The Tennessee House of Representatives voted 68-20 on Monday to pass the largest business tax cut bill in state history.
The House’s bill version, SB 2103/HB 1893, would refund $713.6 million or one year of franchise tax.
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Wisconsin’s governor may be softening on a tax cut for retirees in the state.
Gov. Tony Evees was a guest on Capital City Sunday on television in Madison. He said he’s open to the idea of a tax cut for retirees in the state.
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Wisconsin’s Republican-controlled state Senate on Thursday rejected Wisconsin Elections Commission Administrator Meagan Wolfe’s nomination to serve another four-year term, a move that normally would end the controversial regulator’s tenure in office.
But liberals are already challenging the Senate’s overwhelming vote to fire Wolfe, and the bureaucrat has defiantly said she’s not going anywhere.
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The second attempt from Wisconsin Republican lawmakers to cut taxes will end the same as the first Gov. Tony Evers said Wednesday.
Evers took to social media to promise a veto for the $3 billion tax cut that began its journey through the legislature Wednesday.
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In the wake of Governor Tony Evers’ gutting of a historic tax cut proposal earlier this summer, Republicans are pushing another plan they said would deliver nearly $3 billion in tax relief for retirees and the middle class.
Conservative lawmakers said the plan to tap into the state’s projected $4 billion budget surplus is a “second chance” for the liberal governor to “do the right thing” and return overpaid tax dollars back to Wisconsin’s taxpayers.
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Taking a page from a Florida plan to bring tax relief to families, two Badger State Republican legislators are pushing a bill that would create a sales tax exemption on baby-related products.
State Representative David Steffen (R-Howard) and State Senator Jesse James (R-Altoona) recently introduced the “Tiny Tot Tax Cut” to help fight inflation where it can hurt families the most.
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July marked the beginning of Fiscal Year 2024 for 46 of the 50 states. It also closes the books on most state legislative sessions in what was an incredible 2023 for hard-working taxpayers.
In recent years, we’ve seen significant income tax relief in the states. Notably, 10 states – Kentucky, West Virginia, Montana, Utah, Arkansas, North Dakota, Indiana, Nebraska, Connecticut, and Ohio – have cut personal income taxes (PIT) in 2023. With the new addition of West Virginia, North Dakota, and Connecticut, 22 states have cut personal income taxes since 2021, with several of these states cutting taxes multiple times during that period.
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In signing Wisconsin’s new two-year spending plan Wednesday, Democrat Governor Tony Evers liberally applied his veto pen to the Republican-crafted biennial budget, gutting a $3.5 billion tax cut proposal that had reduced the state’s tax brackets and delivered relief for all taxpayers.
Republicans blasted the governor for his 51 partial vetoes, including a particularly sneaky one that changed the meaning of funding for schools to a four-century commitment.
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Many of the laws passed during the recent Tennessee Legislative session will go into place July 1, the beginning of the new fiscal year, including a $412 million tax cut.
That cut includes $272.8 million toward a three-month grocery tax holiday between Aug. 1 and Oct. 31 along with changing the state franchise and excise business taxes to single sales factor taxes like 32 other states.
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After a season of spending, the Wisconsin Legislature is finally getting around to talking tax cuts. Perhaps Republicans have saved the best for last.
The Republican-controlled Joint Finance Committee put the finishing touches on a complete rewrite of Democrat Governor Tony Evers’ 2023-25 state budget proposal, passing a tax reform package that promises to deliver $3.5 billion in income tax cuts and nearly $800 million in property tax relief.
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State representative Dallas Kephart (R-PA-Clearfield) wants to reduce Pennsylvania’s corporate net income tax (CNIT) to four percent by 2025.
Last year, lawmakers budgeted a gradual decrease in the CNIT from 9.99 percent to 4.99 percent over the coming decade. Before the change, the Keystone State charged corporations the highest state business tax in the U.S., behind New Jersey’s 11.5 percent rate. Now at 8.99 percent, Pennsylvania’s levy is 8.99 percent — the fifth highest. Assuming other states’ rates stay constant, Pennsylvania’s CNIT will end up roughly in the middle in terms of corporate taxes in 2031.
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The focus at the Wisconsin Capitol has, so far, been on sending more money to local governments across the state. Assembly Speaker Robin Vos says that’s going to change.
