Tag: Revenue

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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House Republicans Offer Tax Cuts, School Funding Change in New Ohio Budget Proposal

The Center Square
Group of young students

Ohio House Republicans announced Tuesday they want to put the focus on funding the state’s schools and tax breaks.

The House Finance Committee accepted a substitute bill containing the House GOP’s version of a new two-year state budget, which also includes COVID-19 relief help for small businesses and more oversight of state spending.

“This is a thoughtful, structurally balanced and comprehensive budget plan that funds Ohio’s priorities and invests in Ohio’s future,” said Finance Committee Chair Rep. Scott Oelslager, R-North Canton.

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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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Tennessee’s November Revenue Exceeds Budget Estimate by $129M

The Center Square

Tennessee tax revenue exceeded the state’s budget estimate by $129.5 million in November, continuing a four-month streak of positive revenue after declines in April, May and June.

The Tennessee Department of Finance and Administration said overall state revenue in November was $1.1 billion – nearly 2% more than a year ago. In the first four months of the fiscal year, tax revenue collections exceeded budgeted estimates by $576 million.

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State Rep. Bruce Griffey’s Says His Bill to Tax Out-of-Country Wire Transfers Will Solve State’s COVID-19 Revenue Shortfall

Laura Baigert

State Representative Bruce Griffey sponsored a bill that he says will solve Tennessee’s revenue shortfall caused by the shutdown associated with the COVID-19 pandemic.

In a May 19 letter to the editor (embedded below), Griffey offers, “How To Solve Tennessee’s COVID 19 (a.k.a. Chinese virus) Budget Problem.”

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Tennessee State Revenue Report Shows Surplus of $138.8 Million in September

Laura Baigert

  The report of Tennessee state revenues for September at $1.6 billion resulted in a budget surplus of $138.8 million. Revenue for the month of September 2019, as indicated in the report, is $138.7 million more than September 2018, reflecting a 9.75 percent year-over-year growth rate. On an accrual basis, September is the second month in the 2019-2020 fiscal year. Combined with August, the two months of revenues have resulted in a total $167.6 million budget surplus year-to-date. Revenues are 6.6 percent ahead of the plan for the 2019-2020 fiscal year and 9.00 percent ahead of this time in the 2018-2019 fiscal year. Finance and Administration Commissioner Stuart McWhorter said of the most recent month’s revenue results, “September sales tax receipts continue to reflect strong consumer activity within the state and corporate tax revenues greatly outperformed expectations.” The sales and use tax, the state’s largest revenue generator accounting for more than 60 percent of the 2019-2020 budgeted revenues, exceeded the estimates for September by $31 million or nearly 4 percent. Year-to-date, sales tax revenues have exceeded the budgeted estimates by $40 million, or 2.5 percent for the two month period. Franchise and excise taxes combined, the state’s second-largest revenue source…

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

Laura Baigert

  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 $1.6 billion for the month of June, which is the eleventh month of the year on an accrual basis, were $115.3 million more than collected in June of 2018. McWhorter acknowledged that total revenues in June “were notably higher than expected,” which confirms the strength of the Tennessee economy, he said. Revenues have exceeded the budgeted estimates all 11 months of the current fiscal year, with surpluses ranging from a low of $3.2 million in October 2018 to the high of $258.9 million in April 2019. April’s excess revenues alone account for nearly 40 percent of the year-to-date budget surplus. June’s surplus puts revenues to the state 4.8 percent ahead of the budget and 5.6 percent ahead of this time last fiscal year. The Franchise and Excise Tax plus the Sales and Use Tax make up about 80 percent of the State’s total revenues as well as the budget surplus…

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North Carolina Economic Report Highlights $150 Million Revenue Surplus, ‘Solid Employment and Wage Growth’

A.P. Dillon

In the most recent N.C. Consensus Revenue Forecast, the Tarheel state boasts a revenue surplus of $150 million as well as “solid employment and wage growth.” “Results for the public and private sector are what really matter,” State House Speaker Tim Moore (R-District 111) said in a statement. “People are paying lower taxes in North Carolina and benefitting from a smart approach to state government and economic growth.” Highlights from the report: General Fund revenue is expected to increase by $1.7 billion and reach $25.8 billion by the end of FY 2020-21 Consistent, solid economic growth will continue throughout the upcoming biennium FY 2018-19 collections are expected to be above the budgeted amount by $150.8 million (0.6%) Stable, modest growth is expected to continue during the upcoming biennium General Fund revenue is forecast to increase by 2.2% over the amount collected in FY 2017-18 Employment should increase during both years of the 2019 biennium The state’s economy has made steady gains since the end of the Great Recession in 2009 by adding 75,000 to 95,000 jobs per year Strong sales tax growth; Partial credit is given to the June 2018 U.S. Supreme Court ruling (Wayfair) about online sales tax collection…

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