Over the last few weeks, rumors have been circulating that the Kansas City Chiefs are considering moving from Kansas City, Missouri to Kansas City, Kansas.Read More
Georgia is rolling in the dough.
State officials said net tax collections for March exceeded $2.7 billion, an increase of $862.9 million, or 45.5%, over last March. So far this year, net tax collections topped $22.5 billion, an increase of nearly $3.6 billion, or 18.9%, compared to last fiscal year.Read More
It is National Sunshine Week, which celebrates transparency in government, including creating awareness about requesting information from governments through FOIA public record requests. In Arizona, there are two tools provided by state agencies which allow anyone to look online at some of the government spending by state and local governments. Although it is a minimal amount of data, it reveals some missteps and waste.
The Arizona State Treasurer manages AZCheckbook.com, which provides information about funding the state gets from all sources, including the federal government, and how much it is distributing to schools, cities, and towns. The Arizona Department of Administration operates OpenBooks.AZ.gov, which provides checkbook-level information about individual state expenditures, including on the city and county level.Read More
Georgia’s decision to delay processing tax year 2020 individual returns helped lead to a net tax collection of nearly $2 billion in February.
Georgia followed the Internal Revenue Service’s guidance of not accepting and processing 2020 returns until Feb. 12. The deferment led to a delay in tax refunds, which resulted in higher than usual individual income tax collections, Gov. Brian Kemp’s office said in a news release.Read More
Despite a double-digit percentage drop in payroll taxes in January and a dip in overall General Fund collections, Virginia Gov. Ralph Northam said the state’s revenue remains stable.
The state’s January 2021 revenue report showed payroll withholding taxes down 12.6% for the month compared with last January, but the state said the decrease was expected because of one less deposit day compared with a year ago. The report said collections of the sales and use taxes, showing December sales, rose 5.6% in January, and the combined December and January receipts rose 5.4% over the same time from a year ago.Read More
State governments, including Tennessee’s, should expect revenue shortfalls because of the economic impact of the COVID-19 pandemic, according to an analysis released by Pew.
Revenue forecast predictions that predate the COVID-19 pandemic are out of date because of skyrocketing unemployment, regulations on businesses and restrictions on people leaving their homes. This negatively will affect income-tax revenue, sales-tax revenue, business-tax revenue and likely other minor sources of revenue.
In Tennessee, nonessential businesses have been closed, restaurants have been forced to only carry-out and delivery services and people are not allowed to leave their homes for nonessential activities.
Gov. Bill Lee and the Tennessee General Assembly sought to get ahead of the crisis by altering the state budget proposal when the crisis began. The new budget removed some initiatives and diverted funding from education, teacher-salary increases and other public-employee salary increases to fund efforts to combat COVID-19 and the rainy day fund.Read More