Four Weeks Until June 1
A debt limit meeting next week, maybe a discharge petition coming next? President Biden has invited House Speaker Kevin McCarthy (R-CA), Senate Majority Leader Chuck Schumer (D-NY), Senate Minority Leader Mitch McConnell (R-KY), and House Minority Leader Hakeem Jeffries (D-NY) to the White House to meet on May 9 to discuss the debt limit. House Democrats are working on a “discharge petition” that would allow them to bring a default-preventing bill to the House floor without committee approval. They would need at least five Republicans and all Democrats to support their effort, and signatures of support can’t be collected until May 16.
West Virginia’s April tax revenues super-charge its surplus. The state’s budget surplus has reached nearly $1.6 billion. Year-to-date tax collections of $5.4 billion were 41.3 percent more than the Department of Revenue’s $3.8 billion estimate. April tax revenues totaled $825.9 million, which was 63 percent more than the estimated $506.9 million. Revenue officials say it’s the single largest monthly collection in state history.
Iowa Republican state lawmakers strike a property tax cut deal. They’ve agreed on a bill that would limit the growth of property tax bills and cut taxes for military veterans and seniors by consolidating several local taxes, limiting local government revenue growth, and providing new property tax exemptions for veterans and seniors. Republican legislative leaders estimate the bill would reduce property tax revenue by $100 million statewide.
Seeking tax revenue, Minnesota lawmakers propose “mandatory worldwide combined reporting.” Democratic state lawmakers have a bill that would tax Minnesota-based companies based on their global operations. Companies would have to combine their global profits when they file taxes in Minnesota, with the aim of allowing the state to better assess the full scope of income from Minnesota operations. The tax bill is expected to pass in the state Senate and go to a conference committee.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].
