Finance & Revenue

3 years ago New York approved sports betting. Since then  $58 billion in bets have been placed. In comparison, New York’s lottery, the biggest in the country, brought in $8.2 billion in sales during the 2023-2024 fiscal year while mobile sports betting brought in 1.7 billion in revenue. The American Gaming Association says New York State tops all states in  sports betting state revenue. Neither California nor Texas permit sports betting. 

Ny Focus | In Brief: Sports Betting in New York

Meet Right to Start, a bipartisan organization supporting entrepreneurship. Their polling shows that “94% of American voters agree that “it is important to America’s future that citizens have a fair opportunity to start and grow their own business.”That near-unanimity crosses party lines, with 95% of Republicans, 95 % of independents and 92% of Democrats agreeing. “

In July 2023 Nevada became the first state to create a State Office of Entrepreneurship. Since then, Colorado, Kansas, Michigan and New Mexico have followed suit.

Governing | Your State Needs an Office of Entrepreneurship

Philadelphia is transforming the 76ers/Flyers arena to a mixed-use development featuring sports, retail, restaurants, and a hotel for a cost of $2.5 billion. This is in lieu of a proposed new arena in Chinatown with a cost of $1.3 billion.

WHHY | Sources: Sixers abandon plan to build new Center City arena, will remain in South Philly

Maryland is investing $2 million to prepare its technology workforce. Tech employers have said that practical training after college would be helpful to support the tech workforce.  “The funding will support experiential cyber training and job placement efforts at all 16 community colleges in Maryland, the state’s Gov. Wes Moore announced late last month. “

Route Fifty | Cyber ranges get a boost in Maryland to strengthen the cyber talent pipeline

In 2021, Montana dedicated part of its recreational marijuana tax to conservation and recreation. The Montana State Parks Foundation credits this tax revenue as fundamental to the state parks budget. Now in 2025, the Governor proposes re-allocating the marijuana tax revenue to public safety.

KTVH | Marijuana tax revenue is a key piece in preserving Montana’s outdoors says advocates

Wyoming’s Legislature is the 1st in the nation to be controlled by the Freedom Caucus. So, let’s delve into their state revenue wishlist.

Cut severance tax rates for the “flagging” fossil fuel industry in Wyoming. HB75 severance tax cut for coal SF18 would reduce the severance tax on oil from 6% to 3% if tied to practices that capture, store or reuse carbon dioxide.

WYOFile | Nuclear waste, tax breaks for coal and oil top Wyoming Legislature’s energy agenda

Let’s look at 3 local tax incentives es to convert office space into residential properties. New York City’s 2025 budget includes a 90% tax exemption for projects with at least 25% affordable units. Chicago is putting $151 million up for grabs by developers to transform four office buildings into 1,000 apartments, about a third of which would have affordable rental rates. Washington D.C. offers 20-year tax abatements for commercial-to-residential conversions through its Housing in Downtown initiative.

Governing | Cities Cut Red Tape to Promote Office-to-Housing Conversions

States have a total of $924 billion in net pension liabilities. This is up 21.2% from the $762 billion reported in 2023. Connecticut’s $74.9 billion in debt representing 23% of personal income is the worst. The best state is Tennessee with $4.4 billion representing 1% of personal income.

Governing | States With the Worst Pension Debt in the Nation

The California Legislature has reduced the number of bills a legislator may file during their two year legislative cycle. Each member can file 35 bills, that’s down from 50 for Assembly members and 40 for Senators during the last legislative session. 

CalMatters | California Legislature takes office under Trump’s shadow

Taylor Swift’s concerts are said to have had a $10 billion impact in the U.S.  Miami estimates an $80 million economic impact. New Orleans estimates a $500 million impact from Swift. 

The Kansas City Chief’s impact to their community is $993 million per year. 

Governing | Stadiums, Nightlife and Taylor Swift: Cities and States Are Banking on Busy Weekends

33 of Illinois’ 102 counties passed non-binding resolutions backing the idea of forming a new state with every Illinois county except Cook, home to Chicago and more than 40% of the state’s population.

Wall Street Journal | The Rural Areas Pushing for Divorce From Democratic Cities

On November 21, 2024 Texas Governor Abbott directed state agencies to divest from risky investments originating from China. The letter sent to state agencies.

