Tomorrow on Capitol Hill: The JEC meets on the TCJA. The Joint Economic Committee will hold a hearing tomorrow afternoon on the future of the Tax Cuts and Jobs Act of 2017, large potions of which are set to expire in 2025.
Trump team targets EV tax credit. President-elect Donald Trump’s transition team, led by oil executive Harold Hamm, is pushing to eliminate the $7,500 consumer tax credit for electric vehicle (EV) purchases as part of its broader tax reform agenda. The move could save revenue for other tax changes but also disrupt US clean energy efforts.
Louisiana tax reform stalls over proposed sales tax on services. Louisiana lawmakers delayed a vote on a controversial sales tax bill, a key piece of Governor Jeff Landry’s (R) ambitious tax reform plan. Most of Landry’s proposals, including $2 billion in income and corporate tax cuts, have passed the state’s House with little resistance. But the sales tax measure—targeting services like lawn care, tattoos, and coin laundry—has faced significant pushback. The bill was designed to raise $500 million to offset revenue losses from income tax cuts. The postponement casts doubt on whether the proposal will advance.
Kansas revises revenue projections following June tax cut. Kansas officials lowered the state’s revenue forecast for fiscal year 2025, projecting $72 million less than previously estimated, following a $1.2 billion tax cut signed by Governor Laura Kelly (D) in June. The revised estimate predicts $9.73 billion in revenue for 2025, 4 percent less than 2024. Initial forecasts for fiscal year 2026 anticipate a modest revenue increase to $9.85 billion.
China cuts export tax rebates on key commodities. China’s finance ministry announced changes to export tax rebates, effective December 1, reducing or canceling rates for refined oil products, photovoltaics, batteries, and certain minerals while canceling rebates for aluminum, copper, and specific oils and fats. The adjustments could affect production in other countries that rely on the materials. US producers import used cooking oil from China for biofuel. The price of US soy oils increased following the announcement.
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