A new analysis by the international research think tank Tax Foundation shows which states in the nation collect the least and most taxes per capita as of fiscal year (FY) 2021, the most recent year for which full state-by-state data are available.Read More
New Internal Revenue Service (IRS) guidelines for the federal electric vehicle (EV) tax credit are a “recipe for fraud,” warns the head of the Tax Foundation.
Consumers will now be able to automatically claim the tax credit at the point of sale on new or used EV purchases, rather than wait to claim it on their tax return, according to the latest Treasury Department guidance.Read More
A lawmaker this week proposed reforming Pennsylvania’s $100 million film-production tax-credit program, a policy he said he believes doesn’t benefit enough independent, non-urban projects.
State Senator David Argall (R-Mahanoy City) sent a memorandum to colleagues in which he ascribed $5 billion in recent economic activity to the program. He said that the subsidy is falling overwhelmingly into the hands of filmmakers basing their projects in and around Philadelphia and Pittsburgh.Read More
Republicans lost their majority in the Pennsylvania House of Representatives last year, but on Tuesday GOP members voiced their hope that the state might still curb state spending and lighten the tax burden with which the commonwealth saddles residents and businesses.
With that goal in mind, House Appropriations Committee Minority Chairman Seth Grove (R-York) led a roundtable discussion with several state fiscal-policy experts.Read More
As more Americans move to lower-taxed Republican-led states, a new report by the Tax Foundation indicates that taxation levels play a direct and indirect role as factors contributing to migration patterns.
Taxes often “play an indirect role by contributing to a broadly favorable economic environment. And sometimes, of course, they play little or no role,” Jared Walczak, a vice president at the Tax Foundation, writes in an analysis of 2021 U.S. Census Bureau data and inbound and outbound migration data published by U-Haul and United Van Lines.
“The Census data and these industry studies cannot tell us exactly why each person moved, but there is no denying a very strong correlation between low-tax, low-cost states and population growth,” he wrote. “With many states responding to robust revenues and heightened state competition by cutting taxes, moreover, these trends may only get larger.”Read More