Walz touts opportunities from massive $17.6B budget surplus
December 6, 2022 GMTST. PAUL, Minn. (AP) — Minnesota lawmakers learned Tuesday they will head into the 2023 legislative session with a massive $17.6 billion projected budget surplus, and Gov. Tim Walz said he would like to return some of that money to taxpayers with rebate checks.
Florida lawmakers set to meet on ailing insurance market
December 6, 2022 GMTTALLAHASSEE, Fla. (AP) — The Florida Legislature will meet next week for a special session on property insurance and property tax relief in the wake of damage caused by Hurricane Ian, officials announced Tuesday.
Liz Weston: Make the most of new rules for charitable giving
December 5, 2022 GMTMost people no longer get a tax deduction when they donate to charity. That shouldn’t keep you from making donations, but you may want to change your approach.
Typically, only taxpayers who itemize deductions can write off charitable contributions.
IG: Tax audits in years of Comey, McCabe reviews were random
December 1, 2022 GMTWASHINGTON (AP) — A watchdog investigation initiated after the tax returns of two former FBI directors were subjected to intensive audits during the Trump administration has concluded that the reviews from those years were conducted at random.
Treasury making Trump taxes available to House committee
November 30, 2022 GMTWASHINGTON (AP) — The Treasury Department said Wednesday it has complied with a court order to make former President Donald Trump's tax returns available to a congressional committee.
Supreme Court OKs handover of Trump tax returns to Congress
November 23, 2022 GMTWASHINGTON (AP) — The Supreme Court on Tuesday cleared the way for the imminent handover of former President Donald Trump's tax returns to a congressional committee after a three-year legal fight.
Ohio court sides with NASCAR in challenge to broadcast tax
November 22, 2022 GMTCOLUMBUS, Ohio (AP) — The Ohio Supreme Court ruled Tuesday that the state's attempt to tax NASCAR for broadcasting its races in Ohio was unlawful.
At issue before the court was whether the state tax commissioner properly subjected those broadcasts to Ohio’s commercial activities tax during an audit from 2005 to 2010.
North Dakota GOP lawmakers elect House, Senate floor leaders
November 15, 2022 GMTBISMARCK, N.D. (AP) — New House and Senate leaders elected by Republican majorities in the North Dakota Legislature said Tuesday that tax relief and cautious spending are among the priorities when lawmakers reconvene in January.
Colorado votes to dedicate $300 million annually to housing
November 14, 2022 GMTDENVER (AP) — Facing sky-high housing prices, Colorado residents have voted to direct an estimated $300 million a year to affordable housing projects by rewriting the state’s tax law.
As housing crises bubble up nationwide, the measure was the only statewide affordable housing initiative in the country to make the 2022 election ballot, according to the National Conference of State Legislatures.
Tight vote on sweeping Colorado affordable housing measure
November 9, 2022 GMTDENVER (AP) — The fate of a sweeping ballot measure that would direct an estimated $300 million a year to affordable housing projects by rewriting Colorado's tax law was too early to call late Tuesday.
Beacon Hill lawmakers delay talk of tax cuts until next year
November 2, 2022 GMTBOSTON (AP) — Beacon Hill lawmakers on Wednesday unveiled a sweeping $3.7 billion spending bill, but decided to put off talk for now about permanent tax cuts that they had flirted with earlier in the year.
Roberts delays handover of Trump tax returns to House panel
November 1, 2022 GMTWASHINGTON (AP) — Chief Justice John Roberts on Tuesday put a temporary hold on the handover of former President Donald Trump's tax returns to a congressional committee.
Roberts' order gives the Supreme Court time to weigh the legal issues in Trump's emergency appeal to the high court, filed Monday.
Trump asks justices to keep tax returns from House committee
October 31, 2022 GMTWASHINGTON (AP) — Former President Donald Trump is going to the Supreme Court, again, this time to try to stop his tax returns from being handed to a congressional committee.
In an emergency appeal filed Monday, Trump wants the court to order at least a temporary hold on the Treasury Department turning over his returns to the Democratic-controlled House Ways and Means Committee.
Kemp, Abrams argue abortion, voting in Ga. governor debate
October 31, 2022 GMTATLANTA (AP) — Georgia's Republican Gov. Brian Kemp and Democratic challenger Stacey Abram s traded harsh attacks on Georgia's elections during the pair's final debate before Georgia's Nov.
Filing extension deadline for Virginia taxpayers is Nov. 1
October 29, 2022 GMTRICHMOND, Va. (AP) — An automatic, six-month extension for Virginia taxpayers to file their individual income taxes for 2021 is coming up.
