Virginia lawmakers may soon consider removing the existing age restriction on people eligible for a military benefits income tax subtraction under a bill pre-filed ahead of the 2023 session.
House Bill 1436 by Del. John J. McGuire, R-Goochland, proposes removing the age 55 or older restriction, which would allow younger veterans to take advantage of income tax subtractions of up to $40,000 in military benefits in the coming years.
The Detroit City Council postponed for a second time a vote on whether to give billionaire Dan Gilbert a $60 million tax break over 10 years after heavy resident pushback.
Gilbert, who Forbes says is worth $15.6 billion, says he needs taxpayers to fund a 10-year tax break to renovate real estate firm Bedrock’s Hudson building, which they claim will support 2,000 permanent jobs once finished.
The GOP-dominated Michigan Legislature approved $2.5 billion in far-ranging tax relief amid record 40-year-high inflation.
Meanwhile, Gov. Gretchen Whitmer and Democrats pitched sending immediately $500 checks to working families. Senate Majority Leader Mike Shirkey, R-Clarklake, characterized the plan as trying to “pay off” Michiganders for her COVID policies.
The joint Michigan House Appropriations and the Tax Policy Committee approved two bills aiming to provide a $1.7 billion tax break and spend $1.5 billion to pay down local government pension debt.
Rep. Matt Hall, R-Marshall, claims House Bill 5838 will grant relief to all Michiganders from 40-year-high inflation.
A bill that encompasses tax relief for the Tennessee Titans is expected to eventually amount to $10 million in annual tax breaks for the NFL team.
House Bill 1437 is scheduled to be discussed in the Tennessee House Finance, Ways and Means Committee on Monday, and its Senate companion, Senate Bill 1543, has been sent to the Senate Calendar Committee.
FedEx filed a $212 million building permit Tuesday for a new package sorting facility and hub in Memphis, MyNorthwest reported.