Missouri will phase out its corporate franchise tax over the next five years according to a new measure signed into law yesterday. The Governor supported the measure as a means of attracting economic development and expanding existing business interests within the state. Currently, the tax is based on the amount of assets a business has [...]
Delaware is looking at a proposal that would reward companies that make new hires. The measure is designed to attract new business to the state as well as rewarding companies already in Delaware that add new workers. Sponsors of the bill say they have been working with businesses directly on crafting the measure, to ensure [...]
Wisconsin is the third state in the last few months to review its regulatory process as a way to energize job creation. Governor Scott Walker this week said the regulatory review would ensure that “only the most necessary rules are implemented so businesses are no longer held back by the costs of overregulation.”
It may seem a trivial thing, but a battle for “bed taxes” that has been brewing between state and local tax collectors and the online travel industry for the better part of a decade shows no signs of slowing. Recent actions in Montana, Oklahoma, New York, California, Maryland and elsewhere join four or five dozen [...]
Connecticut is cracking down on unemployment insurance fraud. The state is partnering with the federal government to recover an estimated $2.5 million in restitution from hundreds of people who fraudulently filed unemployment insurance claims. The state will be going after all or part of their federal income tax refunds as a means of recovering the [...]
A handful of governors spoke out Wednesday to lend their support to President Barack Obama’s compromise with Congressional Republicans to extend a number of tax breaks, including controversial cuts for those who make above $250,000 per year. In most statements, governors commended the compromise, while highlighting those cuts that are meant to help the middle-class.
According to a new report on US cities’ fiscal condition, spending cuts and revenue losses sustained in the last year are at historic levels. And the National League of Cities’ yearly survey found that city finance officials cut expenditures by 2.3 percent – the largest in the survey’s 25-year history and the fourth straight year [...]
According to a new report from the National Conference on State Legislators, nearly every state believes fiscal year 2011 revenues will fare better than FY 2010. Despite finding what many state officials hope is rock bottom, phased out stimulus money, expiring tax increases and an increased demand for state services will make any economic recovery [...]
Colorado State Treasurer Cary Kennedy released the fourth annual State Taxpayer Accountability Report (STAR), which provides information on the state’s revenues and expenditures during the previous fiscal year. In the FY 2008 – 2009 STAR report, data spanning the first months of the Great Recession is analyzed, allowing government officials and citizens to understand how [...]
A report released today by the National Conference of State Legislatures (NCSL) says the days of rapid revenue declines is nearing an end for most states, a little under two years since the fall of Lehman Brothers and the beginning of the Great Recession. NCSL joins a host of state and local government fiscal observers [...]
