Wyoming taxation – Pilger Nebraska http://pilgernebraska.net/ Wed, 28 Sep 2022 04:07:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://pilgernebraska.net/wp-content/uploads/2021/10/icon-47-150x150.png Wyoming taxation – Pilger Nebraska http://pilgernebraska.net/ 32 32 13 states hold billions in hidden wealth https://pilgernebraska.net/13-states-hold-billions-in-hidden-wealth/ Wed, 28 Sep 2022 04:07:41 +0000 https://pilgernebraska.net/13-states-hold-billions-in-hidden-wealth/ Currently, billions of dollars in assets are held in secret trusts across the country. 13 states are “subordinate to trust”, according to a new report, aimed at the ultra-rich. In these states, billions of dollars remain intact and untaxed. Loading Something is loading. The idea of ​​billionaires hoarding their wealth in distant tax havens is […]]]>
  • Currently, billions of dollars in assets are held in secret trusts across the country.
  • 13 states are “subordinate to trust”, according to a new report, aimed at the ultra-rich.
  • In these states, billions of dollars remain intact and untaxed.

The idea of ​​billionaires hoarding their wealth in distant tax havens is far from new, with trillions of dollars in assets parked between beaches and palm trees. But for many Americans, billions of dollars in untaxed wealth might actually be hiding in their backyards.

“The United States has become a tax haven,” Chuck Collins, director of the Inequality and Common Good program at the Institute for Left-Wing Policy Studies, told Insider. “Wealthy people around the world are bringing their assets and wealth to the United States to park and avoid liability.”

A new IPS report, co-authored by Collins and Kalena Thomhave, finds that global elites can stay in the United States if they want to store their wealth without paying taxes. That’s because 13 US states have turned, or are turning, into fortresses where untaxed wealth can flourish in trusts. These untaxed assets can stay and grow for generations, without a dollar going to public services.

In South Dakota, Nevada, Alaska and Delaware, which the report identifies as the “greatest enablers,” an estimated $575 billion is invested in trusts. In Nevada, a trust can remain intact for 365 years, while in other states it can exist indefinitely, with the exception of real estate in Delaware. Essentially, this means that there are no safeguards indicating that trusts must be dissolved at some point and these assets must be sold and taxed.

Meanwhile, the report called Tennessee, Wyoming and New Hampshire “bad actors” with at least $800 billion in trust. Rhode Island, Ohio, Missouri, Illinois, Florida and Texas host over $300 billion as “emerging enablers”.

“There’s kind of a race to the bottom to see who will lower their standards, who will require the least oversight, and who will be the most trustworthy,” Collins said.

All of these states are trust-friendly, which means they have legislation or other measures in place that allow trusts holding assets to often remain anonymous or confidential, and allow such trusts to exist in perpetuity or for hundreds of years – meaning the assets never have to be sold or taxed when the trust assets are received.

In total, inequality researchers Gabriel Zucman, Thomas Piketty and Emmanuel Saez estimate that in 2021 there is $5.626 trillion in trusts and estates.

“We can safely say that we’re talking about hundreds of billions of dollars a year, probably trillions, that are not subject to tax,” Collins said. A telltale sign, he said, is that “the federal estate tax raised an appallingly small amount of money last year.” According to the IRS, estate and gift taxes brought in about $27 billion last year, or 0.7% of all taxes collected.

“It’s costing the rest of us taxpayers billions and hundreds of billions of dollars in lost revenue,” Collins said.

The amount of money hidden in trusts is one of the mechanisms America’s wealthiest use to reduce their tax burden. Last year, a bombshell report by ProPublica revealed that some of America’s billionaires pay little or no income tax. The whole methodology used by billionaires for their tax bills was perfectly legal, exposing what experts say are some of the holes currently embedded in the tax code.

According to the report and Collins, federal prohibitions on certain types of trusts with unclear ownership, requiring trusts to be registered and disclosed, and federal legislation that would not allow trusts to exist indefinitely could restrict the practice. .

“From an inequality perspective, this is a key mechanism of how intergenerational inequality is perpetuated,” Collins said.

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IRS and US Lawmakers Define and Refine Crypto Tax Compliance | International wealth tax advisors https://pilgernebraska.net/irs-and-us-lawmakers-define-and-refine-crypto-tax-compliance-international-wealth-tax-advisors/ Wed, 21 Sep 2022 16:56:04 +0000 https://pilgernebraska.net/irs-and-us-lawmakers-define-and-refine-crypto-tax-compliance-international-wealth-tax-advisors/ Part 1 of a series on U.S. and International Cryptocurrency Taxation Will the coming months finally bring cryptocurrency advice from the IRS and US lawmakers? Crypto assets currently lack coordinated standards, but that may be about to change. The Internal Revenue Service (IRS) and Washington policymakers are busy changing the guidelines. New digital asset tax […]]]>

Part 1 of a series on U.S. and International Cryptocurrency Taxation

Will the coming months finally bring cryptocurrency advice from the IRS and US lawmakers?