Taxpayers must file by a Nov. 1 deadline. In order to be eligible for the state's one-time income tax rebates of up to $250 for single filers and $500 for married couples filing jointly, taxpayers must file by the deadline.
IRS hires 4,000 customer service workers ahead of tax season
October 27, 2022 GMTWASHINGTON (AP) — The IRS said Thursday it has hired an additional 4,000 customer service representatives who are being trained to answer taxpayer questions during the 2023 tax filing season.
It's part of the new hiring made possible when congressional Democrats gave the IRS an $80 billion boost through the flagship climate and health care law signed this summer.
Newsom vows to finish four-year term if reelected governor
October 23, 2022 GMTSAN FRANCISCO (AP) — California Gov. Gavin Newsom on Sunday vowed he would serve a full four-year term if reelected in November, trying again to knock down speculation that he wants to replace Democrat Joe Biden on the ballot should he not seek a second term.
GOP campaigns against the IRS, vowing to slash its funding
October 22, 2022 GMTWASHINGTON (AP) — IRS pleas for more funding from Congress — made over the years by one leader after another — finally paid off this summer when Democrats tucked an $80 billion boost for the agency into their flagship climate and health care law.
Florida lawmakers to address Hurricane Ian issues this year
October 20, 2022 GMTTALLAHASSEE, Fla. (AP) — The Florida Legislature will hold a special session before the end of the year to consider providing property tax relief for people and businesses whose property was destroyed by Hurricane Ian, Republican Gov.
IRS ups standard deductions, tax brackets due to inflation
October 19, 2022 GMTWASHINGTON (AP) — Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation because of persistently high inflation.
Idaho tax collections fall short, but budget surplus remains
October 17, 2022 GMTBOISE, Idaho (AP) — Idaho revenue from tax collections was $50 million below expectations for the first three months of the current fiscal year, but the state still has a $1.5 billion budget surplus, officials said Monday.
Liz Weston: 3 inflation-savvy moves to make now
October 17, 2022 GMTInflation is proving to be a stubborn, unwanted houseguest.
No one particularly likes paying more for food, fuel and other living costs. But so far, the Federal Reserve’s attempts since March to evict inflation with higher interest rates haven’t worked.
IRS wants millions to claim child tax credit, stimulus funds
October 13, 2022 GMTWASHINGTON (AP) — More than 9 million people and families who did not receive their advance child tax credit checks, stimulus payments and other tax rebates will soon get a letter from the IRS to claim their money.
West Virginia governor wants to toss personal vehicle tax
October 11, 2022 GMTCHARLESTON, W.Va. (AP) — West Virginia Gov. Jim Justice said Tuesday he will propose a plan to eliminate a personal property tax on vehicles.
The Republican governor urged voters to reject a proposed constitutional amendment on the same issue next month.
Small business group files suit over Biden student loan plan
October 10, 2022 GMTWASHINGTON (AP) — A small-business advocacy group has filed a new lawsuit seeking to block the Biden administration's efforts to forgive student loan debt for tens of millions of Americans — the latest legal challenge to the program.
Newsom to call special legislative session over gas prices
October 8, 2022 GMTSACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom said Friday he will call a special session of the state Legislature in December to pass a new tax on oil company profits to punish them for what he called “rank price gouging."
EXPLAINER: Tax cut trend reaches two-thirds of states
October 5, 2022 GMTJEFFERSON CITY, Mo. (AP) — States brimming with cash are cutting taxes at a rapid pace.
With the enactment Wednesday of an income tax cut in Missouri, about two-thirds of U.S. states have adopted some sort of tax relief in 2022.
Auditor: All Indiana state tax rebate payments mailed out
September 30, 2022 GMTINDIANAPOLIS (AP) — All Indiana state tax rebate payments from the state’s budget surplus have been printed and mailed, Indiana State Auditor Tera Klutz said.
Massive Arizona income tax cut going into full effect
September 29, 2022 GMTPHOENIX (AP) — A massive Arizona income tax cut that mainly benefits the wealthy championed by GOP Gov. Doug Ducey and enacted by Republicans who control the state Legislature in 2021 will go into full effect ahead of schedule next year, Ducey's office announced Thursday.
FAFSA season starts: What you need to know for financial aid
September 27, 2022 GMTNEW YORK (AP) — The Free Application for Federal Student Aid filing season starts Oct. 1 for the 2023-2024 school year. If you plan to attend college next year, experts say you might want to fill out the FAFSA application as close to the opening date as possible.
