July 18, 2024
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Don’t Miss Out! Exclusive Special Session Shakes Up: Key Votes, Crypto Buzz, and Kenyan Developments

Don’t Miss Out! Exclusive Special Session Shakes Up: Key Votes, Crypto Buzz, and Kenyan Developments

Kansas Lawmakers Approve Significant $2 Billion Tax Reform

During a special legislative session, Kansas legislators successfully passed a substantial tax reform bill, securing support from both the Senate and the House. The tax package was a product of negotiations between Republican leaders and Democratic Governor Laura Kelly. The legislation is set to lower both state income taxes and property taxes over a period of five years, aiming to provide financial relief to Kansas residents.

Arkansas Moves Forward with Major Tax Cuts

In Arkansas, both the House and Senate tax committees gave a green light to a series of tax reduction bills on the first day of their special session. The proposed legislation plans to slash the top corporate income tax rate from 4.8% to 4.3%, and the top individual income tax rate from 4.4% to 3.9%, with these changes retroactively effective from January 1, 2024. This move is expected to diminish the state’s general revenue by $483.5 million in the fiscal year 2025, with an annual decline exceeding $300 million in subsequent years. Additionally, the committees have approved an increase in the homestead tax credit from $435 to $500.

Georgia Reports Decline in Net Tax Collections

Georgia’s financial reports for May revealed a dip in net tax collections, amounting to nearly $2.47 billion—a reduction of $26.3 million (1.1%) compared to May 2023. Over the eleven-month period of FY 2023, the state’s total net tax revenue reached $29.9 billion, marking a 1.2% decrease from the same period the previous fiscal year.

Brazil Intensifies Scrutiny on Foreign Crypto Exchanges

Brazil’s tax authority is tightening its oversight on foreign cryptocurrency exchanges, compelling them to disclose detailed information about their operations and their collaboration with domestic financial service providers. This directive builds on existing regulations requiring crypto exchanges based in Brazil to report transaction details conducted via their platforms.

Kenya’s Proposed Tax Hikes Spark Protests

The Kenyan government’s new finance bill, which seeks to increase revenue and curtail the country’s borrowing amidst escalating debt levels, has provoked public unrest. Protests erupted in Nairobi as citizens voiced their opposition to the proposed tax hikes articulated by the National Treasury officials. The bill’s implications have fueled widespread discontent among the populace.

For continuous updates on tax-related news, consider subscribing to the Tax Policy Center’s Daily Deduction. Receive the latest insights every weekday at 8:00 am (Mondays only when Congress is in recess). Subscribers can sign up here. We also welcome tips on new research and news. Please reach out to Renu Zaretsky with your suggestions.

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