Home rental service Airbnb said in a Tuesday release that it brought in more than $425 million in tourism taxes to the state of Tennessee since 2018.
According to the company, $130 million of that tax revenue was remitted in 2023 alone.
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According to a report from the Tennessee Department of Tourist Development, 141 million visitors to the Volunteer State drove a record breaking $29 billion in tourism revenue in 2022.
A slew of fact sheets provide detail into where and how Tennessee’s visitors traveled from, and how and where they spent their money in Tennessee.
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Georgia reported decreased monthly tax collections for the fourth consecutive month.
Georgia’s net tax collections of more than $2.8 billion in June decreased 0.4 percent, or $10.9 million, compared to a year ago. The Peach State reported decreased tax collections in March, April and May.
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Tax revenue in the Sunshine State is exceeding projections, according to a recent report from the Office of Economic and Demographic Research.
General revenue collections for April showed a gain of $384.8 million, 7.9% higher than what was forecast by the General Revenue Estimating Conference held in March with 72% of that revenue from corporate income tax.
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California officials are sounding the alarm after recent statistics showed that fewer corporate and start-up activity in the state was leading to a decline in tax revenue, according to a report by Bloomberg News.
This year, just nine companies based in the state had held initial public offerings (IPOs), which is when a company first lists shares for sale on the stock market – considered a milestone in its growth after strong activity and high valuation, the report revealed. In 2021, California – whose start-up ecosystem in ‘Silicon Valley’ is considered the most prodigious in the world – saw 81 companies conduct IPOs, making 2022 a year of a nine-fold decrease.
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Wednesday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary.
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Pennsylvania’s economy will have modest real economic growth but also a dip in tax revenues in the next fiscal year as one-time boosts fade away, according to the latest revenue estimates from the Independent Fiscal Office.
The estimate for fiscal year 2022-23 does not assume a recession will hit, but does assume inflation will still be a problem, which cuts away at real gains in areas such as wages and salaries.
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A majority of the states that legalized recreational marijuana for recreational use are collecting more tax revenue from pot sales than alcohol sales.
The first two states to legalize pot are profiting the most, Colorado and Washington. Across the country, the total revenue for taxes on weed amounted to nearly $3 billion, according to a report on “sin taxes” by The Institute on Taxation and Economic Policy (ITEP).
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Wednesday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist, Crom Carmichael in studio for another edition of Crom’s Crommentary.
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More than $1.1 billion of legal marijuana has been sold in Michigan in fiscal year 2021, and now, more than $140 million of tax revenue will kick back to taxpayers.
Of that amount, $42.2 million will fund 163 municipalities and counties, $49.3 million will flow to School Aid Fund, and $49.3 million will go to the Michigan Transportation Fund.
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On Tuesday, at the first legislative hearing on Pennsylvania’s next budget, the Wolf administration and the Independent Fiscal Office (IFO) offered divergent near-term revenue projections.
Governor Tom Wolf (D) proposed a Fiscal Year 2022-23 budget last week that would total $43.7 billion, 16.6 percent greater than the current fiscal year’s spending allotment. The plan’s feasibility (without a tax increase) will partly depend on whether the general-fund revenues anticipated by the governor’s Revenue Secretary, C. Daniel Hassell, come to fruition.
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Numerous states have seen their state revenue surge in 2021 fueled by a robust stock market, growing income, federal aid, and increased tax revenue, The Wall Street Journal reported.
States’ revenue soared 24% between April and November from 2020 to 2021, according to a survey conducted by the Urban Institute think tank, the WSJ reported. Thirty-two states said the revenue collected in the fiscal year ending in 2022 was ahead of expectations, according to data from the National Association of State Budget Officers obtained by the WSJ.
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Vacant big box stores in Michigan become tax-reducing boons to retail companies statewide when those establishments have property assessed at rates sometimes 50% lower than previous rates.
This is known as a “dark stores” strategy, which often leaves local taxpayers to foot the tab.
An S&P report released Thursday found the strategy is employed nationwide.
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Michigan budget officials Friday reached a consensus on revised economic and revenue figures for fiscal years 2021, 2022 and 2023.
The state general fund and school aid revenues will total $26.5 billion for the current budget year, exceeding January estimates by $2.2 billion. For the new budget cycle beginning Oct. 1, the agency projected revenues will total $26.6 billion, $1.3 billion more than January predictions.
A majority of that unexpected cash is a byproduct of billions of spending via stimulus checks and boosted unemployment benefits, which led to a spike in personal spending and increased state tax revenues by billions more than previously forecast.
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A net 70,000 New York City residents left the metropolitan region since COVID-19, resulting in roughly $34 billion in lost income, according to estimates released Tuesday from Unacast, a location analytics company.
Around 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year — and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said.
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As cigarette taxes have risen across the country, so too has cigarette smuggling across state lines, causing billions of dollars of tax revenue losses for high-tax states.
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