Senate Action, Small Business Reaction
The Senate plans to vote on appropriations legislation this week. Senate Majority Leader Chuck Schumer said yesterday the Senate can start floor consideration of a package that would combine fiscal 2024 appropriations for military construction projects, veterans affairs, agriculture, transportation, and housing. The legislative vehicle for the spending package will be the House-passed Military Construction-VA bill. Votes on amendments to the package could start as soon as today.
Small business groups pick a side in Moore v United States. The Main Street Alliance, Small Business Majority, and Small Business for America’s Future have filed an amicus brief with the US Supreme Court in the case about the transition tax on offshore earnings. They argue that a ruling in favor of the petitioner would lead to years of uncertainty about tax obligations or lead to higher tax burdens for small businesses. Tax Notes reports that the brief is at odds with those filed by other business interest groups, including the US Chamber of Commerce and the National Federation of Independent Business’ Small Business Legal Center.
Texans could vote for more property tax changes. Proposition 4, a constitutional amendment on the ballot next month, could allow the state to spend $18 billion on property tax relief, cuts to school district tax rates, and other tax changes. The Texas Comptroller recently projected that Texas would avoid a recession and have an $18 billion surplus in January 2025.
Loveland, Colorado, voters might ditch the sales tax on groceries. Proposition 300, on the state ballot next month, would let the city’s voters decide whether to continue paying a 3 percent tax on their groceries. The sales tax would only be removed from certain groceries consumed at home. Prepared foods, like those from restaurants, would still be taxed. Dropping the tax would cost $10.5 million annually in municipal tax revenue, which equals about 16 percent of the city’s total revenue.
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