Tune in at 10:00 am for “The Tax Cuts and Jobs Act of 2017: Lessons learned and the debate ahead.” With several years of evidence to draw upon, TPC and the Brookings Institution’s Hutchins Center on Fiscal and Monetary Policy are bringing together authors of five recently published Journal of Economic Perspectives papers. They will discuss the impact of the TCJA on individuals, domestic businesses, and multinational corporations, as well as the tax debate looming in 2025. To tune in, register here.
Nebraska state auditor warns of rapid growth in TIF use. State Auditor Mike Foley in his advisory letter to Nebraska lawmakers says the growing use of tax-increment financing (TIF) for economic development has grown considerably. Over $500 million in property tax collections were directed to fund urban redevelopment. Foley said the growing use of TIFs risks accelerating already “skyrocketing” local property taxes.
The California Film Commission awarded $51.6 million in tax credits to 19 projects this week. The tax benefits are part of the California Jobs First Initiative. The Commission, through a Film and Television Tax Credit Program, awarded $39.6 million to three big-budget feature films and 15 independent films, along with another $12 million to a new television series through the Soundstage Filming Tax Credit Program.
Alabama lawmaker wants to raise the state’s online sales tax rate. The lawmaker says brick-and-mortar business owners in the state face a disadvantage compared to online retailers whose rate can be lower than the sales tax rate in stores. In-store purchases also include local levies that lead to average sales tax rates of 9.25 percent. He’s introduced a bill to raise the Alabama Simplified Sellers Use Tax (SSUT) rate from 8 percent to 9.25 percent. The increased tax would be distributed to the Education Trust Fund, the General Fund, local boards of education, and counties and municipalities.
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