Missouri taxation – Pilger Nebraska http://pilgernebraska.net/ Sat, 14 May 2022 05:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://pilgernebraska.net/wp-content/uploads/2021/10/icon-47-150x150.png Missouri taxation – Pilger Nebraska http://pilgernebraska.net/ 32 32 Colorado taxpayers will get bigger tax stimulus checks to fight inflation https://pilgernebraska.net/colorado-taxpayers-will-get-bigger-tax-stimulus-checks-to-fight-inflation/ Sat, 14 May 2022 05:00:00 +0000 https://pilgernebraska.net/colorado-taxpayers-will-get-bigger-tax-stimulus-checks-to-fight-inflation/ As inflation continues to remain high across the country, Governor Jared Polis announced last month that millions of Coloradans are in line to receive a $400 payment this summer through the Colorado Cashback program. Now, there’s even more good news on the way for residents of the state. KKTV in Colorado Springs, Colo. confirmed with […]]]>

As inflation continues to remain high across the country, Governor Jared Polis announced last month that millions of Coloradans are in line to receive a $400 payment this summer through the Colorado Cashback program.

Now, there’s even more good news on the way for residents of the state. KKTV in Colorado Springs, Colo. confirmed with Colorado House Director of Democratic Communications Jarrett Freedman that rebate checks could potentially increase to $500 per individual.

“We are certain based on conversations with DOR [Department of Revenue] and OSPB [Office of State Planning and Budgeting] that refund checks will increase, and we think we’ll have a solid number to report by the time the bill is signed into law,” Freedman told the news channel. “The administration estimates it will be at least $500 for single filers and $1,000 for joint filers,” he continued.

KKTV noted that an amendment was added in the third reading to allow the amount of prepayments to increase if revenues return higher than expected. Early estimates show that this will be the case.

“Colorado’s strong economic recovery means we can send even more money back to taxpayers in September to help with the rising cost of living and pay for necessities like gas, groceries and rent,” said the bill’s sponsor, Rep. Tony Exum, Sr. (D-Colorado Springs). “We are delighted that based on positive economic indicators, we will be able to increase the amount of prepayment checks Coloradans will receive in September. People are struggling now, so we are providing this urgent aid as soon as possible in a fairer and more equitable way,” he added.

Similar to Colorado, several other states have offered their own version of tax refunds and stimulus checks to combat the searing inflationary pressures seen across the country. For example, many Missouri taxpayers could receive a one-time refund of up to $500 per person under a plan approved by state senators. Refunds will be limited to taxpayers earning $150,000 or less or $300,000 for a married couple.

Meanwhile, in a reimbursement program proposed by Hawaii lawmakers, taxpayers earning less than $100,000 a year and their dependents will receive a $300 payment. For those who earn more than six figures per year, they will receive $100.

In Pennsylvania, Gov. Tom Wolf is pushing lawmakers to shell out $2,000 checks for families in the state with incomes of $80,000 or less; state legislators in Maine recently approved a budget that includes $850 stimulus checks for about 858,000 residents; New Mexico residents can now expect to receive cash back rewards between $500 and $1,000; and the Minnesota government. Tim Walz is asking for direct payments of $500 for single filers earning less than $164,400 and $1,000 for couples earning less than $273,470.

Ethen Kim Lieser is a Washington State-based finance and technology editor who has held positions at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters

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EIM, EVM: 8.4% to 10.8% tax equivalent yield on A-rated government bonds https://pilgernebraska.net/eim-evm-8-4-to-10-8-tax-equivalent-yield-on-a-rated-government-bonds/ Fri, 13 May 2022 12:20:00 +0000 https://pilgernebraska.net/eim-evm-8-4-to-10-8-tax-equivalent-yield-on-a-rated-government-bonds/ maxexphoto/iStock via Getty Images Why would you buy 3% yielding treasuries or municipal bonds when there is 8% inflation? For the answer to this and to avoid redundancy, see my last post. After reading this, if you are on board with the the idea that now – contrary to consensus – might actually be a […]]]>

maxexphoto/iStock via Getty Images

Why would you buy 3% yielding treasuries or municipal bonds when there is 8% inflation? For the answer to this and to avoid redundancy, see my last post.

After reading this, if you are on board with the the idea that now – contrary to consensus – might actually be a good time to stock up on bonds, so you might want to consider closed-end funds ((CEFs)). I received many questions about them in my last article, so here is an article about them.

For over a decade, CEFs have been my preferred way to buy bonds. Here are 3 reasons why:

1. You can buy below net asset value (NAV)

Mutual funds are open-end funds. When you buy them, the fund manager buys more of the underlying holdings and new shares for the mutual fund are created. ETFs are also mostly open-ended.

With either, you pay market prices for their holdings. Yes, ETFs may differ slightly from their underlying net asset value at any time, but due to the algorithmic method of managing ETFs, any premium/discount is miniscule. Think a few basis points, not a few percent.

With CEFs, you might be paying a few percent below NAV. Maybe even a double-digit discount. What makes this possible is that they are closed. This means that new shares are not created or withdrawn. Instead, the price is solely determined by existing holders selling and the level of demand to buy them.

When bonds are in vogue, the discount to NAV narrows and some funds even trade at a premium. When everyone hates bonds (like right now), you’ll see the discounts widen.

2. They optimize returns with leverage

To be clear, I am against the use of margin on a personal level. However, when you buy a stock or fund that uses leverage, the risk is compartmentalized and defined. Yes, you can lose some or all of your capital in the investment, but your loss will not extend beyond that. For this reason, I’m very comfortable with leveraged funds from a risk management perspective, but they’re not for everyone.

