Key TCJA author moves on to greener pastures. The former chief tax counsel for the House Ways & Means Committee who was instrumental in the drafting of the Tax Cuts and Jobs Act has a new job. Barbara Angus is the new global tax policy leader at Ernst & Young. She was one of the last of the key TCJA staffers to leave the Hill.
Not counting Missouri’s chickens before they hatch. The State Senate has given its preliminary approval to a cap on housing tax credits. The measure would save $600 million over ten years but the chairman of the Senate Appropriations Committee won’t include any savings in the coming budget. The measure would cap the housing tax credit at 72.5 percent of what the state receives in federal tax credits.
Arkansas counted its chickens a little early, but has corrected itself. The state lowered its estimates of casino tax revenue for the next several fiscal years. In November, it expected casino taxes would raise nearly $70 million in fiscal year 2020. But voters lowered the tax rate for casinos and some new gaming centers that were expected to open next year probably will be delayed or abandoned due to local opposition. As a result, the Department of Finance and Administration has lowered its casino tax revenue estimate to $31.2 million for fiscal year 2020.
New Zealand gears up for a new digital tax. Reuters reports that the nation will tax earnings from multinational firms like Google, Facebook, and Amazon. New Zealand estimates it will collect between NZ$30 million and NZ$80 million in taxes from the firms. The UK, France, and Austria already have announced their own digital taxes, although the European Union failed in its efforts to agree to a single EU-wide levy.
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