Crypto assets currently lack coordinated standards, but that may be about to change. The Internal Revenue Service (IRS) and Washington policymakers are busy changing the guidelines.

New digital asset tax guidelines

Are they currencies? Or are they investments? Since 2014, the IRS treated digital assets as property for tax purposes. In other words, transactions in these virtual currencies (which include NFTs) must be reported on a tax return, just like holdings of stocks or other assets are treated. If cryptocurrencies are bought and then sold in less than 12 months, then they are considered a short-term gain, while if held for more than 12 months, they are taxed at the lower capital gains rate at long term.

The IRS updated its guidelines in 2019, asking for a response if virtual currencies were collected as income. Regardless of the amount received, the amount must be reported on the appropriate tax form and is subject to the same taxes as ordinary or self-employment income. Crypto miners must include the fair market value of the asset and include it in their gross income.

These guidelines also covered “hard forks” – when a single cryptocurrency is split into two separate currencies, as well as “airdropsrelating to these hard ranges, which are considered ordinary taxable income. The IRS has established that taxpayers can use LIFO, FIFO, or specific identification accounting methodologies to calculate crypto gains and losses.

Required reports intensify

While the 1040 for the 2020 tax year asked filers about cryptocurrency activity, the 2021 version saw this question moved to the fore – to the top of the first page, to be exact. The question was also slightly edited to read: “At any time in 2021, did you receive, sell, send, exchange, or otherwise dispose of a financial interest in any virtual currency?”

Even more changes are in store for 2022 returns. In the draft Form 1040 for 2022the IRS has created a bold category, “Digital Assets,” which asks whether taxpayers have sent or received crypto assets as income or gifts in addition to the Form 2021 categories. While taxpayers should check whether they gifted or not, a gift is taxable only if it exceeds the annual threshold of US$16,000 or the lifetime threshold, which is $12.06 million this year.

Keeping track of crypto assets is no easy task, and while securities firms provide 1099 gains and losses for mutual fund or stock sales, crypto exchanges such as Coinbase have historically only provided income received, leaving it up to the investor to determine their cost basis.

However, that could be about to change. Although the Infrastructure Investment and Jobs Act 2021 did not include tax increases, it did include a tax-related revenue stream for the government, through the reporting of digital assets by brokers. Crypto brokers will now be required to provide investors with tax documentation similar to that provided for traditional assets in Form 1099-B. The agency is apparently working on a separate document, Form 1099-DA, which will include the number and type of assets, cost basis, fair market value and holding period. The provision applies to returns that must be filed and returns that must be provided after December 31, 2023.

Regulatory updates

While the IRS is making changes to how investors report crypto transactions, other significant changes are also on the way. The possibility that the crypto is generally under the supervision of the Commodity Futures Trading Commission (CFTC) – aligned with crypto industry preferences – is growing. In early June, a landmark bill was introduced by the bipartisan team of Cynthia Lummis (Republican Senator from Wyoming) and Kirsten Gillibrand (Democratic Senator from New York). The Responsible Financial Innovation Act tries to establish a regulatory framework for digital assets and proposes that the CFTC be the main supervisor of cryptocurrencies.

And just last month, The law on the protection of consumers of digital products has been proposed, identifying Bitcoin, Ethereum, and other “fungible forms of digital property,” as digital commodities under the guise of the CFTC. Securities and Exchange Commission (SEC) Chairman Gary Gensler also lends his support to this initiative, at least for non-security related tokens.

While this would include Bitcoin, the world’s largest cryptocurrency by market capitalization, the SEC would remain overseer of most other tokens, which are considered “security” tokens under the SEC’s enforcement measures. ‘agency. The SEC would have jurisdiction over transactions involving digital products that are used only for the purchase or sale of a good or service.

Stay informed

As U.S. policymakers attempt to regulate and normalize the “Wild West” of crypto, taxpayers should expect new rules and changed regulations, as well as increased oversight. Estimates suggest that the IRS is sub-collection over $50 billion a year in unpaid crypto taxes. Therefore, it is essential to keep abreast of these trends and changes and to seek the advice of a trusted international tax advisor to avoid any unnecessary surprises.

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Voters will decide whether Natrona County should continue to impose a local lodging tax on visitors https://pilgernebraska.net/voters-will-decide-whether-natrona-county-should-continue-to-impose-a-local-lodging-tax-on-visitors/ Fri, 16 Sep 2022 17:33:55 +0000 https://pilgernebraska.net/voters-will-decide-whether-natrona-county-should-continue-to-impose-a-local-lodging-tax-on-visitors/ The Natrona County Travel & Tourism Concil, also known as Visit Casper, is funded by the local lodging tax that is imposed on people staying at places like hotels and campgrounds in the county. (Gregory Hirst, Oil City News) CASPER, Wyo. — When voters in Natrona County go to vote in the general election this […]]]>

The Natrona County Travel & Tourism Concil, also known as Visit Casper, is funded by the local lodging tax that is imposed on people staying at places like hotels and campgrounds in the county. (Gregory Hirst, Oil City News)

CASPER, Wyo. — When voters in Natrona County go to vote in the general election this fall, they will be asked to consider whether to renew the local lodging tax.