The vast majority of invested CEFs use a leverage effect of around 37 to 44%. Even if you wanted to replicate the same thing yourself and borrow money to buy bonds, these money managers’ rates will likely be lower than the margin rate offered by your broker.

The counterbalance would be that these funds charge exorbitant management fees, which is absolutely true. Most of these CEFs originated in the 90s and 2000s, before the days of ETFs and the race to the bottom in fees.

Yet, even taking management fees into account, they can be quite attractive when you consider the leverage aspect combined with the ability to buy them below NAV.

3. Much simpler than a bond ladder

Although significantly larger than the stock market, the bond market is illiquid and opaque. Unless you are a professional using MarketAxess (MKTX) or TradeWeb (TW), good luck with price discovery. Also, have fun with this tax accounting nightmare of dozens or hundreds of individual bond transactions. Luckily, I haven’t had to do that since 2013.

In short, unlike a buy and hold stock portfolio, paying a management fee for a bond portfolio makes sense.

What about the risk of municipal bankruptcies?

Do you remember all that fear after the great financial crisis, that municipalities would go bankrupt left and right?

It didn’t really play out. Far from it, in fact.

In the end, there were 8 bankruptcies in total. That’s out of 9,492 municipal governments, 16,519 township governments, and 3,033 county governments.

Could the next major financial crisis be worse? Of course and in fact, I think it will. However, it is a numbers game. Chances are that even in a 2008 scenario (or worse), only a tiny fraction will be restructured.

Muni CEFs don’t usually provide a breakdown by cities/towns/counties, but they do all provide a breakdown by state. If you want to be specific, you can get the full list of holdings from the manager. If there are certain states/cities you feel less comfortable with, just pick CEFs that hold little or none at all.

Why buy Munis rather than Treasury bonds?

Both are superior to corporate bonds because, after all, they can just keep raising taxes on us to pay their bills (the bondholders). But what makes munis vastly superior to corporations is their tax-exempt status. Most are exempt from federal income tax, and if issued by your home state, they may also be exempt from state income tax.

Compare that to treasuries, which can only be exempt from state income tax. You still have to pay federal tax on the interest earned.

Disclaimer: I am not a tax expert. Consult one to verify and confirm the imposition of your specific scenario on all bond investments.

What I bought lately

In total, there are about 115 equipped CEFs. Their market capitalizations range from as low as $19 million to $3.6 billion. The larger the fund, the greater the liquidity.

For a national municipal fund – that is, a fund that is not state-specific – I generally aim for those with a market capitalization of at least $400 million. State-specific funds have an inherently smaller audience, and therefore for those, $200 million or more suffices in my book.

Nuveen, Blackrock, Eaton Vance, PIMCO, Neuberger and Invesco take the lion’s share. Only a few are from BNY Mellon, Putnam, Alliance Bernstein and a few others.

What are the best? Well, generally I’m issuer agnostic. What matters most to me is the discount to the net asset value at that time, the characteristics of the portfolio and the management fees. For over a decade now, coincidentally, every purchase I’ve made has been from Eaton Vance, Nuveen and Blackrock.

1. Eaton Vance Municipal Bond Fund (NYSE:EIM)

Chart
Data by YCharts

This is the one I have owned regularly in a catch weight for about ten years. Over the past few weeks, I’ve increased my weighting by a few hundred percent. Here’s what I like about it:

  • When adjusted for leverage, the effective duration is only 7.4 years. Most others are 10-11.
  • With a net asset value of $900 million, the fund is large enough to provide liquidity.
  • Credit quality is A+ versus A for the category average.
  • 5% yield at current share price. This is a tax equivalent distribution rate of approximately 8.5%.
  • 6% off NAV, which is good for the history of this fund, but not great. A few weeks ago it was 10%.

I’m not a fan of the relatively high exposure to Illinois right now, currently at 13.8%. Historically, it has been lower.

Prior to the bond YTD plunge, according to Morningstar, an investment of $10,000 over 10 years would have produced a total return of around $18,000. An 80% return might not look impressive against the S&P, but on a risk-adjusted basis it’s been a relatively safe way to keep pace with inflation and unlike taxable corporate bonds, it’s really kept pace. pace since you may not owe federal income. tax on distributions along the way.

2. Eaton Vance California Municipal Bond Fund (NYSE: EVM)

Chart
Data by YCharts

Coincidentally, this is another Eaton Vance fund. I never owned this one until a few weeks ago. If it was a bigger fund I would still buy, but now I own about 1/2% of the fund. Why? Because its recent rebate on NAV was a mouth-watering 12% (and a little more a few weeks ago).

  • Similar to EIM, it has a below-average leverage-adjusted duration of just 7.5 years.
  • The fund size of $230 million is on the small side, but not bad for a state-specific fund. There is a decent daily trading volume.
  • AA- credit quality which to my knowledge is better than any other CEF in California.
  • The return of 5% is relatively high for EIM. Given the shorter duration and higher credit quality, this fund typically only yields 4.25-4.5%.
  • If you are a CA resident, the tax-equivalent distribution rate at market price is almost 11%.

Even if I wasn’t among the 40 million California residents, chances are I would have bought some, given the NAV discount and portfolio characteristics. I get that California looks like a train wreck to most countries, but the fact is we have immense taxing power given that our state is the 5and largest economy in the world, ahead of India and behind Germany.