Governor Abbott Directs State Agencies To Divest Portfolios From China

Did you know some summer Olympic events will be held in Oklahoma City, Oklahoma and not Los Angeles, the host city? Neither did I. To pull this off, the city relied on a 1990s 1% city sales tax to fund quality-of-life improvements in its downtown. It is also how the City has an NBA team.

Governing | How a Sales Tax Helped Oklahoma City Get a Piece of the Summer Olympics

74% of Maine voters approved a $5000 cap on contributions to Super PACs. @perfectunion

“The Center for Collaborative Heat Monitoring is now accepting applications for its nationwide heat data collection campaign, which provides communities with a stipend and technical support to help them monitor and evaluate local heat risk factors. The CCHM is an initiative under the National Integrated Heat Health Information System and the National Oceanic and Atmospheric Administration, which announced the funding opportunity earlier this month.”

Route Fifty | Communities to get tech, data help to tame extreme heat

Massachusetts voters approved a proposition that would provide for an audit of the Legislature. Some legal experts say it is unconstitutional because it violates the Separation of Powers clause.

NBC10Boston | Mass. voters back audit of state Legislature

Milford Daily News | Legal experts say approval of Question 1 doesn’t mean Legislature will be audited

Is Florida’s requirement that constitutional amendments receive support from 60% of voters a new trend? Let’s watch 2025.

CBSNews | Florida amendments on hunting and fishing rights approved, partisan school races rejected

Voters in 3 states have defeated school choice. Kentucky, Nebraska, and Colorado have voted to oppose using state tax dollars for private schools. In deep red Kentucky, the measure failed by more than 65%.

The 74 | Ballot Propositions: Voters in 2 States Reject Private School Choice Measures

Let’s go through some trending ballot issues to follow next Tuesday and beyond:

North Dakota will vote whether to essentially end their residential property taxes.

Colorado, Kentucky, and Nebraska voters will decide on school choice.

Florida will vote on cannabis legalization.

Colorado voters will vote whether to approve a 6.5% excise tax for guns and ammo. 

Two cities, Berkeley and Santa Cruz, California, will vote on whether to impose a local “soda tax.”

Florida voters will decide whether to approve an inflation-index to the Florida homestead property tax exemption.

Georgia voters will decide whether the state’s exemption to the personal property tax exemption should be expanded to $20,000.  

Washington imposed a 7% capital gains tax, voters will decide whether to repeal it.

Oregon voters will decide whether to approve Measure 118 that would tax large companies and return the tax revenue directly to residents.

Santa Cruz County California is considering whether to allow for onsite cannabis consumption at retailers and farming locations. These “designated puffing zones would be subject to strict ventilation and odor requirements, and must comply with state smoke-free workplace regulations.”

Sound unusual? It’s not. A couple years ago we talked about Colorado addressing a similar situation to allow for onsite consumption and consumption in hotels.

The Mercury News | Santa Cruz County supervisors consider on-site cannabis consumption at retailers, farms

Oregon voters will decide whether to approve Measure 118 that would tax large companies and return the tax revenue directly to residents. An increase of 3 % on the minimum tax on corporations with in-state sales greater than $25 million will have the tax revenue returned to all Oregon residents.

Governing | Oregon May Be First State to Tax Large Companies and Send the Money to Residents

  Ever noticed that there are a lot of NFL stadiums located at low elevations in areas prone to natural disasters? A report by Climate X released this week supports the idea that the stadiums are vulnerable to disasters and could cost taxpayers up to $11 billion to rebuild. The costs extend beyond rebuilding and into insurance premiums increasing & economic disruptions for local businesses

ESG Dive | NFL stadiums face $11 billion climate risk price tag by 2050: report

Colorado, Kentucky, and Nebraska voters will decide on school choice next month. Also brewing are a South Carolina Supreme Court opinion that threw out the state’s school voucher program and allegations of misuse of school voucher funds in Arizona.

Iowa Capital Dispatch | School choice goes before voters in 3 states, faces pushback in others

Donald Trump indicated his support of a ballot measure to legalize cannabis in Florida. The supporting post states that “As a Floridian, I will be voting YES on Amendment 3.” 

Cannabis Business Times | Donald Trump Headlines Pro-Cannabis Legalization Ad in Florida

New York is utilizing cannabis tax revenue to fund tax grants via the Community Reinvestment Program. The grants will focus on areas that have been historically under-resourced, underserved, and over-policed.

