Over $1 billion in electric vehicle (EV) tax credits have been issued upfront. The federal government has issued more than $1 billion so far in tax credits for new and used EVs as an upfront cash incentive to car buyers, according to Treasury and the IRS. Credits for new and used cars were previously only available when EV buyers filed their annual tax returns.
IRS announces Nationwide Tax Forum. The agency shared the continuing education agenda for the 2024 Nationwide Tax Forum, which features 45 seminars for tax professionals. Topics include tax law updates, client examinations, digital assets, the Secure Act 2.0, the Employee Retention Credit, and clean energy credits.
In Alaska: A local sales tax in exchange for property tax relief? The Anchorage Economic Development Corporation has proposed a 3 percent sales tax in exchange for lowering property taxes by as much as 20 percent. The tax would not apply to groceries. The proposed levy could raise $180 million annually, two-thirds of which would offset property tax reductions. The remainder would fund capital projects in the city. Anchorage residents in the past have been resistant to support a sales tax. The Anchorage Assembly is reviewing the proposal, which could end up on the ballot next spring.
Will the UK ditch the tax-exempt status of its private schools? If elected, the United Kingdom’s opposition Labour Party promises to do just that. This would result in parents paying a 20 percent value-added tax on private school fees. About 5 percent to 6 percent of children are in private schools.
Tune in this morning! The 14th Annual IRS/TPC Joint Research Conference on Tax Administration starts at 8:30 am. Researchers from the IRS, other government agencies, academia, and private organizations will discuss some of the latest analyses seeking to make tax administration as effective as possible. Register for virtual participation here.
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