Three New Year’s Resolutions for Tax Policymakers
The world is ready to close the book on 2020 and start fresh in 2021, awaiting widespread vaccination, an end to the pandemic, and the beginning of a new chapter of economic recovery. With a fresh start in mind, and a healthy dose of optimism, here are three New Year’s resolutions for crafting better tax policy in the coming year.
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The COVID-19 Relief Bill Contains Over $100 Billion in State Aid After All
The $900 billion coronavirus relief package provides nearly $82 billion for the Education Stabilization Fund, $14 billion for mass transit, and $10 billion for state highways,
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COVID-19 Relief Package FAQ
The latest $900 billion coronavirus relief bill extends and modifies several provisions first enacted in the CARES Act, Congress’s $2.2 trillion pandemic relief law that was passed in March. With this package, lawmakers will have responded to the coronavirus and related economic hardship with a record-setting $3 trillion of fiscal support.
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Tax Extenders Hitch a Ride on Omnibus and COVID-19 Relief Deal
Tax extenders are no stranger to hitching a last-minute ride on year-end legislation. This year they made another last-minute appearance, finding a hold in their own division of the 5,593-page bill to fund the government through the fiscal year and provide additional coronavirus relief through March.
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Congress Passes $900 Billion Coronavirus Relief Package
The coronavirus relief package represents the second-largest recovery legislation, behind only the CARES Act, for a combined total of more than $3 trillion in support.
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Pandemic Highlights the Need for Better Tax Policy for Entrepreneurs and Small Businesses
As Congress works to provide another round of emergency economic relief, it is a good time to step back and consider how tax policy affects entrepreneurs and small businesses.
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Gross Receipt Taxes Become Part of New Jersey’s Recreational Marijuana Legalization
By the time marijuana is sold to a consumer, local taxes could be applied four different times—by one or more localities.
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Where State Unemployment Compensation Trust Funds Stand in December
With 2020 nearing its close, state unemployment compensation trust funds continue to struggle under the weight of so many pandemic-created beneficiaries, though some funds are beginning to stabilize as people increasingly return to work.
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State Tax Collections Down 4.4 Percent Through September, While Local Tax Collections Rise
Combined state and local tax collections were down only $7.6 billion across the period, representing a total state and local tax revenue decline of 0.7 percent compared to the first nine months of 2019.
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