NNY360 | New York opens first cannabis cash grant program, aims to reach nonprofits helping youth

Meet the person who coined the term “vibecession” to explain how people think the U.S. is in recession even though that is counter to economic data. Bonjour, Kyla Scanlon you coined an ingenious term. @wsj

Since 2017,  8,700 opportunity zones (OZ) have been created.  78% of OZ investments have gone to  5% of designated OZs. Some say that there were 3x more zones created than needed, including some located in remote areas.

Governing | An Opportunity to Get Opportunity Zones Right

Assembly Bill A10281 (2024 | NY) would require that all state agencies, authorities, institutions or boards publicly post a list with each emergency contract including the cost, the agency contracting the work, the entity awarded the work, the term of the contract, what is being supplied, how the contract relates to a declared state of emergency, and a statement on if the contract was competitive. The bill unanimously passed the legislature and is awaiting the Governor’s signature.

The Daily News | Legislature, Comptroller unite on legislation to require state agencies share details on emergency contracts with public

Colorado voters will vote whether to approve a 6.5% excise tax for guns and ammo. It is estimated to generate revenue of $39 million a year, and will mostly be dedicated to the state’s Crime Victim Fund. Similar taxes exist in California, Seattle and Tacoma, Washington, and Cook County, Illinois.

Route Fifty | Tax the sale of guns and ammo? Voters in this state are set to decide.

The economic impact of the 2024 eclipse required long range planning. 18 months out, local governmental officials in the path of totality collaborated with local authorities concerning safety, transportation issues, and event planning. A town in Ohio saw 16% jump in traffic and a 25% jump in hotel, motels, and short term rentals. By all accounts, the planning worked as the result was increased tax revenues from increased traffic at restaurants and local businesses.

Route Fifty | Six months later, what did cities learn from the solar eclipse? Plan, plan, plan.

Colorado voters will vote whether to approve Amendment K which would allow election officials an extra week to get ballots prepared. The impact to state politics?  Citizen-led ballot initiatives would have to submit petitions one week earlier to qualify for the ballot.

Durango Herald | Amendment K: Colorado election officials would have more time to prepare ballots

Montana Legislature is working to prevent public disclosure of communications between lawmakers, lobbyists, and stakeholders concerning draft bills. For the curious, Texas permits legislators to protect from disclosure legislative documents.

Bozeman Daily Chronicle | Legislature closing access to behind-the-scenes bill influences

Louisiana Governor credits state infrastructure spending in coastal protection and levee infrastructure for sparing Louisiana from more destruction from Hurricane Francine.

Governing | Louisiana’s Investment in Coastal Projects Saved It from Francine

Pennsylvania Legislature had a public facing debt clock that for 8 years informed people of the unfunded liability of the pension systems. Last week the clock went dark when the pension systems were fully funded. Is the clock magical? Did the clock serve as some form of guilt? who knows.

Governing | Pennsylvania’s State Pension Debt Clock Goes Dark

Two cities, Berkeley and Santa Cruz, California, will vote on whether to impose a local “soda tax.” There’s a 2024 study in JAMA Health Forum that purports to say soda taxes have “promising impacts on health habits.” Berkeley will vote whether to extend its soda tax to 1st January 2027 and Santa Cruz will vote whether to  impose a tax of 2 cents per fluid ounce.

As we’ve talked about words matter like how the “soda tax” in Philadelphia applies to unflavored, unsweetened sparkling water according to the State Supreme Court.

Route Fifty | Ballots in two cities aim to keep soda taxes from falling flat

This November Florida voters will decide whether to approve an inflation-index to the Florida homestead property tax exemption.

Tax Foundation | State Tax Ballot Measures to Watch in 2024

 This November Georgia voters will decide whether the state’s exemption to the personal property tax exemption should be expanded to $20,000.  This is said to allow small businesses to exempt most of their personal property and lower compliance costs for the personal property tax.

Tax Foundation | State Tax Ballot Measures to Watch in 2024

Michigan has a new statewide official, the Chief Infrastructure Officer. This CIO’s goal is to to help localities apply for federal dollars and meet statewide infrastructure goals. The CIO will also distribute matching state funds.

