10:00 am marks the time for an intriguing discussion on “The Tax Cuts and Jobs Act of 2017: Lessons learned and the debate ahead.” TPC and the Brookings Institution’s Hutchins Center on Fiscal and Monetary Policy are set to convene authors of five recently published Journal of Economic Perspectives papers. These experts will delve into the repercussions of the TCJA on individuals, domestic businesses, and multinational corporations, along with shedding light on the impending tax debate in 2025. To join this enlightening conversation, make sure to register here.
- Nebraska State Auditor’s Alert on Tax-Increment Financing (TIF) Use:
State Auditor Mike Foley has issued a cautionary advisory to Nebraska legislators, expressing concern over the rapid growth of tax-increment financing (TIF) for economic development purposes. The utilization of over $500 million in property tax collections for urban redevelopment has significantly increased. Foley warns that this escalating trend in TIF usage could further elevate already high local property taxes. - California Film Commission’s Boost to the Film Industry:
This week, the California Film Commission granted a substantial $51.6 million in tax credits to 19 projects as part of the California Jobs First Initiative. Through the Film and Television Tax Credit Program, $39.6 million was allocated to three major feature films and 15 independent films, while an additional $12 million was awarded to a new television series under the Soundstage Filming Tax Credit Program. This move aims to invigorate the state’s film industry and stimulate economic growth. -
Alabama Lawmaker’s Proposal to Equalize Online Sales Tax Rate:
In a bid to level the playing field for brick-and-mortar business owners in Alabama, a lawmaker is seeking to raise the state’s online sales tax rate. The current disparity between online retailers’ lower rates and the average 9.25 percent sales tax rate in physical stores, which also includes local levies, has prompted the introduction of a bill to increase the Alabama Simplified Sellers Use Tax (SSUT) rate from 8 percent to 9.25 percent. The projected revenue from this adjustment would be allocated to various state funds and local entities.
To stay updated on the latest tax developments, don’t miss out on the Tax Policy Center’s Daily Deduction. Subscribe here to receive it in your inbox on weekdays at 8:00 am (only on Mondays when Congress is in recess). Feel free to share any insights on new tax research or other pertinent news by emailing Renu Zaretsky.
In conclusion, it is crucial to stay informed and engaged with evolving tax policies and initiatives to navigate the complex landscape of fiscal governance effectively. Keep abreast of the latest updates and contribute to the discourse surrounding these vital economic issues.
