Seventh time’s the charm? The Automatic IRA Act of 2024 gets another chance. The bill, reintroduced by top House Ways & Means Democrat Rep. Richard Neal (D-MA), would require employers lacking a sponsored retirement plan to automatically enroll their employees in an individual retirement savings account or an automatic contribution plan. The bill would apply only to employers with more than 10 employees; it would exempt businesses that have been operating for less than two full years. The bill would also offer a $500 tax credit for three years for businesses with up to 100 employees that facilitate automatic IRAs. Neal has introduced a version of this bill six times before, first in 2007.
Why did businesses in Tennessee get $1.6 billion in tax cuts and refunds? State officials are withholding the who, what, where, and why reasons for the tax relief offered to 80 businesses in this year’s budget, The Tennessean reports. “Because of reasons that I don't want to state publicly, we can't get into it very much publicly,” Attorney General Jonathan Skrmetti told members of the House Finance Ways and Means Committee this week. The companies sought franchise tax refunds, leading to $1.2 billion in franchise tax refunds and $400 million in recurring franchise tax reform. While business tax breaks are common at the state level, there are varying rules about what taxpayer-specific information can be made public.
Should Georgia’s filmmakers do more to earn their state tax breaks? State lawmakers say moviemakers should do more than share an image of a Georgia peach in production credits to benefit from the state’s film tax credit. Instead, they want companies to meet at least four of nine policy goals to receive the top 30 percent credit on Georgia income taxes. These would include shooting in rural Georgia, hiring more Georgia residents, and supporting production studios in the state.
On property tax bills, Cook County understated Chicago’s unfunded pension debt by a factor of 1,000. Cook County property owners began receiving tax bills in the mail last week. The bill listed Chicago’s unfunded health care and pension debt as $37,271,645, but the actual unfunded pension liability of the city is $37,271,645,937. The treasurer’s office caught the key-punch mistake printed on 800,000 tax bills. The number is being updated for future notices.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].