The lodging tax is paid by visitors staying in hotels, motels, campgrounds and similar establishments. Unless Natrona County residents are staying at these establishments, they do not pay the local lodging tax. School groups and other exempt entities are not required to pay the accommodation tax.

The local lodging tax issue will be a little different on the ballot this fall than in years past due to Wyoming‘s new statewide lodging tax. Wyoming’s new statewide 5% lodging tax structure took effect July 1, 2021, after Governor Mark Gordon signed the lodging tax legislation in March 2020.

Before the statewide lodging tax went into effect, local governments could impose local lodging taxes of up to 4%. Under the new law, local lodging taxes are capped at 2%. However, 2% of the 5% statewide lodging tax is distributed to counties in proportion to the statewide lodging taxes collected in that county.

Therefore, the question before Natrona County voters this fall will be whether to approve the local 2% lodging tax. The question will appear on Natrona County ballots as follows:

2% lodging tax

This tax is paid by visitors staying in hotels, motels, campgrounds and similar establishments that provide temporary accommodation or space for transient guests. Unless staying at these establishments, residents of Natrona County do not pay this tax. School groups and other exempt entities do not pay this tax. Will the County Commissioners of Natrona County, State of Wyoming be allowed to maintain this lodging tax?

At Natrona, the lodging tax is used to support the Natrona County Travel & Tourism Council, which also operates as Visit Casper. This entity works to promote travel and tourism in the Casper area. The Natrona County Travel and Tourism Board approved a new budget for fiscal year 2023 in July, which includes spending authority for up to $1,801,600, about $300,000 less than in its budget for the 2022 financial year.

Local lodging tax collections in Natrona County from fiscal year 2010 through fiscal year 2021 were as follows, according to the Wyoming Division of Economic Analysis:

  • FISCAL 2010: $943,285
  • Fiscal year 2011: $1,005,051
  • Fiscal year 2012: $1,204,887
  • Fiscal 2013: $1,288,626
  • Fiscal 2014: $1,349,272
  • Fiscal 2015: $1,693,494
  • Fiscal 2016: $1,650,893
  • Fiscal 2017: $1,492,867
  • FISCAL 2018: $1,642,983
  • FISCAL 2019: $1,818,142
  • FISCAL 2020: $1,818,691
  • Fiscal 2021: $1,332,451

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Louisiana lawmakers discuss eliminating income tax https://pilgernebraska.net/louisiana-lawmakers-discuss-eliminating-income-tax/ Wed, 14 Sep 2022 11:21:58 +0000 https://pilgernebraska.net/louisiana-lawmakers-discuss-eliminating-income-tax/ BATON ROUGE (AP) — Louisiana lawmakers are once again discussing a possible path to eliminating state income tax. Lawmakers acknowledged at Tuesday’s tax drafting committee meeting that proposals to eliminate the income tax would face huge tax hurdles, but others say there is a need to help retain and attract residents, businesses, and corporations to […]]]>

BATON ROUGE (AP) — Louisiana lawmakers are once again discussing a possible path to eliminating state income tax.

Lawmakers acknowledged at Tuesday’s tax drafting committee meeting that proposals to eliminate the income tax would face huge tax hurdles, but others say there is a need to help retain and attract residents, businesses, and corporations to Louisiana. Republican Representative Richard Nelson, who led the conversation, described an overhaul of the state’s tax system as a “mouse trap” – allowing it to compete with states with no income tax, like neighboring Texas, which have experienced faster and greater growth.

“When you look at the state and you look at the trajectory that we’re on, I think the tax structure in Louisiana is one of the fundamental things that’s holding us back,” Nelson said at the House Ways and Means committee meeting. .

Overhauling the state’s complex tax code is likely to face fiscal and political challenges, given that personal income tax is expected to bring in $4.3 billion of the $39 billion annual operating budget. of state dollars.

If income tax is removed, lawmakers will need to consider how the funds would be replaced, whether that means raising sales and property taxes or reducing exemptions. Subcommittees will be tasked with performing an analysis of the state’s tax structure, examining the cost of exemptions and credits and other taxes that may be subject to change.

“Debbie Vivien, chief economist of the Legislative Tax Office, warned that now may not be the time for huge change.

“We’re seeing very high revenue, we know it’s probably going to go down. We’ve got a recovery from the hurricane, we’ve got a lot of federal money coming in. We know it’s going to go down, so we’re just warning you… if you’re tempted to cut, keep in mind that we have a long way to go at this point,” Viviane said.

Eight states – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – have no personal income tax.

“Texas, our neighbor to the west, has grown six times faster than us. Florida is pretty much the same,” Nelson said. What do they have in common? They have no income tax. It’s one of the main things that attracts people from across the country.

Last year, Louisiana voters approved a constitutional amendment that lowers the top personal income tax rate from 6% to 4.25% starting next year.

