Tax cuts

The elimination of the 4.5% tax will cost the state about $400 million annually.

Oklahoma is on a roll, notching its third positive rating outlook since July with the latest move coming from Fitch Ratings.

The chamber is once again refusing Gov. Kevin Stitt's call to pass an income tax cut during a special session.

The Republican governor is trying once again to focus lawmakers' attention on cutting income taxes during a special session set to begin Jan. 29.

As double-digit revenue growth comes to an end, Southwest governors are crafting budgets to deal with the new normal.

A constitutional amendment approved by Texas voters Nov. 7 will reduce public school property taxes, leaving the state to make up for the revenue reduction.

Flush with bond authorization from the Nov. 7 election, officials are formulating issuance plans, while Colorado's governor called lawmakers back to session after a property tax cut measure was defeated by voters.

The state's strong reserves contributed to brighter rating outlooks from Moody's Investors Service and, earlier this year, S&P Global Ratings.

Kevin Stitt ordered a special session to put the state on a path to zero income taxes and consider a proposal sparked by a dispute over Native American taxation.

States nationwide saw slower general fund revenue growth in fiscal 2023 after gains the previous two fiscal years fueled by high inflation and federal stimulus.

After months of feuding on how to deliver a massive property tax cut, lawmakers finally passed legislation for an $18 billion package.

Legislative leaders said they agreed to an $18 billion package that includes a reduction in school property taxes and a higher homestead exemption.

The $54.3 billion spending plan for fiscal 2024 is $5.4 billion larger than last year's and $1.2 billion more than the proposal Gov. Phil Murphy pitched in February. It features tax-relief programs and tax code changes.

With no agreement on how to structure a historic property tax cut, Gov. Greg Abbott ordered state lawmakers back for a second special session.

As the Republican-controlled state House and Senate remain divided on how to deliver a historic tax cut, the governor vetoed dozens of bills to pressure lawmakers.

A bill passed this week would place a measure on the November statewide ballot to prevent growing home values from raising property taxes.

The Republican-controlled legislature sent the governor a tax cut bill that included replacing the state's three-tier personal income tax structure with a flat 5.15% rate.

The bill follows the same lines as Gov. Maura Healey's tax relief package proposed in February, but comes with a smaller price tag.

The rating agency said it could upgrade the state's ratings over a two-year period if recent healthy fund balances are maintained.

Gov. Greg Abbott used his State of the State address to fast track his priorities for the legislative session and drop a hint about an upcoming $100 billion transportation infrastructure plan.