The Florida Legislature could be poised to pass a massive $1.2 billion tax package bill that would give residents both permanent and temporary relief
Senate Bill 7062 is a tax package that incorporates the tax cut proposals by Gov. Ron DeSantis that could provide Floridians with more over $3 billion in tax breaks if he signs it into law.
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Connecticut lawmakers are looking to provide more relief for middle-income pensioners as part of a broader tax package working its way through the legislative process.
The proposal, which is being considered by the Legislature’s Finance, Revenue and Bonding Committee this week, would exempt more middle-income retirees in Connecticut from paying state taxes on earnings from pensions and annuities.
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Georgia will be the only state among its neighbors to allow local governments to give residential property owners a temporary break on their taxes for storm damage.
Gov. Brian Kemp signed into law last week House Bill 311, which was authored by State Rep. Lynn Smith, R-Newnan. It allows local governments to provide tax relief on property taxes, either through a millage rate reduction (one mill equals $1,000 worth of property value) or a credit once a disaster is declared by the federal government.
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The Michigan Senate approved a tax bill to boost the earned income tax credit and reduce retirement taxes, but doesn’t include the $180 inflation relief checks touted by Gov. Gretchen Whitmer.
Republicans withheld the needed votes to issue $800 million worth of $180 inflation relief checks. In a Feb. 16 vote, Republicans again refused to give immediate effect to House Bill 4001 because they preferred permanent tax relief over a one-time check.
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Virginia may soon make younger veterans eligible for an income tax subtraction on military retirement pay under a bill that received bipartisan support in the House of Delegates Tuesday.
House Bill 1436 received broad bipartisan support during a floor vote in the House Tuesday, passing out of the chamber in a 98-0 vote. The bill, authored by Del. John McGuire, R-Goochland, would remove the existing 55 and older age restriction for individuals eligible for a military benefits income tax subtraction.
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Senate Majority Leader Devin LeMahieu (R-Oostburg) and state Representative Rob Brooks (R-Saukville) are set to introduce a tax reform proposal this week that would ultimately phase in a 3.25 percent flat income tax rate by tax year 2026. The measure would make Wisconsin part of a recent “flat tax revolution”, according to a national tax expert.
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Connecticut cities and towns are seeking tax relief and more money for education from the state as a new legislative session gets underway.
The Connecticut Conference of Municipalities has released a list of legislative priorities that its 168 municipal members believe “merit priority action” by Gov. Ned Lamont and the General Assembly before the regular session ends in June.
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Connecticut Republican legislators said on Saturday they want the state to challenge a part of the American Rescue Plan Act which limits states’ ability to cut taxes.
GOP senators and representatives are calling for tax reduction beyond the targeted relief backed by Gov. Ned Lamont (D). A major roadblock to greater decreases will be the COVID-relief bill President Joe Biden signed into law last year. The act included $195.3 billion in recovery funds for states and barred states accepting allocations from using them to “directly or indirectly offset a reduction in net tax revenue… or delay the imposition of any tax or tax increase.”
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Gov. Gretchen Whitmer vetoed a GOP bill that aimed to provide $2.5 billion in tax breaks by dropping the personal income tax rate from 4.25% to 3.9%, saying it would blow a “hole” in her $74 billion budget.
“It would force tax hikes on families or deep and painful cuts to services, hurt our children’s ability to catch up in school, force layoffs of cops and firefighters, and kneecap our ability to keep fixing crumbling roads,” Whitmer wrote in her veto letter.
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The Florida House passed HB 7071, which would codify four new sales-tax holidays for Floridians. The bill was passed unanimously and was championed by Florida House Speaker Chris Sprowls (R-Palm Harbor) as the “coolest tax package.”
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Republican lawmakers in Minnesota have set out their priorities for the upcoming legislative session beginning Monday.
One of them is to address the issue of forced masking in classrooms across the state.
At a Wednesday press conference announcing the Senate GOP’s priorities, Sen. Roger Chamberlain stated that in the educational sphere they will focus on getting “back to basics.”
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According to a new prediction from the Legislative Fiscal Bureau, Wisconsin’s projected budget balance will be approximately $2.9 billion higher than initially forecasted.
The funds, which are a result of unexpected tax revenue and coronavirus relief funds from the federal government, will force leaders to decide what to do with the additional funds.
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With Virginia’s 2022 legislative session underway, a small business association is asking lawmakers to consider tax relief, lower regulation and other policies to help the commonwealth’s business community.
The National Federation of Independent Business announced its Small Business Recovery Plan, which includes four legislation principles they hope lawmakers consider during the session. The NFIB plan includes lower taxes, repealing some regulations, financial assistance and unemployment insurance reform, which the group believes will help businesses that are still struggling from their pandemic-era losses, a labor shortage and skyrocketing inflation rates.
“Virginia’s small businesses have had a rough couple of years, starting with the pandemic and continuing with the labor shortage and disruptions to the supply chain,” NFIB State Director Julia Hammond said in a statement. “Our ‘Small Business Recovery Plan’ is a set of legislative principles that outlines the issues of greatest concern to Virginia’s small businesses. Legislators should keep these principles in mind while crafting bills during this year’s session of the General Assembly.”
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