The Louisiana legislature can tackle tax issues in odd years. The ways and means committee is expected to make recommendations on changes to the tax structure to the Legislative Assembly for the 2023 regular session, which begins April 10.

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Arizona gubernatorial candidate Kari Lake wants to abolish state income tax if elected https://pilgernebraska.net/arizona-gubernatorial-candidate-kari-lake-wants-to-abolish-state-income-tax-if-elected/ Fri, 09 Sep 2022 17:04:00 +0000 https://pilgernebraska.net/arizona-gubernatorial-candidate-kari-lake-wants-to-abolish-state-income-tax-if-elected/ Arizona gubernatorial candidate Kari Lake said Thursday she wants to abolish state income tax, but did not provide details on how she would do so. “I want to get rid of income tax eventually if we can do that,” Lake told KTAR News. The Mike Broomhead Show. “I didn’t make that promise because I don’t […]]]>

Arizona gubernatorial candidate Kari Lake said Thursday she wants to abolish state income tax, but did not provide details on how she would do so.

“I want to get rid of income tax eventually if we can do that,” Lake told KTAR News. The Mike Broomhead Show. “I didn’t make that promise because I don’t want to make a promise that I can’t keep.”

‘DONALD TRUMP WITH SOFTER EDGES’: KARI LAKE MAKES HIS PITCH FOR ARIZONA GOVERNOR

The former TV news anchor added that she wanted to “get it as close to zero as possible so we can compete with some of these other states.”

Former President Donald Trump (L) introduces Republican Arizona gubernatorial candidate Kari Lake (R) as he speaks at a rally January 15, 2022 in Florence, Arizona.

(Ross D. Franklin/AP)

There are nine states that have no income tax. These are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Lake’s Democratic opponent Katie Hobbs told business leaders at an Arizona Chamber of Commerce governors forum this week that if elected, she will not raise taxes. She also noted that it takes a two-thirds majority vote to make such a decision in Arizona and that any significant tax changes would likely fail in the tightly divided state legislature. Hobbs also touted Arizona’s business-friendly climate at the event, which includes its tax structure.

Lake, meanwhile, has promised to cut taxes in each of her four years in office, and her campaign has announced that it will soon release a plan detailing how Lake will achieve this as governor.

Lake and Hobbs have been locked in a fierce battle to see which candidate will lead Arizona.

Lake, an explosive, Trump-endorsed election denier, surprised many political analysts when she won her primary contest against Karrin Taylor Robson, a candidate who was endorsed by former Vice President Mike Pence and the Governor of Arizona Doug Ducey. The GOP gubernatorial primary had turned into a full-fledged proxy war. His results were analyzed and helped shape the Republican Party’s strategy in some contests ahead of the November general election game.

In addition to addressing allegations of voter fraud, Lake has also made enemies in the transgender community and refused to back down on thorny policy areas such as abortion and immigration.

Hobbs, Arizona’s secretary of state, underscored his support for abortion rights over Lake’s inflammatory rhetoric on the subject.

Hobbs, however, recently made headlines for refusing to debate Lake.

“For weeks, Arizona was ridiculed as clips of the GOP primary debate circulated on social media,” Hobbs’ team said in a statement. “As a candidate and as governor, Sec. Hobbs will never participate in anything that will make Arizona the butt of late-night TV jokes and national ridicule. She has too much respect for the people of Arizona. ‘Arizona.”

CLICK HERE TO LEARN MORE ABOUT THE WASHINGTON EXAMINER

Phil Boas, editorial page manager of the Arizona Republiccalled Hobbs a “coward” for not debating Lake and said a cheap 52-word way to rephrase his position was: “I’m a coward, it’s the fault of Republicans, and all way, my fear is serving the people of Arizona.”

Hobbs and Lake are neck and neck, with Hobbs polling at 44% and Lake at 43%, according to the latest FOX10-InsiderAdvantage poll. About 10% of voters polled were either undecided or undecided.

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Tennessee has the highest beer tax rate in the US – The Courier https://pilgernebraska.net/tennessee-has-the-highest-beer-tax-rate-in-the-us-the-courier/ Wed, 07 Sep 2022 16:00:42 +0000 https://pilgernebraska.net/tennessee-has-the-highest-beer-tax-rate-in-the-us-the-courier/ Jon StyfThe central square Tennessee has the highest beer tax rate in the nation, according to a new report from the Tax Foundation.Tennessee’s rate is $1.29 per gallon, one of only two states that charge more than $1 per gallon in the country. Alaska charges $1.07.In the fiscal year that just ended in late July, […]]]>

Jon Styf
The central square

Tennessee has the highest beer tax rate in the nation, according to a new report from the Tax Foundation.
Tennessee’s rate is $1.29 per gallon, one of only two states that charge more than $1 per gallon in the country. Alaska charges $1.07.
In the fiscal year that just ended in late July, Tennessee collected more than $19 million in beer taxes, or $1.6 million more than expected. The previous year, it collected $18.7 million in beer tax.
Tennessee also has a mixed drink, or alcohol-to-drink, tax that resulted in $189.8 million in taxes last year, nearly $60 million more than the state budget. In the prior fiscal year, ending July 2021, Tennessee collected $115.8 million in taxes on mixed drinks.
In July alone, by adjusting consumer spending in June, Tennessee collected nearly $1.8 million in beer taxes and more than $17 million in mixed drink taxes.
Hawaii (93 cents), Kentucky (89 cents), South Carolina (77 cents), and North Carolina (62 cents) have the highest state beer tax rates. State rates were based on a 4.7% alcohol by volume beer in a 12-ounce container.
Wyoming has the lowest state beer tax (2 cents), followed by Missouri (6 cents).
The federal beer tax ranges from 11 to 58 cents per gallon depending on production, location, and quantity.