Governing | In the Weeds: Zachary Kolodin, Michigan Chief Infrastructure Officer

Missouri has a new lobby group opposing sports betting. Meet Missourians Against the Deceptive Online Gambling Amendment. 

This November Missouri will vote on legalized sports betting. The amendment would provide for sports betting licenses for existing Missouri casino operators; pro sports teams like the Cardinals, Blues, Chiefs, and Royals; and sports wagering operators like DraftKings and FanDuel. There will be a $500,000 license application and 5 year renewal fees plus a 10% tax on the licensees adjusted gross gaming revenues. Annual revenue is estimated at $29 million.

Fox 2 Now | Debate of Amendment 2 heats up as election day nears

Cannabis sales in Michigan were greater than California. Michigan is selling 8 million more units of marijuana products a month than California, and 3 times greater sales per capita than California. Michigan’s total market value is $287 million, and has lower price points than other states. Related tax revenues account for 0.75% of the state budget. Washington, Montana, Alaska and Colorado all get more than 1% of their state budget from marijuana taxes.

Lansing State Journal | With Ohio sparking up, has Michigan hit its weed ceiling?

This fall will it be sports betting or election  betting? This is bizarre to me, but as my Swedish grandmother said, smaken är som baken, delad.  Interactive Brokers is launching a market where investors can bet on the outcome of the presidential election. The plan is to extend betting to swing state US Senate races. 

WSJ | Election Betting Is Going Mainstream After Major Brokerage Gets on Board

Will the August 30th denial of Swift Transportation Company’s Petition for Review by the Texas Supreme Court require 2025 franchise tax legislation? Swift argued that motor carriers were not subject to the franchise tax  because of a provision in the Texas Transportation Code and a 2003 Texas Supreme Court opinion.

Landline | Swift Transportation’s attempt to avoid Texas’ franchise tax comes to an end

A new lawsuit filed by American Sustainable Business Council asserts that Texas’ law prohibiting state funds investment with companies that are deemed to be boycotting fossil fuels violates the 1st and 14th amendments to the U.S. Constitution.

News West 9 | Texas faces lawsuit against bill blocking state businesses with ‘boycott energy companies’

$81 Billion would be the hit per year to Texas state revenue coffers, if Texas eliminated its property tax.  To make up this lost revenue, it could translate into  a sales tax rate of 22%. 

KXAN | Can Texas eliminate property taxes?

The Institute on Taxation and Economic Policy determined that undocumented immigrants paid $96.7 billion in federal, state, and local taxes in 2022. This includes $37.3 billion that was paid to state and local governments. More than 1/3 of the $96.7 billion in tax revenue is paid to fund programs that the immigrants cannot and do not access like Social Security. Undocumented immigrants in Texas paid $4.9 billion in tax revenue to the state.

  ID, UT, SD, KS, MO,AR,IL, TN, MS and AL are the 11 states that impose a tax on groceries, you know the food  that we cook with in our kitchens. Within the last year OK has repealed its grocery tax. Utah voters will vote in November whether to repeal their tax on groceries. Kansas is phasing its grocery tax out in 2025. Illinois Governor has called for a repeal of the state’s tax on groceries. AR, TN, and AL have all reduced the tax rate on groceries.

Route Fifty | States move to cut grocery taxes

 Last year the Missouri Secretary of State imposed rules that required investment professionals, who consider ESG criteria in their investment practices,  to disclose such and to obtain client consent. This rule was challenged in a federal court in Missouri by the Securities Industry and Financial Markets Association. The judge’s order finds the Missouri rules conflict with federal rules and laws.

The Hill | Judge strikes down anti-ESG rule in Missouri

Detroit mayor is supporting legislation that would impose a land value tax on unimproved property. Supporters say it would cut the property tax on homeowners by 17%. HB 4966 (2024 | MI)

Ohio is set to offer sales of non-medical cannabis sales at existing medical marijuana dispensaries after voters in November 2023 overwhelmingly supported a legalization measure. Ohio will impose a 10% tax on non-medical cannabis sales. Tax revenue will be dedicated to administrative costs, addiction treatment, municipalities with dispensaries, paying for social equity and jobs programs supporting the cannabis industry. 

KDKA News | Ohio is expected to launch recreational marijuana sales

Nebraska is considering legalizing and taxing cannabis to provide property tax relief. LB 71 (2024 | NE) and LB 52 (2024 | NE) have the goal of slashing property taxes by 50% by adding  a 16% excise and sales tax on cannabis products.