Only California and New York have a large number of CEFs, each with 13 funds. As for the other specific states, your options are limited:

Arizona: Nuveen AZ Quality Muni Inc (NAZ)

Georgia: Nuveen GA Quality Muni Inc (NKG)

Massachusetts: Nuveen MA Quality Muni Inc (NMT)

Michigan: BlackRock MuniYield MI Quality (MIY)

Minnesota: Nuveen MN Quality Muni Inc (NMS)

Missouri: Nuveen MO Quality Muni Inc (NAME)

New Jersey: BlackRock MuniHoldings NJ Qty (MUJ), Nuveen NJ Quality Muni Inc (NXJ)

Ohio: Nuveen OH Quality Muni Inc (NUO)

Pennsylvania: BlackRock MuniYield PA Quality (MPA), Invesco PA Value (VPV), Nuveen PA Quality Muni Inc (NQP)

Virginia: BlackRock VA Municipal Bond (BHV), Nuveen VA Quality Muni Inc (NPV)

These state-specific options continue to dwindle over the years. For example, until recently there were 2 Michigan funds (I owned both) and 1 of them was merged into a national fund.

An important caveat

One thing to keep in mind with all bond CEFs is that they should not be considered cash equivalents. Due to bond market volatility, exacerbated by the fact that CEFs trade outside NAV, you can lose a lot of money if you sell them at the wrong time. Therefore, when I buy them, I do so on the assumption that I may not be able to sell them for years at favorable or acceptable market prices.

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Ousted for tax delinquency, a politician would have refused to leave office https://pilgernebraska.net/ousted-for-tax-delinquency-a-politician-would-have-refused-to-leave-office/ Wed, 11 May 2022 03:48:29 +0000 https://pilgernebraska.net/ousted-for-tax-delinquency-a-politician-would-have-refused-to-leave-office/ ST. LOUIS COUNTY, Mo. — A politician in northern St. Louis County has been ousted after it was revealed she failed to pay some of her taxes. Citizens, however, said she refused to step down until FOX 2 got involved. It’s Missouri law. You must pay your taxes, otherwise you cannot hold office. The Missouri […]]]>

ST. LOUIS COUNTY, Mo. — A politician in northern St. Louis County has been ousted after it was revealed she failed to pay some of her taxes. Citizens, however, said she refused to step down until FOX 2 got involved.

It’s Missouri law. You must pay your taxes, otherwise you cannot hold office. The Missouri Department of Revenue disqualified Carla Walker of Pine Lawn for breaking the law, but we found her entering City Hall on Friday.

Pine Lawn resident Barbara Chapman was unaware that Walker had been disqualified. She told FOX 2 her immediate reaction to the news was, “It’s impossible because she was just at a meeting.”

“(Walker) said she’s an aldermen and they’re working on a few projects in Ward 1,” Chapman continued.

Chapman learned of Walker’s disqualification later when two other aldermen said they could not have Walker resign by order of the state.

“Just give up the seat and go and be done with it – or pay the taxes and be okay,” Alderman Gerald Metts said.

Alderman Regina Gathright even snapped a photo of Carla Walker doing business inside City Hall last week. She took the photo inside the city clerk’s office, where only city officials are allowed.

“If you were told and you know you are not an alderman, why do you continue to do business as an alderman? said Gathright.

The Department of Revenue warned Walker with a letter in February 2022. The agency then followed up in March with a letter that said, in part, “Carla Walker has not resolved her delinquency.”

St. Louis County Chief Electoral Officer Eric Fey explained what happened next.

“If he’s late enough in the process, and in this case he was, the name is still on the ballot. We just don’t count those votes,” Fey said. “That’s probably a first. There was no one else who had signed up to run in that neighborhood. So it just shows that no votes were cast for that office.

Walker continued to show up for work and run as an alderman after that, according to Chapman, Metts and Gathright. FOX 2 wanted to know what Pine Lawn executives would say. We found them apparently unconscious when we walked into City Hall on Friday asking for the names of Ward 1 aldermen. Officials said, “Carla Walker.”

After briefing city leaders on the law, Aldermen Gathright and Metts said Pine Lawn has now announced that Walker’s seat is vacant.

“They finally recognized it,” Gathright said. “I just thank you, and I think the only way it got on the agenda is because you got involved.”

Metts added, “I’m glad she’s gone now.”

FOX 2 could never get an answer from former Alderman Walker, not even with our personal visit to City Hall. It is unclear what taxes Walker refused to pay because the Department of Revenue does not specify his findings in his action letters.

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Biggest budget in Missouri history includes teacher increases, tax credits and rural roadwork | KCUR 89.3 https://pilgernebraska.net/biggest-budget-in-missouri-history-includes-teacher-increases-tax-credits-and-rural-roadwork-kcur-89-3/ Sat, 07 May 2022 19:56:00 +0000 https://pilgernebraska.net/biggest-budget-in-missouri-history-includes-teacher-increases-tax-credits-and-rural-roadwork-kcur-89-3/ The Missouri Legislature on Friday approved a $49 billion budget — the largest in state history — that uses a treasury full of cash to fund increases in funds for teachers, tax breaks income, rural road works and a variety of improvement projects across the state. the The House and Senate voted to advance a […]]]>

The Missouri Legislature on Friday approved a $49 billion budget — the largest in state history — that uses a treasury full of cash to fund increases in funds for teachers, tax breaks income, rural road works and a variety of improvement projects across the state.

the The House and Senate voted to advance a total of 17 budget bills through Gov. Mike Parson’s office, with one bill serving as the second supplementary budget for the fiscal year that ends in about two months. The deadline to complete the budget was 6 p.m. Friday. Parson has until July 1 to sign the budget bills or veto them. The budget passed last year was $35 billion.