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As Home Values ​​Rise, Lawmakers Discuss Property Tax Relief Options | Wyoming News https://pilgernebraska.net/as-home-values-rise-lawmakers-discuss-property-tax-relief-options-wyoming-news/ Sun, 04 Sep 2022 13:15:00 +0000 https://pilgernebraska.net/as-home-values-rise-lawmakers-discuss-property-tax-relief-options-wyoming-news/ A booming real estate market, coupled with inflation, are two reasons why property taxes have increased recently. Owners’ incomes are expected to grow with them, at least eventually. Or that residents can hold on until property values ​​come down. But high property taxes can be burdensome, especially for people on fixed incomes, like retirees and […]]]>

A booming real estate market, coupled with inflation, are two reasons why property taxes have increased recently. Owners’ incomes are expected to grow with them, at least eventually. Or that residents can hold on until property values ​​come down.

But high property taxes can be burdensome, especially for people on fixed incomes, like retirees and people with disabilities.

A task force within the Joint Revenue Committee met virtually Thursday to discuss more than a dozen different ways Wyoming could provide property tax relief.

A major point of interest was changing Wyoming to a property tax system based on acquisition value.

Under this model, the state would no longer tax your home based on its current market value, but on the value when it became yours.

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But there’s a lot of uncertainty about what that could or should look like.

“The acquisition is certainly not out of place, but there are a lot of issues that would need to be addressed to enable us to administer it,” said Converse County Assessor Dixie Huxtable, representing the Association of Wyoming County Assessors.

One proposal suggested setting a base year for this system. The bill would tax owners of existing residential properties based on the market value of their homes in 2019. All residences that change hands thereafter would be taxed at their acquisition value.

A stroll through downtown Casper

The working group discussed the development of a bill to study the acquisition model in more detail.

The study, which would likely be conducted by a third-party company, would explore what Wyoming would need to do to implement this system and how it would affect property tax revenues.

There was also the question of whether or not to amend the Wyoming State Constitution to make residences their own tax class.

Currently, the constitution groups residential property into the same tax class as agricultural and commercial property.

A constitutional amendment could give residential property its own category — that way, the state could make changes to how residential property is taxed without affecting the money it makes from commercial and farm property taxes.

But the working group was not sure what form this amendment should take.

The simplest version of the amendment would only allow the state to lower the assessment rate applied to property taxes. The assessment rate determines how the market value of a home translates to the assessed value of the property.

For residential, commercial and agricultural properties, this rate is currently 9.5%.

In other words, if your home was assessed at $565,000, its assessed value would be $53,675. Your county assessor’s office would apply your local tax rate to determine what you actually owe in property taxes. In Casper, for example, the tax rate is $72.89 for every $1,000 of assessed property. This means that for an estimated land value of $53,675, you will pay $3,912.

Other proposed constitutional amendments would introduce more significant changes to this system.

A proposed amendment proposed by Rep. Mike Yin, D-Jackson, would allow lawmakers to lower the assessment rate for residential properties and pave the way for additional tax exemptions.

An even broader constitutional amendment could also allow tax caps on residential properties – which set limits on how much local governments can raise property taxes – or let the state adopt a property tax model based on the acquisition value.

In a separate proposal, Brenda Henson, director of the Wyoming Department of Revenue, suggested relaxing eligibility requirements for the state’s existing property tax rebate program.

Currently, the program is limited to households earning less than or equal to three-quarters of the median household income in the state, or three-quarters of the median income in their county of residence – whichever is higher.

Henson said as of Wednesday, about 4,400 households have already applied for property tax refunds this year. Of these, 1,263 were rejected, mainly because they exceeded the income limit.

The relief program typically costs the state about $1.5 million a year, Henson said. This year, the Department of Revenue expects it to cost about $1.7 million.

Raising the cap to 100% of median household incomes at the state and county level would cost the state at least $900,000 a year, according to a study presented at the meeting by the Wyoming Office of Legislative Services.

There was also talk of implementing a $50,000 property tax credit for homeowners. Essentially, this bill would make $50,000 of owner-occupied properties tax-free.

This is estimated to cost the state $56.6 million per year.

Yin suggested expanding this exemption to include rental properties. This would, at least in theory, encourage landlords to lower rents, so tenants could also benefit from the tax relief.

