The IRS issued 2.6 million refunds in the first five days of tax season. The IRS issued over 2.6 million tax refunds as of Feb. 2, worth about $3.65 billion. The average refund was $1,395. Many taxpayers who expect refunds and file early to claim those funds (particularly recipients of the Earned Income Tax Credit or Child Tax Credit) have yet to file. The IRS notes that filers claiming the refundable portion of either credit will not receive refunds until Feb. 27 at the earliest.
Census: Tax revenue from legalized sports betting is growing. The US Census Bureau’s Quarterly Survey of State and Local Tax Revenue added sports betting to its list of tracked revenue sources. Sports betting generated $505.96 million in tax revenue in the third quarter of 2023, up 20.5 percent from the same period in 2022. Since 2018, 38 states, the District of Columbia, and Puerto Rico have legalized some form of sports betting.
Wisconsin Assembly to vote on $2 billion tax cut page. The Republican-controlled chamber is expected to pass the plan and send it to the state Senate. The legislation is not packaged in a single omnibus bill, but multiple bills to give Democratic Gov. Tony Evers different options to provide tax relief. Proposals include expanding the state’s marriage income tax credit and child tax credit, as well as an income tax cut for individuals making less than $112,500 (or $150,000 for joint filers).. Another bill would update the state’s income tax withholding tables. Combined, the proposals would cost $2 billion in 2024-2025 and about $1.4 billion in each year after, according to Wisconsin’s Legislative Fiscal Bureau.
In Michigan, dozens of lawmakers have signed confidentiality agreements related to economic development deals. In 2021, Democratic Gov. Gretchen Whitmer signed bipartisan legislation to create the Strategic Outreach and Attraction Reserve Fund, a business tax incentive program. Since then, 44 lawmakers have signed five-year confidentiality agreements with the Michigan Economic Development Corporation, reports Bridge Michigan. Thirty-two of those are current lawmakers. General Motors has argued the agreements are critical to economic development projects, since they protect proprietary information.
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