University Endowments, Child Care Help, Pot Taxes, And An Off-the-hook Pop Star
A bill to tax university endowments. Republican lawmakers have introduced legislation that would levy a 1 percent excise tax on large, nonreligious university endowments, reports TaxNotes (paywall). Revenue would help fund workforce development. The lead sponsor of the House bill, Rep. Max Miller (R-OH) argues the federal government’s current investment in higher education has not sufficiently “set up our next generation for success.” Sens. Tom Cotton (R-AR) and JD Vance (R-OH) have introduced a companion bill in the Senate.
A child care tax credit in Alabama. This week the Alabama legislature passed a bill that would provide a tax break to businesses that help pay for or provide their employees with child care services. It would set aside $15 million in tax credits for 2025 through 2027. Republican Gov. Kay Ivey is expected to sign the bill, which passed with overwhelming support.
State tax revenues from legal cannabis sales tops $20 billion since 2014. The figure comes from a study by the Marijuana Policy Project. The total does not include additional revenue collected by cities, towns, and other municipalities with cannabis dispensaries and operations.
“Whenever, Wherever,” but not in Spain, anymore. Pop star Shakira settled a case last fall in Spain, acknowledging that she failed to pay the Spanish government about $15.6 million in taxes between 2012 and 2014. The prosecutors have now recommended ending an investigation into another possible case of tax fraud by the Colombian singer and Miami, Florida, resident. They say there is “not sufficient evidence” of a possible fiscal crime.
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