Other proposals included:

  • reviving a state program to provide tax relief to people 65 and older and people with disabilities;
  • expanding property tax relief for veterans;
  • calculate property assessments based on a multi-year moving average, rather than their current market values; and
  • provide relief using money from existing revenue sources (Alaska, for example, gives its residents a cut of its oil revenue each year).

Lawmakers reject proposed housing trust fund program

Members of the task force also discussed modifying Wyoming’s property tax deferral program.

The program was introduced as a way for low-income residents of participating counties to delay paying property taxes.

Counties pay property taxes on behalf of eligible owners, which are transferred to liens on their properties. Homeowners pay that money back at a later date, when they refinance or sell their home, for example.

This can be a costly arrangement for counties, as they may not be reimbursed for several years. Currently, only Teton County makes the program available.

It also hasn’t been very popular with owners, said Cale Case, R-Lander rep.

Case proposed introducing an alternative version of the program that would not involve state or county governments, but rather a “tax relief authority”. Liens would be due to banking institutions, not counties.

Lawmakers reject proposed housing trust fund program

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California Tax Credit for Low-Income Residents Without a Car, More on Venice Blvd Protected Bike Lanes and New Fullerton Bike Park https://pilgernebraska.net/california-tax-credit-for-low-income-residents-without-a-car-more-on-venice-blvd-protected-bike-lanes-and-new-fullerton-bike-park/ Fri, 02 Sep 2022 12:30:54 +0000 https://pilgernebraska.net/california-tax-credit-for-low-income-residents-without-a-car-more-on-venice-blvd-protected-bike-lanes-and-new-fullerton-bike-park/ California wants to pay you for not owning a car. Maybe. And somehow. SB 457 began as a $2,500 refund proposal to adult taxpayers who owned fewer cars than they had eligible drivers, growing to $5,000 for a couple without a car. But it was significantly reduced during negotiations in the state legislature, with the […]]]>

California wants to pay you for not owning a car.

Maybe. And somehow.

SB 457 began as a $2,500 refund proposal to adult taxpayers who owned fewer cars than they had eligible drivers, growing to $5,000 for a couple without a car.

But it was significantly reduced during negotiations in the state legislature, with the final bill giving only a $1,000 tax credit to single filers earning up to $40,000 and joint filers. earning up to $60,000, who live without their own car.

By linking it to income and requiring the entire household to be car-free, the legislator has significantly lowered the bill, while significantly reducing the number of eligible households.

Which was probably the point.

In effect, they changed it from a bill to encourage car owners to go carless, to subsidize the use of public transit for people who already are; the $1,000 tax credit would cover nearly a full year of unlimited LA subway passes.

And in this case, the restrictions are hitting close to home.

While my wife and I would qualify for income restrictions, her car would prevent us from receiving anything, even though I no longer drive.

Under the original bill, I would have qualified by not owning a car, while she wouldn’t, earning us $2,500 that we won’t see now.

Still, it is a step in the right direction.

And maybe one day the state will steer people away from using cars and encourage people to take their cars and trucks off our crowded streets and embrace healthier modes of transportation.

Both for the person using it and for our society as a whole.

………

Streetsblog offers more details on planned improvements to Venice Blvd on the Westside of Los Angeles.

The project will create a continuous 5.1-mile protected bike lane extending east and west of the existing protected bike lanes in Mar Vista, as well as a new 2.5-mile bus lane.

Work is expected to begin in November, following public feedback and final design work.

………

The war on cars may be a myth, but the war on bikes continues.

You’re kidding. Family members may never know what really happened to a fallen cyclist, after Denver police detectives failed to investigate or visit the crash site during five weeks after his death. Someone should be fired for this one. Although police unions are very good at keeping bad cops on the payroll these days.

But sometimes it’s people on two wheels who misbehave.

The Hollywood journalist wonders if a former writer/producer for Scrubs and Californication is Hollywood’s most prolific sexual predator, sometimes using his bicycle to stalk young women; Eric Weinberg is free on $3.25 million bail as he awaits trial on 20 sexual assault charges, including rape. Seriously, there’s no pit deep enough.

………

Local

Ride a bike meets Koreatown bike mechanic Jimmy Lizama, one of the founders of LA’s modern cycling community. As usual, read it on Yahoo if the magazine blocks you.

Los Angeles County Sheriff’s Deputies are conducting a bicycle and pedestrian safety operation from 8 a.m. to 10 p.m. today cracking down on anyone who commits an offense that could endanger people on foot or on two wheels, whoever its author. Usual protocol applies – follow the letter of the law until you leave town, so you’re not the one who gets caught.

The East Side Riders continue their exemplary social service this Saturday, offering free bike repair, helmet distribution and a safety course.

State

An eight-year-old boy has been hospitalized with serious injuries when he was run over by the driver of a van while cycling in Coto de Caza.

San Onofre surfer, artist, and shaper Tyler Warren is starting a petition to ban e-bikes from California state parks, somehow assuming their riders are responsible for the litter, while complaining that “the recreational integrity of surfing” is “hopelessly degraded” by ebike-riding “kooks and their endless gear fetishes”. Maybe he needs to wear a helmet when surfing.

