks higher on Wall Street Monday, adding to the market’s gains after a three-week winning streak.

The S&P 500 rose 0.84% after being down 0.3% in the early going. Gains by technology and communication stocks and companies that rely on consumer spending outweighed losses elsewhere in the market. The rally, which gained strength in the final hour of trading, nudged the benchmark S&P 500 index to a slight gain for the year and drove the Nasdaq composite to an all-time high.

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Dave Ramsey Endorses ‘True Conservative’ Marsha Blackburn for Senate

Jason M. Reynolds

Financial advice guru Dave Ramsey of Brentwood formally announced his endorsement of his “good friend” U.S. Representative Marsha Blackburn (R-TN-07) for the U.S. Senate on Friday. Watch his endorsement: Ramsey says, “I’ve known Marsha since way back in 2001 when she and I and a bunch of others fought against a state income tax here in the state of Tennessee. I learned then a couple things about Marsha. Number one – she’s a fighter, she likes to win. Number two – she’s a conservative, and a true conservative, and she’s proven that in her public service over and over again. Marsha stands for family values … Marsha stands for Second Amendment rights … Marsha has a voice of common sense, and this is the kind of person we need as a Senator for the state of Tennessee …  I’ll be backing Marsha Blackburn, my friend for a long time, for all the right reasons, to be the next Senator for the state of Tennessee.” In response to the endorsement, Marsha Blackburn said in a statement, “Dave Ramsey is a brilliant economic mind, trusted counsel, and I’m honored to have his continued support as we work to win in November.” On his…

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Nashville Firm Files Class Action Lawsuit Against United Community Bank For Alleged Improper Overdraft Fee Practices

John Bryant
United Community Bank for Alleged Improper Overdraft Fee

Nashville, Tennessee-based law firm Branstetter, Stranch & Jennings has filed a class action lawsuit against Georgia-headquartered regional bank United Community Bank, which has locations in three additional states, including Tennessee. BS&J filed the lawsuit with Cohen & Malad, LLP of Indianapolis, Indiana. The suit was filed in the United States District Court for the Eastern District of Tennessee in Knoxville on Wednesday, May 16. According to The Chattanoogan.com, “Plaintiff Dennis A. Jones, on behalf of himself and others similarly situated throughout the U.S., filed the suit seeking redress for UCB’s alleged routine practice of assessing overdraft fees on debit card transactions that did not overdraw checking account available balances, along with multiple insufficient funds fees on a single transaction. The lawsuit is brought as a class action under Rule 23 of the Federal Rules of Civil Procedure.” “United Community Bank’s improper debit card fee practices are costing Dennis Jones, and many others like him, exorbitant sums and taking away a substantial percentage of income,” said Gerard Stranch, managing partner of BS&J. “Their practice of conducting authorized-positive, settled-negative transactions is deceptive and bears potential impact on all of UCB’s clients. UCB’s customers should be aware of the bank’s practices and the…

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