Tax Refund

Will Connecticut lawmakers keep a gas tax holiday? In a special session this week, the General Assembly will debate Gov. Ned Lamont’s proposal to extend the suspension of the state’s 25-cent-per-gallon gasoline tax, set to expire tomorrow. Lamont wants to delay the tax  through the end of the year, then restore it in 5-cent increments every month until it returns to 25 cents per gallon in May.

Did Georgia Republican Senate candidate Herschel Walker take an improper tax break? Walker, who faces a runoff election for a US Senate seat, received a $1,500 Georgia homestead exemption on his $3 million home—which is in Texas. Now, there are calls for an investigation into the “apparent violation of Georgia law” before the Dec. 6 election. Did Walker violate state law by voting in Georgia while maintaining a principal residence in Texas? Or did he violate state law by claiming a homestead exemption on a Texas property that is not his principal residence? Georgia or Texas… rock and hard place.

When opportunity knocks… Over the summer, Pennsylvania lawmakers increased a film tax credit by 43 percent to $100 million. They set aside $5 million for Pennsylvania-based companies and the rest for large Hollywood studios. But Hollywood producer and director M. Night Shyamalan, who owns a Pennsylvania-based filmmaking company, got the entire $5 million local allocation to make a movie called “Knock at the Cabin.” The Department of Community and Economic Development says the law does not specify how many filmmakers should get a credit and claims Shyamalan’s production has “a much larger impact” on the state’s economy than local films. 

Italy updates its windfall tax. Last week, the government planned to levy a 35 percent tax on energy companies’ net profit from January 2023 until July 2023. But it now will levy a 50 percent tax on 2022 corporate income, which is at least 10 percent higher than the average income reported between 2018 and 2021. The tax is capped at 25 percent of the value of net assets at the end of 2021.

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Your email address will not be published.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 *