National

Adventure cycling is deployment of a dozen two- to five-day cycle routeseach starting in metropolitan areas and with GPS as your guide, for anyone who doesn’t have the time or inclination to tackle a big hike across the country.

A writer for Slate says automakers are rolling out electric pickup trucks and SUVs that are just as deadly as their gas-powered counterparts, but there’s still time to change course — probably before we’re all killed.

Touristic site planet alone recommends the ten best bike routes in Seattle, for your next trip to Emerald City.

Washington State will now have to incorporate complete streets principles and consider the needs of all road users – including pedestrians, cyclists and transit users – in all state road projects. . Hopefully this works better for them than a similar requirement here in California so far.

A Denver magazine offers a tongue-in-cheek beginner’s guide to joining the local cycling community, for all new e-bike buyers taking advantage of the city’s rebate program.

A Denver man tracked his AirTag to locate his stolen e-bike and recovered it when he broke off an apparent negotiation over its sale.

A Wyoming woman celebrates road cycling, “where all the senses come into play”.

Kind-hearted staffers at a Missouri high school dipped into their own pockets to buy a new bike for a sophomore who only made it three days into the school year before his bike was stolen .

It’s more like that. Cincinnati TV station tells drivers to stay off bike lanes, and still give in to cyclists because of the danger their vehicles represent for the most vulnerable road users. I’ll even give them a pass for not bothering to invest the ten seconds it took to find out if their state has a three foot overtaking law. Hint: it does.

New York plans to ban e-bikes and scooters in city’s public housing projects, in response to a wave of fires caused by poorly made e-bike batteries; Streetsblog says the city could implement a battery swap program to prevent residents from charging their batteries at home overnight.

You’re kidding. A New Jersey man has had his 19-year conviction overturned for stealing a bicycle from a man with special needs and vandalizing it, then throwing a hammer at the victim because he was apparently too drunk to understand his rights in Miranda.

International

weekly cycling recommends five simple upgrades to get that new bike feel from a cheap used bike.

We may have entered the post-cycling boom period as English cycling attendance has fallen to its lowest level since the country started tracking seven years ago, with just 2% making all their trips by bike ; Meanwhile, readers of The Guardian share how safety concerns caused them to give up their bikes.

Competitive cycling

Spanish pro Enric Mas claims Remco Evenepoel is showing no signs of cracking, despite crashing on Thursday at the Vuelta’s 12th stage.

Evenepoel continues to hold a 2 minute 41 second lead over 2nd place Primož Roglič, with Mas in 3rd, after Thursday’s 12th stage.

Baltimore is hosting the one-day Maryland Cycling Classic this Sunday, featuring multiple WorldTour riders and teams.

To finish…

That feeling when a mountain bike crash provides creative inspiration for your new business venture. Or when a one-block bike lane is enough to force a local recall election.

And that feeling when the neighborhood NIMBYs somehow feel the need to call for the removal of a temporary bike lane.

Did I mention it’s just temporary?

………

Be safe and stay healthy. And get vaccinated, already.

Oh, and damn Poutine too.

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IRS Revokes North Carolina NAACP’s Tax Exempt Status https://pilgernebraska.net/irs-revokes-north-carolina-naacps-tax-exempt-status/ Wed, 31 Aug 2022 17:56:00 +0000 https://pilgernebraska.net/irs-revokes-north-carolina-naacps-tax-exempt-status/ RALEIGH, N.C. (AP) — The influential North Carolina state chapter of the NAACP has lost its federal tax-exempt status for failing to file tax returns for three years, according to the feds. . The Internal Revenue Service stripped the civil rights organization’s state chapter of its tax-exempt status on May 15 in a process that […]]]>

RALEIGH, N.C. (AP) — The influential North Carolina state chapter of the NAACP has lost its federal tax-exempt status for failing to file tax returns for three years, according to the feds. .

The Internal Revenue Service stripped the civil rights organization’s state chapter of its tax-exempt status on May 15 in a process that automatically revokes the designation of nonprofits that don’t produce no federal tax returns for three consecutive years, according to an article on the IRS website. The status change was made public this month.

The state chapter has been a prominent voice in speaking out against the policies of the state’s Republican-controlled legislature, including challenging voter access laws in recent years. Earlier this month, the civil rights group scored a victory when the state Supreme Court ruled that a lower court should consider overturning a citizen-approved voter ID warrant in 2018.

The loss of federal tax-exempt status was first reported by The News & Observer in Raleigh. The newspaper reports that charitable giving experts say losing the status could hamper fundraising efforts and potentially drain the organization’s resources through donation taxes and fines.

The newspaper also reported that the national NAACP intervened in 2019 to place the state chapter under punitive administration, giving the national organization more information on how the state branch is staffed and works. The state and national organizations are working to restore the branch’s tax-exempt status.

