State Strategies for Closing FY 2020 with a Balanced Budget
State options for closing FY 2020 shortfalls are limited and may ultimately include drawing on reserve funds and even accounting tricks
16 min read
Expert
Jared Walczak
Vice President of State Projects
Jared Walczak is Vice President of State Projects at the Tax Foundation. He is the lead researcher on the annual State Business Tax Climate Index and Location Matters, and has authored or coauthored tax reform guides on Alaska, Iowa, Kansas, Louisiana, Nevada, New York, Pennsylvania, South Carolina, West Virginia, and Wisconsin.
Jared’s work is regularly cited in The New York Times, The Wall Street Journal, The Washington Post, Los Angeles Times, Politico, AP, and many other prominent national and state outlets.
He previously served as legislative director to a member of the Senate of Virginia and as policy director for a statewide campaign, and consulted on research and policy development for a number of candidates and elected officials. In his free time, Jared enjoys hiking and has a goal of visiting all 63 national parks.
Latest Work
A Visual Guide to Unemployment Benefit Claims
Another 1.4 million Americans filed initial regular unemployment benefit claims, the eleventh week of a decline in the rate of new claims, but still among the highest levels in U.S. history. The total number of new and continued claims now stands at 19.3 million, a marked decline from the peak of 24.9 million a month ago.
7 min read
Idaho, Mississippi, and Virginia are the Holdouts on July 15th Tax Deadlines
Every state with an individual income tax has made some adjustment to its filing or payment deadlines, but three—Idaho, Mississippi, and Virginia—have not followed the federal government’s date of July 15th or later.
3 min read
State and Local Funding Totals Under the CARES Act
State and local governments across the country split $150 billion in federal aid under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, passed on March 30th.
7 min read
New Jersey Waives Telework Nexus During COVID-19 Crisis
New Jersey is temporarily waiving corporate nexus arising from employees teleworking due to the COVID-19 pandemic—a response to the crisis that other states should follow.
3 min read
State Aid Provisions of the Federal Coronavirus Response Bill
To be eligible for federal funding, state expenditures must meet certain conditions. We break down the state aid coronavirus provisions in the latest federal bill.
5 min read
Working from Home Brings Greater Exposure to State Tax Codes
During the present crisis, remote work has become a necessity for many people. The tax implications, however, are very real and potentially quite complex.
7 min read
Are States Prepared for Skyrocketing Unemployment Insurance Claims?
Unemployment claims are going to tax state unemployment compensation trust funds beyond their limits. We need to start thinking about what to do about it.
5 min read
States Should Follow Federal Lead in Postponing Tax Day
The federal government moved tax day from April 15 to July 15 in response to the coronavirus pandemic, granting more time for both filing and payment. But for many taxpayers, it might not matter much if states don’t follow suit.
3 min read
How the Federal Government and the States Could Help Save Small Businesses Through Temporary UI Tax Adjustments
Governmental responses to the coronavirus outbreak will require creativity and flexibility—and one aspect of that may involve temporarily rethinking how we structure not only unemployment insurance (UI) benefits but also the taxes that pay for them.
5 min read
Income Taxes Are More Volatile Than Sales Taxes During an Economic Contraction
In the short term, states must anticipate reduced tax collections as the economy slows. And here, not all taxes are created equal. As a general rule, income taxes are more volatile than consumption taxes.
4 min read
Kansas, Nebraska, and Utah Lawmakers Pursue “Not GILTI” Verdicts
Taxing GILTI puts states at a competitive disadvantage compared to their peers—all for a tax that makes very little sense at the state level, and which legislators never sought in the first place.
5 min read
Navigating Alaska’s Fiscal Crisis
4 min read
Tax Trends at the Dawn of 2020
From remote sales tax collection to taxes on marijuana and vaping products, we recap the top state tax trends from 2019 and break down which ones you should watch for in 2020.
38 min readGILTI and Other Conformity Issues Still Loom for States in 2020
Even two years after enactment of the federal Tax Cuts and Jobs Act (TCJA), many states have yet to issue guidance explaining how they conform to key provisions of the law, particularly those pertaining to international income.
27 min read