Lincoln Star Journal via News Now Press | Lawmakers propose legalizing marijuana in Nebraska, using revenue for property tax relief

Marijuana Moment | Nebraska Lawmakers Hold Joint Hearing On Two Marijuana Legalization Bills

 Recently there have been several headlines about the impact of certain investments on pensions. The LA Times ran with pension investments in real estate, specifically apartments, driving up housing costs. Other publications have focused on how alternative investments are dragging down pension returns with calls for greater information on investment fee structure and methodology.

NYC has installed 4 health care vending machines that dispense a variety health care products from COVID tests and safe sex products to fentanyl test strips and 2,100 naloxone kits to reverse overdoses. The free vending machines have dispensed 18,000 items. The vending machines are managed by eligible organizations.

Route Fifty | New York City’s public health vending machine program ends up with just 4 installed out of 10 announced

The Withdrawing Arduous Gaming Excise Rates (WAGER) Act by U.S. Senators Masto (D-NV) and Cindy Hyde-Smith (R-MS) would “ensure our sports gaming industry can provide essential tax relief to consumers and our sports gaming industry, creating more jobs and keeping our tax money in the state while cracking down on illegal activities,” according to Senator Masto.

Fox 11 | Nevada senator introduces bill to eliminate federal taxes on sports betting

Seattle voters will vote on whether to approve a transportation levy that would raise property taxes by an average of $20 per month to fund transportation projects ranging from bike lanes to paving streets and repairing bridges.

Governing | Seattle to Vote on Record $1.55 Billion Transportation Levy

Polling on these bills shows an overwhelming number of voters, including 62% of Republicans oppose them. But in Ohio, the Legislature is considering SB 6 (2024 | OH)  to  prohibit state  funds investments from including ESG in decision making. fThe opposition is arguing for investment legislation that allows investors of state funds to consider all fiduciary considerations to make properly informed investment decisions.

Ohio Capital Journal | Proposed bill to hamstring pensions threatens Ohio’s economic stability and long-term progress

How did the Oklahoma Legislature fail to pass a sports betting bill, SB 1434 (2024 | OK) ? The Governor and tribal nations were unable to reach an agreement. It’s described as too much posturing by the elected officials who had no real interest in enacting sports betting. Previously, the Governor had made a public push for sports betting.

Norman Transcript | Sports betting stalls in legislature

Voters killed a new Royals stadium. Behind the opposition to the stadium tax was a Hall of Fame second baseman for the Royals. 60% of voters voted against the stadium tax. The Hall of Famer says “The voters just didn’t have enough information, and they didn’t have enough confidence in the information.” 

Governing | One Last Play: A Former All Star Helped Kill Stadium Financing for His Old Team

A new report, How Hidden Costs Undermine Public Pensions in the US, by Richard Ennis posits that “increased allocations to nontraditional investment products and fund-level underperformance relative to common actuarial benchmarks caused by these products’ higher costs.” A review of study of 54 prominent public plans’ portfolio data shows the pensions doubled their exposure to alternative investments from 2008 to 2023, to 34%.

Governing | How ‘Alternative Investments’ Are Dragging Down Pension Performance

States are trying to figure out how to stabilize insurance market for disaster coverage. One way is through “cat bonds” in which state and local pension funds provide vital risk capital to the reinsurance industry through “cat bonds,” which enable the insurers to lay off some of their catastrophic storm and earthquake risks to hedge funds and institutional investors.

Governing | States Should Take the Lead in Stabilizing Disaster Insurance

Florida’s governor vetoed $32 million in arts grants. The cut zeroes out arts funding for the first time ever.

New York Times | DeSantis Vetoes All Arts Grants in Florida

A new report from the Volcker Alliance, founded by former Federal Reserve Board Chairman Paul A. Volcker, tracks state tax breaks. The report found that tax breaks/abatements “reduce state revenues by an estimated $1 trillion a year, almost three times their 2021 total expenditures on education.” Curious about Texas? Texas had nearly $1.3 billion in GASB77 tax abatements in 2022. That puts it at #2 in tax abatements, millions shy of the top state, New York.