“We had a great opportunity to do a lot of good with the budget, we have resources this year that allow us to do transformative things around the state,” said Senate Appropriations Chairman Dan Hegeman, R. -Cosby.

Money to increase both the salaries of new and existing teachers, Medicaid expansion, school transportation, rural roads and the state pension system were all included in the final draft after a committee of the conference spent hours on Wednesday finding compromises.

Increased investment on many fronts driven by record surplus from rising incomes as well as more than $2.8 billion in federal coronavirus relief funding from the American Rescue Plan Act.

“This is hands down the best budget this state has ever seen, but certainly in my time,” said Rep. Peter Merideth, D-St. Louis, said.

Not everyone was happy with the increase in spending.

“Remember that while we’re going through and these dollars are used for living expenses, they won’t be there next year, and we’ll have to make tough decisions next year and the year after that,” he said. said Senator Denny. Hoskins, R-Warrensburg, said.

Education expenditure

The K-12 education funding bill totals more than $10.3 billion alone.

One of the items originally proposed by Parson, cut by the House but ultimately restored, was over $21 million to raise the minimum annual salary for new public school teachers to $38,000. Currently the minimum is $25,000, which is one of the lowest starting salaries in the country.

The plan is set up to be a 70/30 split of state and local funds to raise those salaries.

The state has also allocated more than $37 million to Career Ladder, which is an elective program that offers teachers with at least five years of experience in the state the opportunity to earn more money if they accept a additional work as professional development opportunities.

In addition, the bill invests more than $214 million in school transportation. The state is fully funding its share of the transportation formula for the first time in years.

On the workforce development side, the state is pouring money into several programs, including $5 million for a high school geospatial training program for St. Louis that is associated with the National Agency. of the city’s geospatial intelligence.

Single tax credit

Amid Friday’s budget debate, the Missouri House voted 104 to 30 to pass a bill giving certain Missouri taxpayers a one-time credit. The legislation will now go to Parson.

The bill uses $500 million of general state revenue to reimburse residents for what they paid in income taxes, up to a limit of $500 for those who file returns themselves and $1,000 for couples filing jointly.

The credits would only go to Missourians who paid income taxes for the past tax year. Also, since the funding allocated to credits is a finite amount, there is no guarantee that a taxpayer would receive the full amount paid.

House Budget Chairman Cody Smith, R-Carthage, said he would have preferred his version of the bill, which allocated $1 billion in public funding to appropriations, but said he would not “let not the perfect being the enemy of the good”.

“It’s giving money back to taxpayers when we’re in a situation where the state government has too much of it,” Smith said.

The credit contains a salary cap, which means that if a single person earns more than $150,000 per year or a couple more than $300,000, they would not qualify.

That cap was introduced by Senate Minority Leader John Rizzo, D-Independence, who also spoke in favor of the tax credit on Friday.

“If we can give them a little extra money to make ends meet or help them buy groceries or whatever, I think that’s a good thing. [way to] spend the money,” Rizzo said.

House Democrats did not share the same enthusiasm for the credit, with many saying the relief should go to Missourians who need it most, as opposed to people earning up to $150,000 a year.

Rep. Barbara Phifer, D-Kirkwood, said it’s a missed opportunity to give back to people in need and just because someone doesn’t pay income tax doesn’t mean they does not contribute to the state. by other means, such as paying sales taxes.

“What we’re doing is really discriminating against young families here in Missouri today. And I feel really sad about that. We could have done this differently,” Phifer said.

Transports and pensions boosted

A variety of areas saw increased spending credited to record receipts.

In transportation, the legislature allocated enough money to restore Amtrak service to two trains a day between St. Louis and Kansas City instead of the current one.

Additionally, lawmakers added $7 million for public transportation systems across the state, bringing that total to more than $8.7 million.

They also approved $100 million for the maintenance and repair of rural roads in Missouri.

“It’s great to have this in there to meet the needs of rural roads that continue to deteriorate, and hopefully we can move forward and pay a little more attention to low-volume roads. “, Hegeman said. mentioned.

The legislature also approved Parson’s request to add $500 million to Missouri’s retirement plan for state employees, known as MOSERS.

This year’s budget also fully funds Medicaid, including its expansion.

While an attempt to give the legislature the power to appropriate funds annually for population expansion, including the option of not funding it at all, passed the House, the funding is in the budget.

Part of the bills funding the Department of Health and Senior Services and the Department of Human Services that have come under criticism was language prohibiting state funding from going to facilities other than a hospital that performs abortions or a branch of such establishments.

Sen. Jill Schupp, D-Creve Coeur, said the language is designed to fund Planned Parenthood and called the attempt to legislate through the budget process unacceptable.

“What we’re going to do is put 45,000 Missourians at risk of not getting the screenings they need when they need them because they’re going to be busy trying to find a place that can accommodate them and provide them. these services,” Schupp said.

Nearly $3 billion in federal spending

In addition to the bills funding the operating budget, the Legislature had billions of federal dollars to allocate to projects and programs throughout the state.

The bill contains more than $2.8 billion in federal funds, most of it from the American Rescue Plan Act. This includes statewide projects such as broadband development as well as college improvement projects.

The projects include more than $104 million for the construction of a new crime lab at the Department of Public Safety, as well as more than $1 million at the department for sexual assault kit testing.

Counties and cities also receive federal dollars, with funding for more than 10 projects in the St. Louis area alone, including $15 million for the removal of vacant city-owned and condemned properties, as well as 40 million dollars to the University of Missouri-St. Louis for its Campus of the Future project, which includes the construction of buildings.