Georgians say $350 payments start rocky, state defends push
September 22, 2022 GMTATLANTA (AP) — Some Georgia residents say they're having a hard time accessing and spending $350 payments the state is making to more than 3 million residents who benefit from Medicaid, subsidized child health insurance, food stamps or cash welfare assistance.
Massachusetts taxpayers to get some of their money back
September 16, 2022 GMTBOSTON (AP) — Massachusetts taxpayers can look forward to seeing a return of some of their tax dollars this year, Gov. Charlie Baker said Friday.
The announcement came after the state auditor’s office certified that tax revenues exceeded allowable revenues under a little-noticed 1986 law that kicked in due to the state’s soaring tax collections.
Yellen calls for modernized IRS at Maryland field office
September 15, 2022 GMTNEW CARROLLTON, Md. (AP) — Treasury Secretary Janet Yellen laid out her vision for a modernized, responsive, tech-savvy tax collection agency equipped to manage 21st century challenges at an IRS office in New Carrollton, Maryland, on Thursday.
Louisiana lawmakers discuss eliminating income tax
September 13, 2022 GMTBATON ROUGE (AP) — Louisiana legislators are once again discussing a possible path toward eliminating state income tax.
Illinois tax rebates are coming -- in time for the election
September 12, 2022 GMTSPRINGFIELD, Ill. (AP) — Democrats who run state government celebrated while announcing that tax-rebate checks — totaling more than $1.2 billion — on Monday began heading to 6 million taxpayers.
Bears say they’d need assistance to complete stadium complex
September 9, 2022 GMTARLINGTON HEIGHTS, Ill. (AP) — The Chicago Bears say they will need taxpayer assistance if they are going to construct an enclosed suburban stadium that could host Super Bowls, Final Fours and College Football Playoff games and anchor a surrounding entertainment and residential complex.
Most Hawaii taxpayers to get $300 per person tax rebates
September 7, 2022 GMTHONOLULU (AP) — Hawaii taxpayers will be receiving constitutionally mandated tax rebate over the next several weeks after a rebound in tourism fueled a jump in state tax revenue.
The money will arrive either by bank account direct deposit or by paper check in the mail, Gov.
Stefanowski releases tax returns, no consulting client list
September 2, 2022 GMTRepublican gubernatorial candidate Bob Stefanowski has released three years of federal tax returns showing he and his wife earned a total of $36.8 million during that time period, but he stopped short of providing details about who he earned much of that money from while working as a business consultant.
Idaho governor signs massive tax cut, education bill
September 2, 2022 GMTBOISE, Idaho (AP) — Idaho Gov. Brad Little late Thursday signed a massive tax cut and education spending bill made possible by the state’s projected $2 billion budget surplus.
The Republican governor signed the bill after it made a speedy trip through the Legislature in a one-day special session, passing the House 55-15 and the Senate 34-1.
House committee reaches deal to get Trump financial records
September 1, 2022 GMTWASHINGTON (AP) — A House committee seeking financial records from former President Donald Trump has reached an agreement that ends litigation on the matter and requires an accounting firm to turn over some of the material, the panel's leader announced Thursday.
States tapping historic surpluses for tax cuts and rebates
August 31, 2022 GMTJEFFERSON CITY, Mo. (AP) — Stoked by the largest surplus in state history, Missouri's Republican-led Legislature devised a $500 million plan to send one-time tax refunds to millions of households. In a shock to some, GOP Gov.
IRS revokes tax-exempt status of North Carolina NAACP
August 31, 2022 GMTRALEIGH, N.C. (AP) — North Carolina's influential state chapter of the NAACP has lost its federal tax-exempt status for failing to file tax returns for three years, according to the federal government.
Idaho tax, education bill has support, but cracks possible
August 31, 2022 GMTBOISE, Idaho (AP) — Idaho lawmakers are scheduled to meet Thursday at the Statehouse to consider using the state’s projected $2 billion budget surplus for a $500 million income tax rebate.
Legislators will also consider spending money - a $410 million annual boost for K-12 schools and post-secondary education using sales taxes.
4 things you should know about working after you turn 65
August 31, 2022 GMTContinuing to work past the traditional retirement age gives many the opportunity to add more money to their nest egg — and delay Social Security, which will bump up their eventual benefits check. In May, 21.9% of Americans ages 65 and older were working, compared with 19.5% in May 2020, according to a study released in June by MagnifyMoney, which analyzed U.S.
Burgum pushes to eliminate income taxes for lower earners
August 24, 2022 GMTBISMARCK,N.D. (AP) — Gov. Doug Burgum on Wednesday proposed eliminating state income taxes for lower-earning North Dakotans while shrinking them for higher earners to a small flat tax, which he said would save taxpayers about $250 million annually.