A poll on the Killeen Daily Herald asks whether readers would support a small tax increase “to help reduce the district’s potential budget shortfall.” 60% replied NO, “With 50-plus employees making six-figure salaries, a tax hike would be bad optics.” 20% replied NO, ” It’s important to exhaust all other potential budget cuts before talking about taxes.” There we have it, 80% oppose.

Michigan has created the position of Chief Growth Officer. The purpose of the Chief Growth Officer is to attract workers and employers with economic incentives and state benefits like Michigan’s  low cost of living, the growing high tech community, expanding semiconductor industry, AI opportunities, and clean energy industry.  

Route Fifty | One State Is Putting a Single Person in Charge of Its Growth Strategy

The International Olympic committee in July will vote to approve the new Olympic Esports Games. Cities like Dublin, Ohio are getting in on the revenue source by ensuring esports locations and programs. Esports began in the 1970s, and its growth is notable. The esports market is projected to reach $10.9 billion by 2032, with a compound annual growth rate of almost 21% between 2023 and 2032.

Route Fifty | It’s time to take a serious look at esports gaming

Kansas Legislature passed HB 2001 (2024 | KS) to lure the Royals and Chiefs away from Missouri and across the river to Kansas. By using tax incentives and robust, revenue-generating entertainment districts Kansas hopes to keep the teams in the Kansas City community. Financing for the stadiums would be funded by expanding “the state’s Sales Tax and Revenue (STAR) Bond program, which is meant to help finance tourism and entertainment districts to help pay for a professional football or baseball stadium of at least $1 billion.”

Missouri Independent | Kansas lawmakers approve tax incentive bill to lure Chiefs, Royals away from Missouri

How did a coalition of progressives and social conservative(s) kill an “agreed to” sports betting bill in Minnesota? Planning, solid procedural strategy, the benefit of legislative  deadlines, and finding an ally in the Catholic Conference. It was also noted that the bill did not have the support of the horse track community. A perfect storm perhaps.

Star Tribune | Bipartisan group takes credit for spiking sports betting in 2024 Minnesota Legislature

In 2022, Washington State imposed a 7% capital gains tax. For its first year, the tax revenue was $786 million. This November voters could vote to repeal it. The initiative to repeal the capital gains tax is being funded by hedge-fund millionaire Brian Heywood.

Seattle Times | Keep or repeal the capital gains tax? Voters will decide in November

This week’s primaries included North Dakota. In North Dakota, 61% of voters approved an age limit of 81 for federal candidates. @nbcnews

New Jersey Governor signed an overhaul of the state’s open records laws, S2930 (2024 | NJ) Opponents say the bill will make it harder for the public and media to access open records. Some ways there could be limits are that the bill defines “Commerical purpose” for withholding information and addresses political campaign usage of open records.

AP | New Jersey adopts public records overhaul but critics say it tightens access to documents

GOVERNOR’S STATEMENT UPON SIGNING SENATE BILL NO. 2930

The Texas Stock Exchange is the talk of the town this week. The TSE  has raised $120 million from individuals and large investment firms. It will file registration documents with the Securities and Exchange Commission and should begin listings in 2026. Wall Street Journal

We’ve talked about public funding of stadiums. This spring several stadium funding proposals failed to pass voter scrutiny, including a stadium package for the  KC Chiefs.  Let’s look at a benefit of funding local stadiums- naming rights. A stadium funding analyst says “stadium and sports team subsidies actually have a positive return on investment when viewed as marketing expenses.”  

Governing | The Hidden Value Cities Get from Subsidizing Stadiums

Medellín, Columbia has planted 2.5 million plants & 880,000 trees which have cooled the city by 3.6 degrees Fahrenheit. @zerowaste

 Texas Attorney General Opinion KP-0466 replaces Texas Attorney General Opinion JM-671. In explaining this, KP-0466 says that JM-671 relies too much on legislative history. The subtext here 
is deep.  KP-0466 requires Opioid Fund Council members to publicly disclose their interests in an open meeting of the Council and must refrain from deliberating or voting on matters as directed by section 572.058. Accordingly, Council members may participate in deliberations and vote on matters that do not involve their personal or professional interest.

The Office of Ocean Economy is a collaboration between businesses and all universities in Florida. The Office will be based within Florida Atlantic University. The goal is to harness public and private research, education, technology and business applications involving water. The standalone legislation is HB 1311 (2024 | FL) and it passed as an amendment in HB 1285 (2024 | FL).

