A Special Session, Committee Votes, Crypto, and Kenya
Kansas lawmakers adopt $2 billion tax bill. In the state Legislature’s special session, both the Senate and House approved the package Republican leaders had negotiated with Democratic Governor Laura Kelly. The legislation reduces state income taxes and property taxes over the next five years.
Tax cuts advance in committees in Arkansas. The state’s House and Senate tax committees both passed legislation that would cut the top corporate income tax rate from 4.8 percent to 4.3 percent and the top individual tax rate from 4.4 percent to 3.9 percent, retroactive to Jan. 1, 2024. The bills would reduce general revenue by $483.5 million in fiscal year 2025 and over $00 million annually in each subsequent fiscal year. The committees also passed an increase to the homestead tax credit from $435 to $500.
Georgia’s net tax collections have decreased. The State of Georgia’s net tax collections in May totaled nearly $2.47 billion. That’s a decrease of $26.3 million (1.1 percent) from May 2023, when net tax collections totaled $2.49 billion for the month. Year-to-date, net tax revenue totaled $29.9 billion, 1.2 percent less than the total over the same eleven-month period in FY 2023.
Brazil’s tax authority wants more information from foreign crypto exchanges. The country’s tax revenue service will require foreign crypto exchanges to explain their operations and how they coordiante with domestic financial service providers. Crypto exchanges formally established in Brazil are required to report transactions conducted on their platforms.
Kenyan government’s tax plan draws protests. A finance bill in Parliament aims to raise revenue and limit the nation’s borrowing, given Kenya’s high debt levels, according to officials with the National Treasury. But protests have erupted in the capital city of Nairobi.
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