Sales tax

City voters will decide Dec. 12 on a proposed one cent, six-year sales tax to fund an at least $900 million arena for the NBA's Oklahoma City Thunder.

For the three-month period ending June 30, the fund's investments returned about 3.08%.

Mayor David Holt says the city and its NBA team can replace the Paycom Center with a bigger facility without raising taxes.

The measure comes after months of dire warnings over the city's looming insolvency.

Weakening revenues should be a red flag for states, particularly those planning tax cuts, said Lucy Dadayan of the Urban Institute's Tax Policy Center.

Changes to the way people live in California have altered the trajectory of revenues for city coffers, but muni analysts and economists say cities are adapting.

Third-quarter sales tax collections by local governments in New York increased 10.2% year-over-year, but that falls to 1.8% after adjusting for inflation.

Several states are holding sales tax holidays for school supplies and other items amid strong revenue collections, although critics say they will do little to ease the impact of high inflation.

While the path back to pre-pandemic office life remains uncertain, a protracted remote work reality may be a harbinger for future credit rating downgrades of cities heavily dependent on commuter-driven revenues.

Almost $25 million of bond funds provided for school technology and security enhancements to state school districts this year from the 2014 Act.

The complaint, targeting Louisiana’s complex sales tax collection system, comes after voters rejected a constitutional amendment to simplify local sales and use tax collection.

Louisiana voters will decide Nov. 13 on constitutional amendments that affect how income taxes are calculated and sales taxes are collected.

Revenue from the new law would replenish the state's unemployment fund and then cut taxes on commercial real estate rents.

A year after the pandemic struck the nation's economy, Texas sales tax collections hit an all-time record for April.

The decline in the first quarter shows the continuing impact of pandemic, exacerbated by the February winter storm that cut power to much of Texas.

The January sales tax report shows that Texas is recovering but still hurting on some revenue streams, Comptroller Glenn Hegar said.

With continuing weakness in oil fields, restaurants and stores due to the pandemic, Texas saw sales tax collections fall 3.5% year-over-year.

Declining tourist taxes, which support the bond-financed Orange County Convention Center's expansion, led officials to suspend the design work on the project.

Six states took revenue hits above 30%, according to report.

“We expect it will be years before demand returns to peak 2019 levels,” industry exec says.