Governing | Florida’s New Office of Ocean Economy Seeks to Spur Discovery

Did you know that the gross receipts tax traces back to Spain in 1342 and France in 1292? That’s according to the Tax Foundation. The gross receipts tax thrived during the Great Depression. Today 7 states,  Delaware, Nevada, Ohio, Oregon, Tennessee, Texas, and Washington, have a gross receipts tax and Pennsylvania, Virginia, and West Virginia allow local governments to impose a gross receipts tax. Four states, Indiana, New Jersey, Kentucky, and Michigan, have repealed their gross receipts tax.

@foodandwine is talking about a 5 year legal battle in Pennsylvania that ended with bubbly water, with no sugar added, being subject to the soda tax as a carbonated beverage.

Food and Wine | How a 24-Cent Dispute Over Perrier Led to a Pennsylvania Court Ruling

Laramie County, Wyo. sheriff’s department paid for a billboard in Denver that reads, “Work in Wyoming where breaking the law is still illegal and cops are funded!”

Governing | Who Said That

Microchip companies need government grants for funding. To get these grants, microchip companies are adding childcare to their business plans. The Department of Commerce grant funds are part of the CHIPS and Science Act (2022) and includes $50 billion to expand semiconductor manufacturing and research in the United States. The grant applications require that applicants offer childcare.

Route Fifty | Microchip companies need federal grant money. They’re rolling out child care to get it.

Alabama legislators passed HB 66 (2024 | AL) that requires seafood sold in restaurants to disclose whether the seafood is domestic or imported. Imported seafood must disclose the country of origin.

Alabama Political reporter | Alabama Legislature passes seafood labeling bill

@bloomberggreen wants us to know that Abrol, a parametric insurance start up, has raised  $60 million in a Series B funding round.

Bonjour, parametric insurance. Hawaii passed SB 799 (2024 | HI) supporting Parametric, or index-based, insurance solutions that settle claims on the characteristics of a disaster, as opposed to the loss sustained from the disaster.  Unlike traditional insurance, parametric solutions do not require lengthy loss adjustment processes, and they enable rapid disbursements of payouts to maximize liquidity and allow for flexibility in the use of the proceeds. 

This week Minnesota’s Governor signed the state’s Taylor Swift bill that tries to temper event ticket prices. The bill, HF1989 (2024 | MN), will require sellers to disclose all fees & prohibit resellers from selling more than one copy of a ticket. @skynews

Kiplinger suggests that the U.S. shift in the treatment of marijuana will help lower business taxes. Why? The change in classification opens up the Internal Revenue Code so that cannabis businesses are eligible for tax credits and deductions for expenses incurred in their business operations.

Kiplinger | How the Biden Marijuana Shift Could Impact Taxes

After ballot initiatives failed to support stadium construction in Kansas City, surely the legislature would step in? Nope. A bill to provide for $1 billion in bonds to cover the entire cost of building each new stadium, paying the debt off with tax revenues generated in the area over 30 years, died a quiet death without a vote. The hope: a veto of a tax compromise bill and to include the stadium funding in a special session tax bill.

KWCH | Legislature adjourns without Chiefs/Royals discussion

There have been protests on college campuses which have gained a lot of attention. Buried in the information is a fairly consistent call for socially responsible investment committees at universities. let’s look at one at Bard College.: “The Socially Responsible Investment Committee (SRIC) is a Bard student-led committee under Bard Student Government. The mission of the committee is to leverage power over corporations through shareholder engagement. We hope to break the stigma surrounding Economics and Finance by emphasizing potential positive social changes through the creation of intellectual accessibility. Our goal is to use investments as a tool to incentivize social responsibility within corporations. We bridge the gap between Bard’s administrative actions and student input. The committee is made up of a small group of student representatives and the college’s Chief Financial Officer, Taun Toay.”

Nebraska is considering imposing a digital ad tax, LB 1310 (NE | 2024) and LB 1354 (NE | 2024) . Small businesses are opposed because online ads are an affordable means for small businesses to advertise.

Governing | A Digital Ads Tax Would Devastate Small Businesses Like Mine 

A pilot program in Detroit is using a robot to clean a local public beach. It will sift through sand to remove bottle caps, cigarette butts, plastics, and more.

