Debt limit negotiations move to the White House. Speaker Kevin McCarthy (R-CA) told reporters yesterday that he would send Republican negotiators to the White House to “try to finish up the negotiations” President Biden. He remained adamant that no proposals from the White House to raise taxes or freeze, rather than cut, spending would be entertained.
California cannabis tax revenue tops $200 million in first quarter of 2023. California collected over $216 million in tax revenue from the sale of legal cannabis the first quarter of this year, according to the California Department of Tax and Fee Administration. Cannabis tax revenue included $104.3 million from the cannabis excise tax and $111.9 in sales tax revenue. Since January 2018, when commercial cannabis businesses first began legal operations, California has generated nearly $5 billion in tax revenue.
Will Texas families soon have more tax-free items? The Texas House passed a bill to exempt from sales tax diapers, maternity clothes, and menstrual products. The bill already passed in the Senate. A majority of states with sales taxes have exemptions for similar products.
Indiana locality offers $332.9 million in tax incentives to GM and Samsung. The St. Joseph County Council approved a plan to give tax abatements to the automaker and battery manufacturer in exchange for its selection as the site of a $3.5 billion battery cell plant. If selected, the development project would be the largest seen in the northern Indiana area. The plant is expected to create 1,600 jobs with an average wage rate of $24 hour.
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