Tax Refund

House Rules Committee advances debt limit deal. The panel convened yesterday and voted in support of debt limit legislation that would raise the debt ceiling for two years. There remain House Republicans who plan to oppose the bill, and the Republican Study Committee – which boasts 170 members – will not take a position on the legislation nor whip in support or against the bill. A House floor vote is expected later today.

Florida has a new $1.3 billion tax relief plan. Gov. Ron DeSantis (R) signed the legislation last week. It is the largest in state history, exceeding last year’s tax plan by $100 million. Floridians will no longer pay sales tax on diapers, cribs, strollers, breast pumps, toothbrushes, toothpaste and mouthwash. Gas stoves will be tax-free too. 

Colorado Supreme Court: No property tax relief for commercial property owners seeking pandemic-related relief. The state’s high court ruled yesterday that the COVID-19 pandemic was not an “act of nature” that would allow property owners to seek re-assessment of their property values outside of the normal two-year property tax assessment cycle. Its decision states that Colorado’s stay-at-home orders were not regulations on land use that would also have allowed for such re-assessments. Four commercial property owners had sued in December 2020, arguing that their properties should be assessed at lower values because of pandemic health orders. 

Texas Gov. Greg Abbott (R) calls a special session for property tax relief. The state legislature failed to pass Abbott’s top priority. He stated the special session would focus on property tax reform and border security. “We must cut property taxes. Texans want and need a path towards eliminating property taxes.” But there’s a problem. Abbott favors “compression,”  where more state revenue would fund public schools and the $100,000 homestead exemption would be removed. Lieutenant Gov. Dan Patrick (R) says the Senate wants the homestead exemption kept in place. 


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Your email address will not be published.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 *