This week on Capitol Hill. The House Ways & Means Subcommittee on Oversight will hold a hearing Thursday on the backlog of the Employee Retention Tax Credits and the impact of fraud on those legitimately trying to claim the credit.
New Jersey sues over New York City’s congestion pricing plan. New York City will soon charge motorists who drive into Manhattan’s core business district. The state of New Jersey’s federal law suit against the US Department of Transportation demands a more comprehensive environmental review of the new tolling plan, which was approved by the Federal Highway Administration last month. New Jersey E-ZPass passenger cars could face as much as $23 to enter certain areas of Manhattan during peak hours and $17 during off-peak times, in addition to existing tolls. The congestion pricing plan is expected to raise $1 billion annually.
Some New Jersey remote-working residents will now get tax credits. Democratic Gov. Phil Murphy signed a bill last week that creates a “convenience of employer” test allowing New Jersey to tax nonresidents that work for companies based in New Jersey. It also establishes a tax credit for people who pay income or wage taxes to another state. The law comes in response to New York state’s law for remote workers. New York counts remote work days for the employee’s own convenience as days worked in their New York office.
More tax relief in Virginia? Republican Gov. Glenn Youngkin is asking the Virginia General Assembly to pass tax relief after the state ended fiscal year 2023 with a $5.1 billion surplus. The state legislature approved tax rebates for residents in 2022 with a divided General Assembly. Every lawmaker holding a seat in the General Assembly is up for reelection this November.
Today at 3:00 pm: Treasury and IRS seek public comment on improving taxpayer customer service. A teleconference of the Taxpayer Advocacy Panel Joint Committee will solicit public comments, ideas, and suggestions on improving customer service.
US Energy Association hosts a virtual discussion on tax credit monetization under the IRA on Thursday at 2:30. The virtual discussion will cover the Inflation Reduction Act’s new transfer and elective payment rules. Taxpayers can sell tax credits to other taxpayers under transferability provisions. The discussion will cover proposed and temporary regulations regarding transferability. Learn more and register here.
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