Vos on Friday told News Talk 1130 WISN’s Jay Weber that Republicans are working on a plan to use about $3 billion of Wisconsin’s record $7 billion surplus on tax cuts.
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Forget the ax, the Legislature’s budget-writing committee is about to take dynamite to Governor Tony Evers’ record $104 billion budget proposal.
The Democrat’s 2023-25 budget blueprint seeks a 24 percent spending increase over the biennium, funding a long list of liberal policy initiatives and grow government agenda items.
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Connecticut Gov. Ned Lamont is pitching a plan to cut state income taxes for middle-class workers as part of his budget plan for the next fiscal year.
Lamont’s proposal, unveiled Monday, calls for permanently lowering the personal income tax rate on single filers’ first $10,000, and $20,000 for joint filers of adjusted gross income from 5% to 4.5%, and the rate on income up to $50,000, and $100,000 for joint filers from 3% to 2%, beginning in 2024. The move, if approved, is projected to save taxpayers $440 million annually.
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Florida Governor Ron DeSantis held a news conference in Tallahassee Wednesday to discuss his “Framework for Freedom” budget.
DeSantis’ proposed $114.8 billion budget contains some tax relief measures as the economy in the Sunshine State has performed far better than other states. Last year the state surplus was over $20 billion, and DeSantis stated that this money needs to go back to the people.
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Tax reform is top of mind for Republicans this legislative session. But while a flat tax measure has taken center stage, another proposal by one legislative leader to eliminate Wisconsin’s personal income tax has seemingly disappeared from the tax cut discourse.
A new State Policy Network (SPN) survey shows a good deal of support for nixing the state income tax.
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Despite a possible mild recession, Michigan’s fiscal experts project a $9.2 billion taxpayer surplus that could trigger a tax cut.
Nonpartisan fiscal agencies project Michigan will gather $32.4 billion in revenue for the 2022-23 fiscal year.
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It may be the most money some people ever see from the Wisconsin Lottery.
Lottery managers in the state said the latest lottery tax credit means a $213 tax cut for the average homeowner in the state.
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The Columbus-based Buckeye Institute this week filed an amicus brief in the federal court case challenging the authority the Biden administration has asserted to limit state tax-reduction efforts.
Opponents of the White House policy are urging the U.S. Court of Appeals for the Fifth Circuit to rule in Texas v. Yellen that a provision of the American Rescue Plan Act (ARPA) cannot condition states’ receipt of federal aid on accepting “ambiguous” federally prescribed tax policy. Plaintiffs and their supporters further argue that President Joe Biden and his Treasury Secretary Janet Yellen cannot invoke their regulatory power to fix ARPA’s lack of clarity.
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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 pay more in taxes. There’s just one problem. Among those who pay taxes, in 2018, 80 percent of all taxpayers got a tax cut under the bill, 5 percent paid more and 15 percent paid about the same, according to an analysis of the law by the Tax Policy Center. So, check your tax return again. Most probably, you paid less in taxes than last year. Doubling the standard deduction and lowering the rates overall captured most taxpayers, and more than offset restrictions to the mortgage interest and state and local tax deductions. Even the New York Times’ Ben Casselman and Jim Tankersley said that the reason for the wide disparity was because opponents of the law had so effectively, falsely demonized it. Per Casselman and Tankersley, “the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal…
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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 put more money in the pockets of hardworking families … we’re gonna continue building on that growth,” House Majority Whip Steve Scalise said during a Tuesday press conference. GOP Texas Rep. Kevin Brady, the House Committee on Ways and Means chairman, went to the White House Monday to discuss a second round of tax cuts, Scalise said during the press conference. WATCH: The #TaxCutsandJobsAct has jump-started our economy, created more jobs, and put more money in the pockets of hard-working families. Americans are #BetterOffNow. And there's still more to come—#TaxCuts 2.0 ✂️ pic.twitter.com/9bigUUCtxi — Steve Scalise (@SteveScalise) July 24, 2018 Brady released a listening session framework for the proposed round of tax cuts, which includes making the original individual and small business tax cuts permanent and new tax write-offs for startups, on Tuesday as well. “With this framework, we are taking the first step to change the culture in Washington D.C. where tax reform only happens…
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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. Two members did not vote. Senators…
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