The bill was criticized on Friday by some members of the House, who said they had not had the opportunity to review the bill and negotiate. The Senate passed it the night before, and the House did not pass a conference motion.

The state has until the end of 2024 to allocate funding from the American Rescue Plan Act. Some members of the House wanted to use more time.

“This is an opportunity for us to step in and say, ‘No, call us back for a special session.’ Let’s do it the right way. Let’s make sure everyone’s voice is heard,” said Rep. Rasheen Aldridge, D-St.

Others disagreed.

“It’s the product of a long series of compromises, and I’m going to stand by our budget chair. I believe we got a very good deal for the House, and I think we should vote yes” said Rep. Phil Christofanelli, R-St. Peters.

Ultimately, the bill passed 114-16.

Follow Sarah Kellogg on Twitter: @sarahkkellogg

Copyright 2022 St. Louis Public Radio. To learn more, visit St. Louis Public Radio.

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Missouri Lawmakers Approve Election Year Budget With Tax Refunds, Money For Construction | Policy https://pilgernebraska.net/missouri-lawmakers-approve-election-year-budget-with-tax-refunds-money-for-construction-policy/ Fri, 06 May 2022 19:38:00 +0000 https://pilgernebraska.net/missouri-lawmakers-approve-election-year-budget-with-tax-refunds-money-for-construction-policy/ By Kurt Erickson and Grace Zokovitch St. Louis Post-Dispatch JEFFERSON CITY — Missouri lawmakers put the finishing touches to a $49 billion spending plan on Friday, giving themselves plenty of ribbons to cut and election-year freebies to hand out. The budget for the fiscal year beginning July 1 includes pay increases for low-paid teachers and […]]]>

By Kurt Erickson and Grace Zokovitch St. Louis Post-Dispatch

JEFFERSON CITY — Missouri lawmakers put the finishing touches to a $49 billion spending plan on Friday, giving themselves plenty of ribbons to cut and election-year freebies to hand out.

The budget for the fiscal year beginning July 1 includes pay increases for low-paid teachers and refund checks of up to $500 for taxpayers thanks to an influx of tax revenue and federal pandemic assistance.

The 19-bill budget package is now heading to Gov. Mike Parson’s desk, giving the House and Senate a week to finalize other priorities before heading into the 2022 election campaign.

Representative Peter Merideth, D-St. Louis, who is the ranking minority member of the House Budget Committee, said Friday marked the first time he did not vote against all budget bills.

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“This is by far the best budget the state has seen that I’ve seen,” Merideth said. “There are some very good investments here.”

After years of urging restraint and saying things like expanding Medicaid were too expensive to fully fund, the Republican-led legislature found itself staring at a huge pile of cash this year as the state withdraws from the coronavirus pandemic.

Money continues to flow beyond expectations. Through April, net general revenue was up 9.4% from a year ago.

In fact, House Budget Committee Chairman Cody Smith, R-Carthage, said that even with the tax refund plan, the state will still have $1 billion unspent in its overall checkbook at this time next year.

Some diehard Republicans called the spending plan bloated.

“Today, small government ended in Missouri,” said Rep. Brian Seitz, R-Branson. reflects the will of the people. This budget is not that.

Sen. Denny Hoskins, R-Warrensburg, has warned that big spending this year could lead to budget cuts next year.

“We will have to make tough decisions next year and beyond,” Hoskins said.

Under the plan, teacher salaries would rise to a base level of $38,000 a year from a national low of $25,000. The cost: $37 million.

School districts will also receive a $214 million infusion to cover a portion of transportation costs, marking the first time in 30 years that the state has fully funded its share of the program.

The additional funding for schools is intended to address staffing shortages that have led nearly a quarter of school districts across the state to go to four-day school weeks.

“This is a major and unprecedented investment in public education,” Smith said.

Big-ticket items like the state Medicaid program are fully funded under the plan. The funding cost of the voter-approved expansion of the MO HealthNet program is set at $2.5 billion.

Nursing homes will receive $200 million as the state increases the fees it pays to facilities to care for low-income Missourians.

Higher education also scored additional dollars for operating costs and construction projects. They included $5 million for a program designed to train high school students to work a day at the National Geospatial-Intelligence Agency, which is moving its campus to a site north of downtown St. Louis.

Lawmakers earmarked $100 million to repair and upgrade rural roads as part of a request by Parson. Cities could also take advantage of a $75 million cost-sharing program for road and bridge construction projects.

The Jefferson County Port Authority would receive $25 million to expand its port, which plans to install a container shipping terminal.

Negotiators also budgeted $2.4 million to restore Amtrak service between St. Louis and Kansas City to two round trips a day.

Rep. Rasheen Aldridge, D-St. Louis, welcomed the restoration of the frequency of passenger rail service.

“Transportation is really critical in this state,” Aldridge said.

Not all budget includes money to build things. In the Department of Public Safety budget, lawmakers set aside $3.2 million to pay for the demolition of abandoned homes owned by the city of St. Louis in an effort to combat the blight.

The budget also provides $49.5 million to pay a settlement with correctional officers, who successfully sued to force the Department of Corrections to pay overtime. The original jury prize was more than double that amount.

“It’s something that’s been hanging over the budget for a number of years,” Smith said.

Lawmakers have agreed to fund $500 million to shore up Missouri’s state employee retirement system.

“I think it’s one of the best uses of the money we have,” Smith said.

Missouri state-run nursing homes for veterans will receive enough funding to fully reopen after spending the last year operating at limited capacity due to a shortage of nurses and staff. That was good news for Sen. Jill Schupp, D-Creve Coeur.

