The OECD recently announced that the negotiation timeline for new digital tax proposals has now been pushed back to October due to the COVID-19 pandemic, although the end-of-year deadline for the overall project is still in place.
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As many businesses may need time to return to profitability after this crisis, states should prioritize reducing reliance on capital stock taxes, and shift toward more neutral forms of business taxation.
4 min read
Permanent full expensing for all types of investment is an effective policy change lawmakers can use to encourage additional investment and economic growth.
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One of the most cost-effective policy changes would be to make full expensing of machinery and equipment permanent and extend this important tax treatment to structures as well as for firms in a net operating loss position.
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Virginia enacted a biennial budget, which includes a new excise tax on “skill games.” Meanwhile, Arizona and Connecticut announced plans to convene in special sessions later this year while Oklahoma gets the green light to use rainy day fund money to close budget gaps.
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Alaska and North Dakota collect revenue primarily from oil-related taxes. These states must start thinking about how to plan for an era of reduced oil revenue.
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As states look for a path out of these fiscally troubling times, Louisiana has several options for aspects of its tax code to promote economic recovery and growth. The Pelican State’s federal deductibility, Corporation Franchise Tax, and sales tax structure present opportunities for beneficial tax reform in the wake of the coronavirus crisis.
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What could the next phase of relief look like and what role does tax policy play in ensuring the U.S. and countries around the world make a strong economic recovery?
1 min read