Tax

Travelers to the Mountain State gave West Virginia a $7 billion boost in 2022, with spending up 17% from pre-pandemic levels, which outpaced the 1% national recovery rate for the tourism industry.

AI will be part of a new tax-enforcement effort that will target high-income earners, partnerships, and large corporations.

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 years of surplus from COVID-19 related stimulus, state tax revenues declined by 6.7% in nominal terms and 9.4% in real terms in June when compared with a year prior.

State economists announced during a forecast presentation to lawmakers that taxpayers will see a record "kicker" rebate when they file next year's taxes.

The Tax Cuts and Job Act will be up for renewal by the winners of the next election cycle

In a hearing held by the Department of Treasury and Internal Revenue Service, representatives for local governments and public power agencies expressed what they see as essential in getting the most out of the Inflation Reduction Act's tax credits.

Calls the save the tax exemption are sounding as rising U.S. debt to GDP ratios and increased interest rates could point to austerity measures in the near future.

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

The decision to cut Build America Bond subsidies marks a "multi-billion-dollar broken promise by the federal government," said public power agencies that have sued the United States.

A letter signed by GFOA, NLC and NACo, expressed concerns over the IRS and Treasury's tax credit election, particularly, complexities around pre-filing and compliance.

New data indicates residents in high tax states are not moving to cut their tax liability.

Extending the tax, which expires at the end of 2025, would raise billions of dollars for transportation projects in the nation's fourth-largest county.

Most states continue to fare well, despite economic shocks and weakening revenue growth.

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

Energy-producing states are riding out oil and natural gas price swings that affect severance tax collections.

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

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.