Finance
Managing public finance has become a demanding aspect of state and local government, especially as economic health fluctuates and outside forces create revenue instability. Articles on taxes, budgets, pensions and bonds help to bring insight to finance management at the state and local level.
Lawmakers in Mountain West seek to provide permanent tax relief without harming local revenue.
While they enjoy today’s high tide in the money markets, state and local treasurers should also promote the case for expanded and targeted federal insurance for public deposits.
Republicans in at least six states are looking to ban basic income programs as Democrats seek to expand the no-strings-attached payments. Some state lawmakers are seeking to ban local communities from enacting similar programs.
Last month, Washington increased funding for the preschool program by $275 million. Additional funding for salaries may help address workforce shortages that have led to a steep decline in enrollment.
After borrowing billions from the federal government to pay for unemployment during the pandemic, the state’s debt now stands at about $21 billion and growing. The state also currently accounts for about 20 percent of the nation’s unemployment.
Maryland legislators are taking steps to protect workers and businesses affected by the port and highway closure. There are broader, indirect effects, however, that are creating additional uncertainty.
Affordable online advertisements are critical for thousands of brick-and-mortar businesses that need to reach out to national customers to survive. A Nebraska proposal and similar federal legislation would be a serious blow.
Federal tax cuts may be in jeopardy, but some states are reducing the tax burdens on their citizens and businesses. It’s not surprising that millions are moving to states with robust free-market policies — and leaving those that don’t have them.
The lower number in completed applications for aid has education advocates worried about a smaller fall enrollment this year. An overhaul of the form has caused delays and setbacks across the country.
The Maryland Protecting Opportunities and Regional Trade Act went into effect immediately after Gov. Wes Moore signed it. The program will assist workers and businesses affected by the Key Bridge collapse.
Medical debt is growing and hitting middle-class Americans hardest. States have started acting to relieve the burden, but more can be done.
By 2030, an estimated 12 percent of people ages 75 and older will be working, more than doubling from 2000, due to longer lifespans and rising costs of living. In Florida, soaring insurance rates add to financial pressures.
Proposals to eliminate them usually ignore the basic facts of life in state and local revenue management. Successful changes will be focused and surgical, and there is an intriguing opportunity to apply AI to local tax relief.
The state’s gambling deal with the Seminole Tribe of Florida is expected to bring in $750 million annually, totaling $6 billion through 2030. Currently, 96 percent of the funds are committed to water-quality projects.
Democratic Gov. Laura Kelly and GOP legislators have agreed to reduce the state’s top income tax bracket, starting at $30,000, from 5.7 percent to 5.5 percent. The proposal would cost $1.4 billion over the next three years.
With California facing a serious budget crunch, lawmakers may have to curb their policy ambitions in a variety of areas. Ahead of April tax collections, it's not yet clear if proposed cuts will be deep enough.
Experts predict that the celestial event could drive millions of dollars for local businesses, including a $179.8 million boost to the restaurant industry and $221.8 million for hotels.
States are sitting on near-record surpluses. How and where exactly do they store their savings?
Texas GOP Gov. Greg Abbott used money from billionaire out-of-state allies to defeat fellow Republicans in primaries.
Earlier this month, bitcoin’s value rose to an all-time high of more than $73,000. The cryptocurrency has had a highly variable performance in the market, but Miami continues to embrace it.
The program has cost taxpayers at least $26 million so far, with more than 90 percent of those funds going to administrative and consulting costs. About 3,500 people have signed up since July.
Congress could enable cities to employ tax-exempt bonds to help stabilize their office tax bases in a way that’s friendly to both taxpayers and the IRS. There might already be opportunities for brave mayors and crafty public financiers.
States have devoted billions of dollars to replenishing their unemployment trust funds, but many are still short. Fewer states are now prepared for a recession than before the pandemic.
As other states ramp up their own development incentives, Texas is experiencing more competition for opportunity zone projects. Of 94 economic incentives projects across the nation this year, just two were in Texas.
The state will launch an alternative system where drivers are charged for each mile they drive. That might replace the gas tax, which hasn’t been updated since 2003. As of 2022, just 0.13 percent of the state’s vehicles were hybrid or electric.
Two political leaders are backing a congressional bill that would lower the cost of homeowner property insurance by about a quarter. In 2023, Florida homes cost three times the national average to insure.
An audit by a federal watchdog found several instances of poor planning, misallocation of funds and a lack of workers which undercut millions of dollars of federal aid meant to keep stormwater at bay.
Getting rid of personal income taxes entirely, which several states are considering, would gut services and shift taxes onto those least able to afford them.
Today’s interest rates may tempt public financiers to try to play the spread between tax-exempt and taxable bond yields. That invites heightened federal scrutiny, but there are some strategies likely to avoid the bite of the IRS.
As property values surge and tax bills go up, some state lawmakers are hoping to end the property tax. Doing so would not be cheap or easy.
Authorities known as industrial development agencies hand out nearly $11 billion worth of subsidies each year.
