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. Read More
The Minnesota House voted 72-61 to legalize recreational marijuana for adults 21 and expunge minor marijuana convictions.
The Senate leader, however, designated the bill dead upon arrival.
“The war on drugs is a failed policy,” House Majority Leader Ryan Winkler said. “The harms caused by current cannabis laws cannot be allowed to continue. Minnesota’s illegal cannabis market creates bad outcomes for everyone. Responsible regulations and safeguards to prevent youth access are a better solution to address the harms our current laws fail to address.” Read More
Just before midnight Monday, Florida Governor Ron DeSantis signed SB 50 instituting sales tax requirements for online retailers, into law.
The bill requires out-of-state online retailers to collect and report sales taxes on purchases made by Floridians. The tax will bring in an estimated $1 billion in revenue, as well as limit taxes paid by Floridians and Florida businesses. Read More
A bill passed by the Tennessee General Assembly last week reveals that in fiscal year 2019-2020 the Copeland Cap, at $629 million or 3.6 percent, hit its highest level in more than a decade.
The legislation, which passed as HB2819 in both chambers on March 19 with only one “no” vote by Democrat Representative G. A. Hardaway (D-Memphis), was one of the four bills addressed in an expedited fashion to enact a bare bones budget before lawmakers recessed until June 1 amid the COVID-19 health crisis, The Tennessee Star reported. Read More
by Todd DeFeo Levying a sales tax on transportation network companies in Ohio could have a potentially dangerous effect on the state’s residents, Lyft told members of the Ohio House Finance Committee. State lawmakers are looking to mandate ride-sharing companies such as Uber and Lyft collect a sales tax… Read More
News flash: People move out of states with high tax burdens, more regulations and fewer jobs to states with fewer taxes and regulations and more jobs. The former tend to be in Democratic-controlled states, while the latter tend to be in Republican-controlled states. That report comes last week from Mark… Read More
The Metro Council voted Tuesday to not disclose the true cost of Mayor Megan Barry’s light rail transit plan to voters on the May 1 referendum. Metro Councilmembers John Cooper and Tanaka Vercher had asked that the May ballot language include the full $9-billion-dollar costs. They proposed the amendment that Metro… Read More
From apparel to zip-up kitchen bags, merchandise sold in Nashville would bear some of the highest sales tax in the nation if the backers of the city’s proposed light rail system have their way, a PAC says. NoTax4Tracks is the PAC opposing the May 1 referendum in Nashville/Davidson County on… Read More
Early voting for the Williamson County referendum to raise the sales tax began Wednesday and will run through Thursday, February 1. On the ballot is a proposal that would increase the county’s contribution to the state sales tax by a hefty 22 percent resulting is a new tax rate of 2.75… Read More
Williamson County is scrambling to fund its fast-growing school district, and County Mayor Rogers Anderson said this week that raising the sales tax is a way to help get the job done. Anderson made his pitch Wednesday in delivering his annual State of the County address during a Williamson, Inc.… Read More