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Business groups want the Massachusetts high court to revise a millionaires’ tax referendum. The November ballot will include a constitutional amendment to create a 4 percent surtax on individual income exceeding $1 million. The revenue is supposed to support transportation and education. But business groups want the state Supreme Court to revise the ballot proposal’s summary language to say the legislature might choose to spend the money for other purposes.
Efforts to repeal Washington State’s new capital gains tax can proceed. A Superior Court judge ruled that opponents of Washington’s new capital gains tax can start gathering signatures for their effort to repeal the law. Gov. Jay Inslee signed the tax into law last year and on January 1, the 7 percent tax on annual profits exceeding $250,000 from the sale of long-term assets took effect. It is projected to raise $415 million for early learning and child care programs in 2023.
New York counties see a boost in sales tax revenues. county governments are collecting more sales tax revenue, in part thanks to higher consumer prices. Collections outside New York City increased by 15.2 percent in the first quarter of 2022 compared to the same period in 2021. Of course, the counties are paying higher prices too, notes the New York State Association of Counties.
Colorado Gov. Jared Polis announces $700 million in property tax relief. The governor would provide property tax relief for home and business owners over the next two years. The plan reflects an agreement with a group of businesses that had been pursuing a ballot initiative to cap property tax valuation increases at about 3 percent. The group will drop its ballot effort if Polis’ plan passes the legislature.
Tune in Thursday for your TPC Prescription with NASB’s Brian Sigritz. The director of fiscal studies at the National Association of State Budget Officers will discuss how budget plans could change if projected revenues fall and surpluses give way to deficits. Register for the Thursday noontime event here.
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].