“The homes of our veterans are going through difficult times. Their population is lower than it should be because they don’t have the staff and they can’t bring in more veterans to serve. And it’s a vicious circle because we can’t tap into federal funds if we don’t have a system in place. And all of those things are not going away right now. So I think that will help us move forward,” Schupp said.

At the Department of Mental Health, the budget includes more than $16 million for a mental health helpline program similar to the 911 hotline for emergency calls.

One of the few losers in the budget process was Attorney General Eric Schmitt, who failed to secure $500,000 to hire five lawyers in the solicitor general’s unit. The decision was a bipartisan rebuke to Schmitt’s aggressive streak of lawsuits against school districts over their mask rules.

Lawmakers also approved a $3 billion budget for construction projects and other individual initiatives using federal funds from the American Rescue Plan Act.

This plan includes $6 million to demolish the inactive Jamestown Mall and an additional $23 million for a new law enforcement center in St. Louis County. Both projects were pushed by Sen. Brian Williams, D-University City.

The Senate inserted $2 million for a sports complex in Chesterfield and $2.5 million to upgrade the Amtrak station in Kirkwood.

But the plan also cuts $70 million in funding to start building the Rock Island Pedestrian and Bike Path.

The University of Missouri-St. The Louis campus is online for a makeover. The budget sets aside $40 million in matching funds for a so-called “Campus of the Future” involving several new buildings and the demolition of old facilities.

Members of the House complained that they had no say in the long list of bills inserted by the Senate.

“This particular budget bill is just pork,” said Rep. Jim Murphy, a Republican from southern St. Louis County.

The rebate plan would send up to $500 in rebates to taxpayers earning up to $150,000 a year. The cost of the program is capped at $500 million, which means the total amount sent to individuals could be lower.

“It makes a difference in the wallets of Missourians,” said Rep. Phil Christofanelli, R-St. Peters.

Kurt Erickson • 573-556-6181

@KurtEricksonPD on Twitter

kerickson@post-dispatch.com

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Nonprofit Supports Food Tax Elimination in Kansas https://pilgernebraska.net/nonprofit-supports-food-tax-elimination-in-kansas/ Mon, 02 May 2022 15:38:00 +0000 https://pilgernebraska.net/nonprofit-supports-food-tax-elimination-in-kansas/ KANSAS CITY, Missouri—Kansas Governor Laura Kelly is expected to sign a bill this would bring financial relief to Kansans. Right now, if you live in Kansas, you pay the second highest state sales tax on groceries in the United States, and this bill would eliminate that. In Kansas, a 6.5% tax is applied to groceries, […]]]>

KANSAS CITY, Missouri—Kansas Governor Laura Kelly is expected to sign a bill this would bring financial relief to Kansans.

Right now, if you live in Kansas, you pay the second highest state sales tax on groceries in the United States, and this bill would eliminate that.

In Kansas, a 6.5% tax is applied to groceries, while Missouri has a food tax rate of 1.225%. Neighboring states, such as Colorado and Nebraska, have no food tax of any kind.

“You know, currently around 380,000 Kansans are at risk of going hungry on a daily basis, and so if they can have a little more money in their pocket so they can either buy more food or can stretch their budget to pay for other important necessities like rent or their mortgage and medical bills,” said Sarah Biles of Harvesters.

Biles says Harvesters has been pushing for the food sales tax to end in Kansas for seven years. As it stands, the bill calls for phasing out the food sales tax in the state over the next three years, but the governor is asking the legislature to get rid of the food sales tax altogether. here this summer.

“People are hurting now, inflation is high now and they really need solutions and help, we were really advocating for the bill to be implemented by July 1,” Biles said. “It’s a critical time of year because we’re heading into the summer and that’s when we see the needs are the greatest as children are out of school.”

Lawmakers will be back in Topeka later this month, which could mean they could hear an alternative bill that would include Kelly’s proposal, but nothing is set in stone.

Once the governor signs the bill, foods that will no longer be taxed include baked goods and staples like meat and milk, but alcohol and prepared foods are not included.

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Which states have the highest and lowest gas tax rates? https://pilgernebraska.net/which-states-have-the-highest-and-lowest-gas-tax-rates/ Sun, 01 May 2022 14:29:50 +0000 https://pilgernebraska.net/which-states-have-the-highest-and-lowest-gas-tax-rates/ With gasoline prices remaining at historically high levels, more attention is being paid to state-defined gasoline taxes. States, like the federal government, can levy taxes on fuels like gasoline and diesel. California currently has the highest gas tax rate in the state and it could increase even more in the coming months. It had been […]]]>

With gasoline prices remaining at historically high levels, more attention is being paid to state-defined gasoline taxes. States, like the federal government, can levy taxes on fuels like gasoline and diesel.

California currently has the highest gas tax rate in the state and it could increase even more in the coming months. It had been hoped that current economic conditions would encourage Governor Gavin Newsom to abandon the planned annual gasoline excise tax hike on July 1, but that will not be possible.

“It is clear now that the legislature will not act in time to provide this immediate and limited relief,” said Alex Stack, spokesman for Newsom.

Which states have the highest gas tax rates?

The rate of tax levied on gasoline and diesel can vary widely from state to state, which means recent fuel price hikes have hurt some more than others.

If you are driving interstate, it may be worth checking the relative tax rates. Drivers in Arizona will pay just 19¢ tax per gallon of gas, while residents of neighboring California will pay almost 50¢ more.

