Tax Refund


The New Speaker of the House is Mike Johnson. Rep. Mike Johnson (R-LA) was elected Speaker yesterday with 220 Republican votes. In a letter to colleagues, Johnson signaled openness to passing a stopgap funding measure to avert a government shutdown next month. There are many other issues to get to first, but for what it’s worth, Rep. Andrew Garbarino (R-NY) thinks Speaker Johnson is open to reforming the state and local tax deduction cap.

Pennsylvania’s income tax forgiveness program is missing thousands of residents. The state has a program to reduce or eliminate the personal income tax owed by many low-income Pennsylvania filers. However, the program’s income thresholds have not been adjusted since 2003 As a result, years of inflation has reduced the number of people eligible for that tax relief. Between 2004 and 2019, the number of Pennsylvanians who received tax forgiveness under the program fell by nearly 20 percent, Spotlight PA reports. A bill in the state House would tie the income threshold to inflation. 

Oil companies push for a billion-dollar bond in Midland, Texas. On Nov. 7, voters in the city will vote on a $1.4 billion school expansion and refurbishment plan. Oil extraction firms say they are having trouble luring talent to the area without improving area schools. District officials say the bond will not increase household taxes. 

Renewable energy developers ask the UK to nix its offshore wind farm tax. The chief executive of Renewable UK wrote Chancellor of the Exchequer Jeremy Hunt this week to request a bigger budget for the next auction round for offshore wind, reports Bloomberg. He also asked that the UK remove a windfall tax on renewables, known officially as the Electricity Generator Levy, while requesting more tax breaks for offshore wind projects.

 

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].



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *