All articles tagged with #tax relief
The Massachusetts Senate advanced a targeted tax-relief bill to cushion homeowners from sharp residential tax hikes and rejected Mayor Michelle Wu’s plan to shift more tax burden onto commercial properties in Boston; the relief measure passed 37-1, while Wu’s amendment failed 33-5, setting the stage for House consideration amid ongoing tensions between Wu and Senate leadership.
President Trump's executive order aims to reschedule marijuana to Schedule III, potentially easing restrictions and boosting medical research, but the process is complex and may not lead to immediate legal or financial changes for cannabis businesses, with ongoing legal and regulatory hurdles.
Ohio Governor Mike DeWine signed legislation including property tax measures and Avery's Law, despite concerns over voting restrictions and property tax initiatives, aiming to provide tax relief and enhance dog attack protections, amid ongoing debates over election laws and tax policies.
Governor DeWine signed five bills overhauling Ohio's property tax system, primarily capping future increases and providing billions in tax relief, though at the cost of reduced revenue for schools and local governments, amid ongoing debates and a grassroots effort to abolish property taxes entirely.
A survey shows 83% of hourly workers in service, hospitality, and retail industries support President Trump's NO TAX ON TIPS plan, which aims to provide financial relief and stability, as part of his broader efforts to deliver historic tax cuts and economic growth for middle and working-class Americans.
The IRS has announced tax relief for individuals and businesses in parts of California, specifically San Diego County, affected by severe storms and flooding, allowing them until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The relief also includes postponing deadlines for various tax filings and payments, and provides details on other qualifying actions for relief during the postponement period. Additionally, the IRS urges those needing an additional tax-filing extension to request it electronically by April 15, 2024, and provides information on additional tax relief for disaster-related losses and payments.
The Tax Relief for American Families and Workers Act of 2024, currently with the Senate, proposes to expand the child tax credit over the next three years, potentially benefiting 16 million children in low-income families in the first year. The bill aims to increase the maximum refundable amount per child to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025, with eligibility criteria similar to the existing child tax credit. Unlike the 2021 credit, the proposed rules would require claiming the credit when filing tax returns. While the House has passed the bill, Senate approval remains uncertain.
Michigan Governor Gretchen Whitmer presented an $80.7 billion budget proposal for the 2025 fiscal year, aiming to provide free preschool and community college, tax relief for family caregivers, and subsidies for job-creating companies. The budget, which does not raise taxes, also includes investments in early childhood education, K-12 schools, and higher education, as well as cost-saving measures for Michiganders' pocketbooks. Additionally, Whitmer proposed business subsidies to support Michigan's economy and addressed an ongoing legal battle related to the state's personal income tax rate.
The House has passed a bipartisan bill to expand the child tax credit and provide tax relief for businesses, aiming to lift hundreds of thousands of children out of poverty. The legislation, which now heads to the Senate, would increase the refundable child tax credit and offer tax breaks for businesses investing in research and development. The White House has urged Congress to pass the bill, emphasizing its potential to benefit millions of families and support affordable housing construction.
Georgia lawmakers are considering measures to address rising property taxes, including a bill to limit increases in a home's value for property tax purposes to 3% per year and doubling the state's homestead tax exemption. Supporters argue that these measures would prevent large surprise increases in home values and help homeowners stay in their homes, while opponents express concerns about potential long-term inequality and the impact on local control. Similar efforts to address property tax issues are also underway in other states, reflecting a broader trend of voter discontent over higher levies.
Gov. Dan McKee's $13.7 billion budget proposal for the upcoming fiscal year includes new bond initiatives, increased funding for multilingual learners, tax relief for retirees, and a new tax on e-cigarettes and vapes. The proposal does not raise broad-based taxes but seeks to lower the corporate minimum tax and increase taxes on traditional cigarettes and vaping products. It also includes plans for bond initiatives, tax relief for retirees, increased funding for multilingual learners, and Medicaid rate increases over the next three years. The proposal now goes to the General Assembly for review and potential adjustments.
German farmers, protesting against plans to hike taxes on farming operations, converged on Berlin with 10,000 participants and 5,000 tractors and trucks. The protests culminated in a rally outside the Brandenburg Gate, with Finance Minister Christian Lindner addressing the crowd. The dispute centers on the government's plan to phase out tax relief on agricultural diesel, which has been in place for over 70 years. The government has made concessions, including scrapping a planned abolition of motor vehicle tax exemption for farmers, but tensions remain high as leaders of Germany's ruling coalition parties invite protest leaders for talks.
Connecticut Governor Ned Lamont has announced three tax relief measures that will take effect in 2024, including the largest income tax reduction in state history, an increase in the Earned Income Tax Credit for low-income workers, and an expansion of exemptions on certain pension and annuity earnings for seniors. These measures are expected to reduce taxes for Connecticut taxpayers by approximately $460.3 million and benefit over one million tax filers.
Starting February 13, 2024, around 700,000 households in Michigan will receive an average of $550 as part of the expanded Earned Income Tax Credit (EITC). The checks, which are a result of a tax overhaul signed by Governor Gretchen Whitmer, aim to provide relief for retirees and low-income earners. The new law expands the state's EITC from 6% to 30% of the federal credit. The payments are expected to take up to six weeks to distribute and will benefit families in paying bills, buying groceries, and purchasing school supplies.
Oregon Governor Tina Kotek plans to address the challenges facing downtown Portland by increasing police presence, outlawing public drug consumption, removing protective plywood from buildings, and enhancing social services. She also recommends offering tax relief to downtown businesses and investing in graffiti and trash cleanup. Kotek's proposals include declaring a 90-day state of emergency to combat the fentanyl addiction crisis, creating more shelter space, increasing the number of police officers, and reducing trash and graffiti. However, her call to criminalize public drug use has drawn criticism from civil liberties organizations. The recommendations aim to revitalize downtown Portland and address issues such as homelessness and drug addiction.