All articles tagged with #tax break
The 'Big, Beautiful Bill' proposes a significant tax deduction for seniors paying taxes on Social Security, offering the largest tax break in U.S. history for this group, but it excludes the poorest and the very rich, and accelerates Social Security and Medicare insolvency to 2032.
A Brooklyn city councilman is proposing a tax break for NYC pizzerias and other businesses using coal- and wood-fired ovens to comply with a new emissions rule, which is already costing eateries tens of thousands of dollars. The rule, set to take effect in April, aims to reduce smoky pollutants by 75%, but businesses are struggling to afford the necessary filtration systems. The councilman believes that providing financial assistance is more effective than immediate punishment and is working on a bill to create a tax credit for affected businesses. The city's Department of Environmental Protection defends the rule as a way to improve public health while preserving authentic NYC pizza, but some locals and business owners are concerned about the financial burden and potential impact on the city's iconic food culture.
The House passed a bipartisan tax bill expanding the child tax credit, potentially providing families with a nearly $700 tax break as early as this year. The bill would raise the maximum refundable tax break to $1,800 per child for tax year 2023, with further increases in the following years. Low-income families could see larger tax breaks, and more than 1 in 5 children would benefit from the proposal in the first year, with 400,000 poised to rise out of poverty.
Homeowners can take advantage of the Energy Efficient Home Improvement tax credit, offered by the Inflation Reduction Act, to boost their home's efficiency and save money on heating bills. The tax credit, worth up to $3,200 a year, can be used for projects such as installing energy-efficient insulation, windows, doors, and electric heat pumps. By reducing heat loss and improving energy efficiency, homeowners can also lower their greenhouse gas emissions. The tax credit is available through 2032, and there is no lifetime dollar limit. However, certain efficiency standards must be met, and the credit is nonrefundable, requiring a tax liability to benefit.
Massachusetts will have a sales tax holiday this weekend, waiving the 6.25% sales tax on most personal purchases up to $2,500. Despite inflation, the cap on the maximum price has not changed since the first tax holiday 19 years ago. The tax break applies only to items bought for personal use and excludes items such as meals, motor vehicles, motorboats, telecommunications services, gas, steam, electricity, tobacco products, marijuana or marijuana products, alcoholic beverages, and any single item priced over $2,500.
Florida's disaster preparedness sales tax holiday and freedom summer tax holiday will provide tax breaks on essential items, summer vacation items, and entertainment. The disaster preparedness holiday runs from May 29 to June 9 and again in August, while the freedom summer holiday runs from Memorial Day to Labor Day. The tax-free items include pet and laundry supplies, toilet paper, soap, smoke detectors, portable generators, fishing and camping supplies, toys, athletic equipment, sunscreen, bug spray, and admission to state parks. These tax holidays are part of the largest tax relief plan in Florida's history, signed into law on Thursday.