Da’Quan Love was recently named by the national organization as executive director of the North Carolina NAACP. He told WRAL-TV that he considers his role as a consultant to help the state chapter consolidate its finances as the national organization conducts a multi-year audit of its finances. He previously served as leader of the Virginia branch of the NAACP.

“The National NAACP has initiated a financial audit, a comprehensive, multi-year financial audit of the state conference as well as all branches of the state of North Carolina to rectify these issues and get to the bottom of these challenges and ensure this doesn’t happen again and we are in good financial shape,” Love told WRAL.

He said the national organization will provide the state chapter with resources and support so it can continue its civil rights work, including efforts to secure the vote before the November election.

The loss of tax-exempt status became public knowledge weeks after former state chapter chairman Reverend T. Anthony Spearman was found dead at his home. A cause of death has not been released. Spearman, who lost a 2021 bid to run for re-election as head of the state chapter, had filed a lawsuit against state and state NAACP officials accusing them of defaming him and conspiring to remove him from the presidency.

]]> Round Rock City Council Approves Proposed FY23 Budget and Tax Rate at First Reading https://pilgernebraska.net/round-rock-city-council-approves-proposed-fy23-budget-and-tax-rate-at-first-reading/ Fri, 26 Aug 2022 00:27:56 +0000 https://pilgernebraska.net/round-rock-city-council-approves-proposed-fy23-budget-and-tax-rate-at-first-reading/ Round Rock City Council voted 7-0 Thursday, Aug. 25, at first reading to approve a $555.5 million budget for fiscal year 2023, which begins Oct. 1. The FY23 tax rate was also unanimously approved at first reading. A second reading on both points will take place at the September 8 city council meeting. The proposed […]]]>

Round Rock City Council voted 7-0 Thursday, Aug. 25, at first reading to approve a $555.5 million budget for fiscal year 2023, which begins Oct. 1. The FY23 tax rate was also unanimously approved at first reading. A second reading on both points will take place at the September 8 city council meeting.

The proposed budget includes the following highlights:

public safety

  • Construction of a new Fire Station #1 will begin in 2023 with an expected completion in 2024 to improve response times
  • Six additional firefighters and equipment for a new team to improve the city’s response
  • Thirteen additional police and a crisis response unit communications post making Round Rock one of the safest cities in the country
  • With support staff, including two additional public safety mechanics and a Additional guardian for the PSTC

Parks and recreation

  • Major works and funding for the City’s trail network, including Heritage Trail East, Lake Creek Trail and West Heritage Trail
  • Pursue popular family events such as Fourth of July parade and party at the OSP, light up the lake, Hometown Holiday Lights and more
  • Freeman Park, Skate Park, High Country Park, Bowman Park and Yonders Point at Old Settlers Park will all see improvements
  • Eighteen new positions for recreational programs, to maintain trails, and to ensure the safety of the park and trail system

Transportation and utilities

  • $4.3 million for neighborhood street maintenance (Round Rock has committed $37 million to neighborhood streets since 2015)​
  • Completion of Widening of University and University East Boulevards and segments of the Kenney Fort Blvd. extension
  • Construction begins to expand and improve Greenlawn Boulevard, County Road 112, Red Bud Lane, and segments of Way to Gattis school
  • Extensive engineering and personnel work to prepare for upcoming road improvement projects – including Wyoming Springs Extension and the next segment of Gattis School Road
  • Complete construction of the Brushy Creek Regional Wastewater System Expansion project in the summer of 2023​

Downtown and Round Rock Public Library

  • New 60,000 square feet public library opening January 2023 ​
  • New 300 seats downtown car park opening January 2023​
  • Transportation and utility infrastructure improvements in the northeast of the city center will be completed
  • Planning and design to reuse existing library for Arts, Go Round Rock, the round rock chamber and public space

On August 11, the city council voted to set a proposed maximum property tax rate of 34.2 cents per $100 of assessment for the 2023 fiscal year.

At the proposed rate, the owner of a home with a median assessed value of $369,169 would pay an average of $1,263 next year in municipal taxes, an increase of $5 per month from the current rate. However, many homeowners with property caps, which limit assessed values ​​above 10% each year, may actually see a decrease in taxes paid to the city this year due to commercial and non-family properties paying a share. much higher property taxes due to rising valuations and growth.

This proposed tax rate is lower than previous years, and is the lowest proposed among cities in our region; however, the proposed rate for fiscal year 2023 is higher than the “no new revenue” rate of 32.6 cents, which would increase the same amount of revenue as last year on existing properties based on property valuations from This year. The additional 1.6 cents are needed to pay the final $21.7 million in bonds for the new library approved by voters in 2013, as well as increased resources for public safety, including 13 new police officers and six new staff. for the fire department.

More information about local entity property tax rates, including how much you owe each taxing entity under their proposed tax rates, can be found at williamsonpropertytaxes.org for residents of Williamson County and on travistaxes.com for residents of Travis County.

There are no increases in rates or utility charges in the budget.

Learn more about the City of Round Rock’s proposed fiscal year 2023 budget at roundrocktexas.gov/budget.

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