Tag: tax credit

Airlines Launch Effort Backing Green Jet Fuel Tax Credit that Could Raise Food Prices for Americans

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Plane at gate

A coalition of major airlines has formed a group supporting a tax credit pushed by President Joe Biden that experts say could jack up food prices.

More than 40 companies, including Boeing, American Airlines, JetBlue and United as well as ethanol trade groups, are pushing the federal government to “expand” existing tax credits for “sustainable aviation fuel” (SAF) and to pass legislation to increase the fuel’s availability, Axios reported. Corn-based ethanol is a common component in SAF and experts previously told the Daily Caller News Foundation that increasing the demand for corn by incentivizing its use in jet fuel could indirectly raise food costs for Americans.

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Virginia to Offer Firearm Safety Device Tax Credit Under New Law

The Center Square

Virginia will offer a tax credit for the purchase of a firearm safety device, including gun safes and lock boxes, under a bill signed by Gov. Glenn Youngkin this week. 

Under the tax credit, which takes effect in July and applies to taxable years 2023 through 2027, Virginians who purchase a gun safe, lock box or other device that can be used to store a firearm can be eligible for a tax credit of up to $300. The credits will be allocated on a first-come, first-served basis in an aggregate amount of $5 million per taxable year. 

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Virginia Bill Would Expand Tax Credit for Farmers Donating Crops

The Center Square

As thousands of Virginia families grapple with food insecurity, the state could soon renew and expand tax credits for farmers who donate surplus crops to nonprofit food banks under a bill sent to Gov. Glenn Youngkin’s desk this session. 

Before the close of this year’s legislative session, lawmakers passed a bill that would allow farmers who donate food crops or “wholesome food” to a nonprofit food bank in the commonwealth to claim a tax credit equal to 50% of the fair market value of such donation. In total, each farmer could claim a maximum of $10,000 in tax credits for donations starting in the 2023 tax year. The bill has a sunset date of Jan. 1, 2028. 

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Shapiro’s Planned Spending Increase Alarms Pennsylvania Budget Hawks

Bradley Vasoli

Pennsylvania Josh Shapiro asked the state General Assembly members on Tuesday to support his requested $45.9 billion budget, which would increase spending by approximately 4 percent over current outlays. 

The governor insisted he based his plan for Fiscal Year 2023-24 on “conservative” revenue estimates. And he did include some provisions appealing to anti-taxers and free-marketers including nixing the state cell-phone tax, a move he estimates would save Pennsylvanians $124 million annually. 

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Lamont Pitches Plan to Overhaul Connecticut’s Pass-Through Tax Credit

The Center Square

Gov. Ned Lamont wants to update Connecticut’s pass-through entity tax credit, which he says will save business owners, and the state more money.

The plan, a key component of Lamont’s yet-to-be-unveiled budget proposal, calls for restoring Connecticut’s pass-through entity tax credit back to its original level of 93.01%, allowing certain business owners to claim a larger credit on personal income tax returns.

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New Tennessee Program Seeks to Create Jobs in Entertainment Industry

Cooper Moran

A new franchise and excise tax credit program in Tennessee is aiming to help create jobs and economic development throughout the state’s entertainment industry.

According to a release from the Tennessee Department of Economic and Community Development (TNECD), the initiative will allow certain companies to apply for a tax credit based on “resident and non-resident Tennessee payroll expenses” and “apply for a point of purchase sales tax exemption.”

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Analysis Shows Education Vouchers Saved Georgia Taxpayers Money

The Center Square

Georgia’s school choice programs saved taxpayers at least $605 million in fiscal year 2018, an updated analysis by EdChoice found.

EdChoice examined the fiscal effects of 40 private educational choice programs in 19 states and the District of Columbia. The nonprofit found the Georgia Special Needs Scholarship Program and the Georgia Qualified Education Expense Tax Credit saved taxpayers between $605 million and $1.1 billion in fiscal 2018.

Each taxpayer saved money on the sum they would have paid in taxes for each student enrolled in the program to attend public schools. The programs saved each taxpayer between $4,355 to $8,013 per student, according to the report.

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Connecticut Governor Lamont Directs Increase in Earned Income Tax Credit to Benefit Lower-Income Taxpayers

The Center Square
Ned Lamont

Nearly 200,000 households in Connecticut will benefit from an increase in the state’s Earned Income Tax Credit, Gov. Ned Lamont said.

The governor said in a news release that the Department of Revenue Services will increase the 2020 Earned Income Tax Credit from 23% to 41.5% as directed by the state budget.

Lamont said the increase will “provide needed economic support to low-to-moderate income working individuals and families” who faced negative economic impacts amid the COVID-19 pandemic.

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Democrats Laden $3.5 Trillion Budget Bill with ‘Green New Deal’ Handouts

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Field of sunflowers with several wind turbines in the distance

Democrats have inserted numerous provisions and subsidy programs into their $3.5 trillion budget that would benefit green energy companies and speed the transition to renewables.

The Build Back Better Act would invest an estimated $295 billion of taxpayer money into a variety of clean energy programs in what would amount to the most sweeping climate effort passed by Congress, according to a House Committee on Energy and Commerce report. That price tag doesn’t factor in the other costly measures approved by the House Ways and Means, Agriculture, Natural Resources, Oversight and Transportation committees last month.

“This bill is crammed with green welfare subsidies, specifically for corporations and the wealthy,” House Ways and Means Ranking Member Kevin Brady told the Daily Caller News Foundation in an interview.

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AOC Urges Illegal Immigrant Parents of Children Born in the US to Register for Biden’s Child Care Tax Credit Payments

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Democratic New York Rep. Alexandria Ocasio-Cortez urged illegal immigrants who are parents to children born in the U.S. to register for President Joe Biden’s child care tax credit payments on Thursday, video shows.

Parents and guardians will receive checks of $250 to $300 per child monthly until the end of 2021 including undocumented adults who care for children with valid Social Security numbers, according to Ocasio-Cortez.

“These centers are also offering help to undocumented folks with eligible children,” Ocasio-Cortez said. “So any child with a social security number is eligible. Do not count yourself out … if a parent and guardian is undocumented.”

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Peloton Picks Ohio for Its First U.S. Factory

The Center Square
Peloton bike

Peloton Interactive announced plans to build its first U.S. factory in Ohio, creating more than 2,000 jobs and investing more than $400 million in the state-of-the-art factory.

The new facility, in Troy Township between Toledo and Bowling Green, will be named Peloton Output Park and will produce Peloton Bike, Bike+ and Peloton Tread starting in 2023. It will employee 2,174 people and generate $138 million in new payroll.

The state approved a 2.301%, 15-year job creation tax credit for the company.

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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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House Approves Georgia Adoption Tax Credit Increase

The Center Square

The Georgia House approved a bill Monday that would increase foster care adoption tax credits in the state.

House Bill 114 increases the annual tax incentive for adopting a foster child from $2,000 to $6,000. Proponents of the bill, including Gov. Brian Kemp, hope the legislation encourages more Georgians to adopt foster children. 

The bill cleared the House, 158-0, without debate.

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Trump Praises Education Freedom Scholarships and Opportunity Act During State of the Union Address

Jordyn Pair

President Trump voiced support during his State of the Union Address earlier this week for the Education Freedom Scholarships and Opportunity Act, which would create a $5 billion annual tax credit for donations to state-based, locally-controlled scholarships. The act aims at giving one million children the opportunity to attend their school of choice.

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