Route Fifty | In one city, litter meets its mechanical match

28 states ban the use of private funds in election administration. This ban applies to grant funding from non-profits. All 28 bans happened in the last 3 years. The latest state, Wisconsin approved two ballot propositions: (1) a ban on private donations to elections offices passed by 54% and (2)  limit who can perform election-related duties by 58%.

Route Fifty | States are banning private funding of elections. Some worry about unintended consequences.

Nevada is considering opening up their food assistance programs to restaurants. 13% of Nevada faces food insecurity. 9 states operate a restaurant meals program. Nevada’s proposed “Restaurant Meals Program, if established, would allow people 60 or older, those who are disabled and people experiencing homelessness enrolled in SNAP to buy meals at participating restaurants. “

Route Fifty | State looks to expand food assistance program to restaurants

To say we’re obsessed with civility, politesse, etiquette is an understatement. How many of you have heard my historic prattle about why knives are placed blades facing the plate? I digress. Minnesota has a bipartisan civility caucus. Yes, please and thank you; let’s replicate this.

Route Fifty | In this Legislature’s Civility Caucus, Republicans and Democrats actually like talking to each other

 In California, Paris Hilton, founder of the nonprofit 11:11 Media Impact, is supporting SB1043 (2024 | CA). This bill requires the California Department of Social Services to detail a center’s use of “seclusion rooms” and restraints through a publicly accessible online dashboard. Paris Hilton has personal experience with physical and emotional abuse that she says she experienced at youth treatment centers. This personal connection to the issue resonated with legislators as it did with Common’s support of juvenile justice reform.

Cal Matters | When celebrities push bills at California’s Legislature 

Imagine financing the careers of athletes. Finlete did and made it a reality. Regulators are questioning whether Finlete is sports betting wrapped with a more sophisticated bow.

ALTS Co | Invest in Athletes’ Potential with FINLETE

LA Times | Is Finlete offering a way to support ballplayers? Or another 

Microfactories may be the new it thing. They bring goods closer to consumers, use 90% less water and 80% less energy; are more sustainable; and can be more efficient and cost effective. @worldeconomicforum

$2.72 billion is the estimated legal wagering on March Madness across 28 states and D.C. according to the American Gaming Association.

AP | Every shot matters to someone.’ Basketball fans revel in, and bet on, March Madness tournament

Texas has pulled $8.5 billion in investments from BlackRock based on a Texas law requiring divestment from entities with policies that are deemed to boycott fossil fuels.

ESG Dive | Texas schools fund pulls $8.5B from BlackRock over ESG

North Dakota voters will vote whether people, who would turn 81 years of age or older during their term,  should be permitted to run for Congress or the US Senate. There’s a US Supreme Court case that calls this into constitutional question. But, since when has the US Constitution stopped state legislators?

NPR | A North Dakota ballot question could be a legal test case for political age limits

Kentucky wants to criminalize protesting at the Legislature with HB 626 (2024 | KY).   A Republican state representative says “The purpose of House Bill 626 is to ensure that the General Assembly has an opportunity to legislate without interference from people who wish to prevent us from doing our work on behalf of our constituents.”

AP | Kentucky GOP moves to criminalize interference with legislature after transgender protests

Connecticut Governor is proposing SB 15 (2024 | CT)  that would prohibit hidden fees also called junk fees, service fees, & convenience fees. These fees are placed on consumer transactions from event tickets, food and beverage, and airbnb stays. The Federal Trade Commission and the Consumer Financial Protection Bureau are also working to limit junk fees.

Governor Lamont Urges Legislature To Pass Law Prohibiting Hidden Fees on Event Tickets, Lodging, and Food and Beverage Services

This year voters in Michigan will vote whether to eliminate local and state property taxes and require a super majority vote in the Legislature to raise taxes. Other states going down this path: North Dakota, Wyoming, and Florida is studying the issue.

Governing | Some States Are Looking to Abolish Property Taxes Entirely

The Florida Legislature is turning its anti-woke machine against lab grown meat. Should we tell them that European countries like Italy and France have also banned, or require clear labeling on, lab created proteins? Arizona, Alabama, and New Hampshire Legislatures are all considering similar legislation. Not all states are using the anti-woke messaging.

Fast Company | Ron DeSantis and the Florida Legislature turn their ‘anti-woke’ agenda on lab-grown meat