Treasury limits state and local tax cap workarounds

Business 06/11/19, 20:39

The Treasury Department issued final rules Tuesday that would clamp down on taxpayers trying to circumvent a new cap on state and local tax deductions. The Tax Cut and Jobs Act, promoted by the Trump administration and passed in late 2017, limits the amount of state and local taxes that can ...

Tourism spending in New Jersey hit $44.7 billion in 2018

Business 05/09/19, 13:51

New Jersey's beaches, casinos, forests and cities attracted tourists who spent nearly $45 billion in 2018. Democratic Gov. Phil Murphy said tourism spending in New Jersey has increased for nine years in a row. Speaking at a tourism conference Thursday in Trenton, Murphy said the tourism industry generated $5 billion in state ...

Assembly Democrats want lower threshold to raise local taxes

U.S. 03/27/19, 14:47

California voters could decide in 2020 whether it should be easier for their local governments to raise taxes and issue bonds for affordable housing, road improvements and other public projects. A constitutional amendment proposed Wednesday would lower how much voter support communities need to raise money for infrastructure projects from two-thirds ...

California lawmakers seek tax cuts for sluggish pot industry

U.S. 01/28/19, 16:31

A group of Democratic state lawmakers and one Republican colleague on Monday proposed slashing taxes to jump-start California's sluggish legal marijuana marketplace.Democratic Assemblyman Rob Bonta of Oakland, Democratic state Treasurer Fiona Ma and three other Assembly members said at a news conference that the state's year-old legal marijuana marketplace is ...

Democrats in key House races push against tax deduction cap

Business 09/19/18, 08:15

Congressman Leonard Lance voted last December with the interests of his northern New Jersey district in mind when he opposed his own party's sweeping tax overhaul.The cap on deductions for state and local taxes that was part of the Republican plan was bound to mean that many people in the ...

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