Kiplinger estimates that, for someone who travels about 20,000 km per year, the difference could represent an annual saving of approximately $235. Here are the states with the highest current gas tax rates:

10. Florida – 43.55¢ per gallon gasoline, 36.37¢ per gallon diesel

9. Michigan – 45.17¢ per gallon gasoline, 47.16¢ per gallon diesel

8. New York – 48.22¢ per gallon gas, 46.98¢ per gallon diesel

7. Washington – 49.4¢ per gallon gas, 49.4¢ per gallon diesel

6. Indiana – 49.79¢ per gallon gas, 54¢ per gallon diesel

5. Nevada – 50.48¢ per gallon gasoline, 28.56¢ per gallon diesel

4. Hawaii – 51.69¢ per gallon gas, 52.41¢ per gallon diesel

3. Pennsylvania – 58.7¢ per gallon gasoline, 75.2¢ per gallon diesel

2. Illinois – 59.6¢ per gallon gasoline, 67.02¢ per gallon diesel

1. California – 68.15¢ per gallon gasoline, 99.91¢ per gallon diesel

Which states have the lowest gas tax rates?

In response to the current situation in Ukraine and the still high price of gasoline, many states are considering offering gas tax reductions to help motorists at the pumps. In red and blue states, short-term solutions are being considered to help reduce costs.

However, the states with the lowest gas tax rates are still overwhelmingly Republican-led. Here are the states with the lowest current gas tax rates:

10. Delaware – 23¢ per gallon gasoline, 22¢ per gallon diesel

9. Colorado – 22¢ per gallon gas, 20.5¢ per gallon diesel

8. Louisiana – 20.01¢ per gallon gasoline, 20.01¢ per gallon diesel

=6. Oklahoma – 20¢ per gallon gasoline, 20¢ per gallon diesel

=6. Texas – 20¢ per gallon gasoline, 20¢ per gallon diesel

5. Missouri – 19.92¢ per gallon gas, 19.92¢ per gallon diesel

4. Arizona – 19¢ per gallon gasoline, 27¢ per gallon diesel (19¢ per gallon for light vehicles)

3. New Mexico – 18.88¢ per gallon gasoline, 22.88¢ per gallon diesel

2. Mississippi – 18.79¢ per gallon gasoline, 18.4¢ per gallon diesel

1. Alaska – 15.13¢ per gallon gasoline, 14.98¢ per gallon diesel

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H&R Block wins order prohibiting Block from using its name for tax application https://pilgernebraska.net/hr-block-wins-order-prohibiting-block-from-using-its-name-for-tax-application/ Thu, 28 Apr 2022 23:25:00 +0000 https://pilgernebraska.net/hr-block-wins-order-prohibiting-block-from-using-its-name-for-tax-application/ A sign is pictured outside the H&R Block store in Westminster, Colorado March 4, 2015. H&R Block Inc. was due to release its earnings report on March 4, 2015. REUTERS/Rick Wilking (UNITED STATES – Tags: BUSINESS ) Join now for FREE unlimited access to Reuters.com Register Summary Law firms Related documents H&R Block said Square’s […]]]>

A sign is pictured outside the H&R Block store in Westminster, Colorado March 4, 2015. H&R Block Inc. was due to release its earnings report on March 4, 2015. REUTERS/Rick Wilking (UNITED STATES – Tags: BUSINESS )

Join now for FREE unlimited access to Reuters.com

  • H&R Block said Square’s name change would be confusing
  • Court grants request to stop use of ‘Block’ with tax services

(Reuters) – Siding with tax preparation giant H&R Block Inc, a Missouri federal judge on Thursday temporarily barred Block Inc, formerly known as Square, from using the name “Block” in the as part of its tax preparation application.

Block’s use of the name and a green square logo for its Taxes Cash App is likely to confuse customers with H&R Block and its similar logo, Kansas City U.S. District Judge Nanette Laughrey said.

H&R Block had narrowed its request for a preliminary injunction in the case to cover only Block’s tax services, but its lawsuit still seeks to force Block to completely change its name.

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A spokesperson for H&R Block called the decision “an important victory in efforts to prevent a competitor from unfairly exploiting the reputation and trust that H&R Block has earned over the past 65 years.”

Block Inc and its attorneys did not immediately respond to requests for comment.

Block’s chief executive, San Francisco-based Twitter co-founder Jack Dorsey, announced the company would change its name from Square in December.

H&R Block sued soon after in his hometown of Kansas City, accusing Block of stealing his name to “co-opt” his reputation. He said the two companies have been direct competitors in tax preparation services since Block bought Credit Karma Tax, now called Cash App Taxes, in 2020.

Block responded that a reasonable consumer would not confuse Cash App Taxes with H&R Block’s services, and that it only uses “Block” to refer to its “house of brands” which includes Square, Cash App and the service of music streaming Tidal.

Laughrey on Thursday cited the brand strength of the H&R Block name and logo, the similarity of the companies’ brands and the overlap of their services as major factors in concluding that the Block name was likely to cause confusion.

“This confusion is likely to be amplified given that Block Inc is an innovative technology company with a founder and CEO that is getting a lot of attention and has millions of social media followers,” Laughrey said.

Laughrey rejected Block’s argument that the injunction request would cause undue hardship to the company, noting that it was “significantly scaled down” from H&R Block’s original request to change Block’s name completely. .

The case is H&R Block Inc v. Block Inc, US District Court for the Western District of Missouri, No. 4:21-cv-00913.

For H&R Block: David Bernstein of Debevoise & Plimpton

For Block: Margret Caruso and Rachel Kassabian of Quinn Emanuel Urquhart & Sullivan

Read more:

Square, led by Dorsey, becomes Block in a nod to blockchain

H&R Block sues Block, formerly Square, for a new name

Block, formerly Square, says the public won’t confuse the name with H&R Block

Join now for FREE unlimited access to Reuters.com

Our standards: The Thomson Reuters Trust Principles.

