Connecticut Gov. Ned Lamont (D) indicated Thursday he plans to sign the $24 billion Fiscal Year 2022-23 state budget passed by the Democrat-controlled General Assembly.
Democratic representatives and senators likewise hailed the fiscal plan, noting the nearly $600 million in tax reduction it contains.
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The Minnesota Senate passed what Republicans are calling the largest permanent tax cut in state history on Thursday.
SF 3692, passed in a bipartisan 42-24 vote, eliminates state income tax on Social Security benefits and reduces the first-tier rate from 5.35% to 2.80%, according to a press release.
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New laws that will cut income taxes for Georgians and increase tax incentives for businesses go into effect Thursday with the start of a new fiscal year.
Dubbed the Tax Relief Act of 2021, House Bill 593, raises the standard deduction on state income tax returns for a single taxpayer by $800 to $5,400 and by $1,100 to $7,100 for a married couple filing a joint return, starting in the 2022 tax year.
HB 593 created the second tax cut of its kind in three years. It will cut income taxes by more than $600 million collectively over the next five years. The Georgia Legislature doubled the state’s standard deduction under the Tax Cuts and Jobs Act in Georgia in 2018.
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The Arizona Senate worked late into the night on Tuesday in order to pass the state’s budget and other key initiatives, such as expanding the state’s school voucher program and blocking Critical Race Theory (CRT) education.
The proceedings began on the Senate side after Arizona House Democrats refused to show up at the Capitol, blocking the deliberative body from being able to conduct debate on a budget and tax cuts for the state’s residents.
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The Georgia Senate has approved a bill that collectively would cut income taxes for individuals by more than $600 million over the next five years.
House Bill 593, dubbed the Tax Relief Act of 2021, raises the standard deduction on state income tax returns for a single taxpayer by $800 to $5,400 and by $1,100 to $7,100 for a married couple filing a joint return, starting in the 2022 tax year.
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by Robert Romano Only 40 percent of respondents in a recent New York Times-SurveyMonkey online poll thought they had received tax cuts under the 2017 tax cut legislation that was signed into law by President Donald Trump. A separate NBC-Wall Street Journal poll found 28 percent believe they will…
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by Julia Cohen House Republicans announced they are working on a second iteration of tax cuts on Tuesday, the same day the Congressional Progressive Caucus announced a proposal for raising taxes. “The tax cuts have been working incredibly well to get this economy moving, to create more jobs, to…
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House lawmakers passed the most extensive rewrite of the tax code in 30 years Tuesday, moving one step closer to scoring the first major legislative victory of the 115th Congress. The House passed The Tax Cuts and Jobs Act 227-203 Tuesday. 12 Republicans and all Democrats voted against the bill.…
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