Idaho special session aims for tax cut, education spending
August 23, 2022 GMTBOISE, Idaho (AP) — Idaho Gov. Brad Little on Tuesday called a special session of the Legislature starting next week aimed at using part of the state’s projected $2 billion budget surplus for a record $500 million income tax rebate this year to help residents cope with increased food and gas prices due to inflation.
Gov. Parson calls for special session to pass income tax cut
August 22, 2022 GMTJEFFERSON CITY, Mo. (AP) — Missouri Gov. Mike Parson on Monday called on lawmakers to return to work Sept. 6 for a special legislative session to cut income taxes.
The Republican told reporters gathered in his Capitol office that he wants lawmakers to cut the top income tax rate from 5.3% to 4.8% and increase the standard deduction by $2,000 for single filers and $4,000 for couples.
Louisiana tax refunds may be going to unclaimed property
August 19, 2022 GMTBATON ROUGE, La. (AP) — Louisiana taxpayers have until Oct. 6 to claim millions in state income tax refunds before they become unclaimed property.
The Louisiana Department of Revenue sent letters to 20,400 people and business taxpayers advising them to claim their refunds before they are transferred by law to the Unclaimed Property Division of the state treasurer’s office.
Indiana agencies start sending new round of tax rebates
August 18, 2022 GMTINDIANAPOLIS (AP) — Indiana state tax rebate payments have started to be made by direct bank deposit or printed checks, although some taxpayers will have to wait until October to receive the money.
Yellen tells IRS to develop modernization plan in 6 months
August 17, 2022 GMTWASHINGTON (AP) — Now that President Joe Biden signed Democrats' expansive climate, tax and health care bill into law, Treasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outlining how the tax agency will overhaul its technology, customer service and hiring processes.
Idaho governor eyes special session to deal with inflation
August 16, 2022 GMTBOISE, Idaho (AP) — Idaho Gov. Brad Little on Tuesday confirmed that he's considering calling a special session of the Legislature, saying rumors of the effort are “relatively right.”
“We're working on that,” he said in brief comments to The Associated Press.
Kemp will hand out up to $1.2B in cash to poorer Georgians
August 15, 2022 GMTATLANTA (AP) — Gov. Brian Kemp said Monday he will spend up to $1.2 billion in federal COVID-19 aid on payments of $350 apiece to more than 3 million Georgians who benefit from Medicaid, subsidized child health insurance, food stamps or cash welfare assistance.
Expanded IRS free-file system one step closer in Dems’ bill
August 15, 2022 GMTWASHINGTON (AP) — The flagship climate change and health care bill passed by Democrats and soon to be signed by President Joe Biden will bring U.S.
Georgia’s Kemp seeks tax breaks, rebutting Abrams on economy
August 11, 2022 GMTATLANTA (AP) — Georgia GOP Gov. Brian Kemp unfurled the first major policy proposals of his reelection bid Thursday, pledging to spend $2 billion on another state income tax rebate and revival of a long-dormant state property tax break while contending with Democratic challenger Stacey Abrams over who's best for the state's economy.
Long-delayed Indiana tax rebate checks will be larger
August 10, 2022 GMTINDIANAPOLIS (AP) — About 1.7 million tax rebate checks from Indiana’s big state budget surplus that have been delayed for months will be larger when they finally start hitting mailboxes.
Abrams seeks to invest to build inclusive economy in Georgia
August 10, 2022 GMTATLANTA (AP) — Democratic gubernatorial candidate Stacey Abrams argued in a speech Tuesday that it's time for Georgia to use its budget surplus to invest in its residents, accusing Gov.
Congress can get Trump tax records, appeals court rules
August 9, 2022 GMTWASHINGTON (AP) — A federal appeals court sided Tuesday with a House committee seeking access to former President Donald Trump's tax returns, rejecting Trump's contention that Congress was overstepping.
Indiana GOP lawmakers settle on $200 for tax rebate payments
August 4, 2022 GMTINDIANAPOLIS (AP) — All Indiana taxpayers would be eligible for $200 rebate payments from the state’s surging budget surplus under an apparent deal reached Thursday among Republican legislators.
Illinois gets inflation-relief tax break on school supplies
August 4, 2022 GMTSPRINGFIELD, Ill. (AP) — Inflation means stocking up on pencils, notebooks, crayons and clothes for your kids’ return to school is more expensive this year, so Illinois state leaders on Thursday offered a 10-day sales tax reduction on classroom needs.