New Counsel, More Tax Cuts
IRS seeks new chief counsel. IRS Associate Chief Counsel (corporate) Robert Wellen will retire from the IRS effective March 31. A search is underway for his replacement, according to the agency (paywall). The IRS is also awiting a permanent commissioner and chief counsel while it develops a plan for how it will use $80 billion in new funding.
On Wednesday, March 8: Can we collect property taxes without stealing home equity? In many jurisdictions, a city has the right to the entire value of your house to recoup unpaid property taxes, even if the home value far exceeds the taxes owed. The Supreme Court will soon take up a case challenging that power. TPC’s John Buhl will moderate a discussion among academic experts, a legal advocate for the elderly, a developer of these properties, and a legal representative for the plaintiff challenging the practice before the Supreme Court. Learn more and register here.
Montana legislature passes $1 billion tax cut package. Income tax rebates and property tax reductions approved by lawmakers could save a joint-filing couple $3,500 in a year. Gov. Greg Gianforte (R) is expected to sign the tax legislation and has urged action on other tabled tax relief measures, including a proposed tax credit of up to $1,200 for families with children under age 6.
Nevada approves over $330 million in tax abatements for Tesla. The state gave Tesla the tax breaks in exchange for Tesla’s promised investment of over $3.6 billion to expand its Gigafactory complex with two new factories.
Start spreadin’ the news… Gov. Maura Healey’s (D) tax cut proposal for Massachusetts includes a provision that provides qualifying theater productions tax credits worth a total of $5 million a year. A production costing at least $100,000 that is headed to Broadway, off-Broadway, or a national tour could be eligible for the credit.
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