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Breaking from big business, some Florida Republicans call for closing corporate tax loopholes
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Breaking from big business, some Florida Republicans call for closing corporate tax loopholes
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Over the upcoming week, the state Legislature will take up several of the policies proposed by Gov. Greg Gianforte in his inaugural state budget.
Gianforte, the stateâs first Republican executive in 16 years, has dubbed it âTax Reform Week.â In an interview last Friday, the governor said his goal is to provide âbroad-based tax relief to individuals, low-income folks and small businessâ through incremental changes that he wants to start this session and expand on later in his term.
Business organizations in the state support the proposals from Gianforte, as his plans align with what the groups have long called for. The governor argues things like raising the business equipment tax exemption, dropping the top income tax rate and eliminating the capital gains tax for some entrepreneurs will result in more investment and jobs in the state, overall boosting the economy. Republicans, who hold the majority in the Legislature, have also indicated they back the plan
Targeted News Service
WASHINGTON, Feb. 5 The Center on Budget and Policy Priorities issued the following commentary by senior fellow Michael Mazerov entitled States Should Decouple From New Federal Tax Break for PPP Loans :
A new federal tax break for businesses receiving federal Paycheck Protection Program (PPP) loans could also give these businesses a new state tax break in many states unless the state acts to prevent it, as some are considering. That wouldn t mean a tax increase on small businesses, despite media stories and state business lobby claims to the contrary. Rather, it would be a rational state decision in light of serious state revenue shortfalls, additional COVID-19-related costs, and balanced-budget requirements not to add a state tax break to the federal tax break and direct federal subsidy for businesses receiving PPP loans.
If at first, you don’t succeed, try, try again.
That is the motto for state legislators intent on giving Kansans an income tax break but the COVID-19 pandemic has given a new sense of urgency to both advocates and opponents of the legislation.
Tax policy is always a charged debate in Topeka, in large part thanks to the controversial tax cuts passed by the Legislature at former Gov. Sam Brownback’s behest in 2012. They were repealed five years later after they failed to produce the desired economic boost and have been touted by Democrats as a cautionary tale in years since.
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