A Tax Bill Makes It Out Of The House
House passes $78 billion tax package. The House passed the Tax Relief for American Families and Workers Act of 2024 on a 357 to 70 vote. The bill, if passed by the Senate, would temporarily increase the child tax credit and restore research and development deductions. The bill would also put in place modest expansion of the low-income housing tax credit, disaster tax relief, and implement rules to prevent double taxation for taxpayers with activities in Taiwan and the US.
California appellate court affirms special ballot measure for a new tax. TaxNotes reports (paywall) on the California appeals court decision. The court ruled that a ballot measure to levy a new 20-year 0.5 percent sales tax (to fund early childhood education and pediatric healthcare) did not need two-thirds approval by voters to pass and did not violate the state’s single-subject rule for ballot measures. The Alameda County Taxpayers’ Association had brought the issue to court.
Tennessee Democratic lawmaker files bill to tax firearm sales. A state Democratic representative has filed a House bill that would levy a 15 percent tax on the retail sale of all firearms in Tennessee. Revenue would help fund the salaries of school counselors in elementary and secondary schools.
A costly property tax assessment error in Cook County, Illinois. An assessor admitted to an error in reclassifying a Palatine, Illinois family-owned flower growing business’s land from “farm” to “commercial.” The result was a 640 percent increase in their property tax bill. The family had to sell their business and land to pay the $300,000 tax levy. Although the error has been discovered, the family is still working on how to receive a refund.
United Kingdom’s Finance Minister is scaling back tax cut plans. In an interview with ITV, Jeremy Hunt confirmed that updated forecasts mean the British government has a lot less room for tax cuts than originally planned. Per Bloomberg: “As things stand at the moment — things can change — it doesn’t look like I’ll have the kind of room that I had for those very big tax cuts in the autumn,” Hunt said.
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