Blake Brittain

Thomson Reuters

Blake Brittain reports on intellectual property law, including patents, trademarks, copyrights and trade secrets. Contact him at blake.brittain@thomsonreuters.com

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Kansas bill to ‘eliminate food tax’ is defeated https://pilgernebraska.net/kansas-bill-to-eliminate-food-tax-is-defeated/ Wed, 27 Apr 2022 01:58:00 +0000 https://pilgernebraska.net/kansas-bill-to-eliminate-food-tax-is-defeated/ WYANDOTTE COUNTY, Kan. (KCTV) – A bill that would save Kansans money on their grocery receipt was shot down today. House Bill 2487, better known as Gov. Laura Kelly’s “Axe the Food Tax” plan, would have eliminated the 6.5% sales tax on groceries. The Living Stone Family Worship Center operates primarily as a church, but […]]]>

WYANDOTTE COUNTY, Kan. (KCTV) – A bill that would save Kansans money on their grocery receipt was shot down today.

House Bill 2487, better known as Gov. Laura Kelly’s “Axe the Food Tax” plan, would have eliminated the 6.5% sales tax on groceries.

The Living Stone Family Worship Center operates primarily as a church, but on weekdays the building is rented to the Delight Ahead Child and Family Development Center.

It’s a center that looks after 25 children every week, which means they’re constantly running errands to feed the little mouths.

“We serve our lunches, but generally we spend about $500 a week on groceries for the kids,” said owner and manager Demetria Spencer.

Spencer said the tax was noticeable when she looked at the receipt.

“Sometimes I go to Missouri because I know their taxes are cheaper,” Spencer said.

Currently, Kansas has a 6.5% sales tax rate on food. Governor Kelly’s “Axe the Food Tax” would eliminate this tax. She has said in the past that the bill would help save the Kansans hundreds of dollars on groceries.

It’s much-needed money that she says should stay in the pockets of the Kansans, as inflation has driven up the prices of everything, including food.

The bill failed the House 48 to 74 today, leaving Kansas with the second-highest food tax in the nation.

“I think we already have so much that we are paying in inflation. I think this reduction in sales is just going to help,” Spencer said.

Kansas House Democrats tweeted about today’s vote saying, “All Democrats and 10 Republicans voted to move forward with tax relief for families. 74 Republicans voted against.

The Kansas GOP did not tweet about the bill today, but in January they tweeted that the governor had vetoed a similar GOP bill that would have reduced the tax.

The tweet read: “Reminder: In 2019 Laura Kelly vetoed a food sales tax cut that would have made a huge difference to hard-working Kansans.”

The GOP has its own plan it wants to implement that would gradually reduce the sales tax, eventually eliminating the rate in 2025.

Meanwhile, as politicians go back and forth, the Kansans find each other and their wallets continue to suffer.

“I think Republicans and Democrats need to come together and work things out for the sake of the future, for our little ones coming in,” Spencer said.

Spencer mentioned that he sometimes goes to Missouri for groceries. Just across the State Line, the sales tax is just over 1%.

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Governor Kelly fights to cope with rising prices, asks for $250 tax rebate and offers immediate relief to Kansans https://pilgernebraska.net/governor-kelly-fights-to-cope-with-rising-prices-asks-for-250-tax-rebate-and-offers-immediate-relief-to-kansans/ Thu, 21 Apr 2022 15:08:10 +0000 https://pilgernebraska.net/governor-kelly-fights-to-cope-with-rising-prices-asks-for-250-tax-rebate-and-offers-immediate-relief-to-kansans/ ~~Governor urges Legislature to reconsider $250 one-time tax refund through budget amendment to provide Kansas taxpayers with immediate relief~~ TOPEKA – Today, Governor Laura Kelly announced an additional $460 million through a Governor’s Budget Amendment (GBA) for a one-time $250 tax refund to all Kansas residents who filed a 2020 tax return in 2021. Resident […]]]>

~~Governor urges Legislature to reconsider $250 one-time tax refund through budget amendment to provide Kansas taxpayers with immediate relief~~

TOPEKA – Today, Governor Laura Kelly announced an additional $460 million through a Governor’s Budget Amendment (GBA) for a one-time $250 tax refund to all Kansas residents who filed a 2020 tax return in 2021. Resident filers who married and filed jointly will be eligible for a direct payment of $500.

“We have worked hard to get the Kansas budget back on track after years of mismanagement,” said Governor Laura Kelly. “Our strong economic growth wouldn’t be possible without the hard work of Kansas taxpayers, and I want to give that money back to the people who earned it. Especially right now, when we’re all feeling the impact of rising costs. at the pump and the grocery store, the state can have an immediate and direct impact in helping Kansas families pay their bills and save for the future.

Governor Kelly previously called for the one-time $250 tax refund to all Kansas taxpayers in her budget proposal, but the entire House and Senate voted down funding for the measure. However, similar bipartisan plans have been proposed in many other states, including, more recently, the state of Missouri.

Under the governor’s plan, Kansas will return approximately $460 million to more than 1.2 million Kansas residents who paid taxes in 2021. Additionally, using one-time revenues, it will have no impact on the state’s continued ability to collect revenues that fund essential services or eliminate the state food sales tax. The proposal will be paid for with Kansas’ current budget surplus and is intended to provide relief to filers who are Kansas residents.

Find the Governor’s Budget Amendments here.

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