Finance & Revenue

What is happening? Washington State is considering issuing baby bonds that aren’t tiny bonds with tiny legs but rather are bonds that are designed to “lift future generations of low-income residents toward a path of financial independence.” It would create a pool of money for every child born under the state’s Medicaid program. These kids could then access a portion upon adulthood for homeownership, education or pursuing a small business.

Why is this important? Connecticut and Washington, D.C. have created similar programs. Massachusetts and New Jersey are also considering it.

Governing | Washington State Considers Baby Bonds to Address Wealth Gap

What is happening? The Inflation Reduction Act has an incentive program for apprenticeships. The incentive is structured like this: to claim the production tax credit under the IRA, building contractors must meet employment standards including that registered apprentices work a set percentage of hours on IRA projects.

Why is this important? The construction industry skews older and has a large number of vacancies.

Route Fifty | Now is the Time for State and Local Investments in Apprenticeships

What is happening? NYC is hiring a rat czar to get a handle on the rat issue. This led down the rabbit hole to what other unusual local governmental job titles exist? Meet the NYC BeeKeeper, NYC Clock Master, ,

Route Fifty | Rat Czar Isn’t the Only Weird Government Job in New York City

What is happening? State budgets are being strained by the cost of wildfire prevention according to a new report from The Pew Charitable Trusts. From 2010 to 2014 the State of Washington spent $24 million a year on wildfire prevention, but starting in 2015 the annual cost rose to $83 million. The report points to the number of different governmental agencies that respond to wildfires as complicating disaster funding.

Why is this important? using data on previous fires often underestimates state costs and thereby causes budgetary problems for states according to the report.

Route Fifty |Wildfires are Burning an Ever-larger Hole in State Budgets

What is happening? If I take a cynical approach to this, Ron De Santis is running for President. So, Florida Chief Financial Officer announced that the state will be pulling $2 billion in assets that are currently under management by BlackRock. Why? The investment firm support for environmental, social and governance investing. Let’s double around to another item this week that shows that ESG is the largest share of consumers in the market, is demanded by the global market, and by 2025 will account for the most funds in Europe. The response: “Fiduciaries should always value performance over politics.” The firm gave Florida strong returns.

Why is this important? This is a global economy. Foregoing strong returns to make a political statement appears to be against one’s economic interest.

WSJ | Florida To Pull $2 Billion Out of BlackRock, Citing Its ESG Investing

What is happening? American Gaming Association estimates $511 Billion in illegal gaming occurs annually in the US, which accounts for $13.3 billion in tax revenue each year. For those keeping count, this is $2.5 billion more than the state revenue generated by legal operators in 2021.

Why is this important? While state legislative coffers may be flush this year thanks to federal IRA funding, leaving tax revenue on the table isn’t something to scoff at in most states.

AGA reports illegal gambling of $511 billion annually captures $13.3 billion in tax revenue in U.S.

What is happening? California voters have approved Proposition28 that would require 1% of state funds for public education be spent on Arts programs. 1% in California’s public education budget amounts to $1 billion.

Why is this important? The goal is to ensure arts programs exist in all schools.

Governing | What Did Midterm Voters Have to Say About Work and Workers?

What is happening? Oregon Treasurer proposes that the state’s  $90 billion fund stop investing in companies that emit planet-warming greenhouse gases by 2050 so long as the fiduciary duty to the beneficiaries is supported. The move will have 2 steps: first, 50% decarbonization of the state’s assets by 2035 and, second, a net zero greenhouse gas emissions by 2050.

Why is this important? This isn’t new. CALPERs in California has similar divestment policies, that also requires responsibility to beneficiaries. New York State Pension fund has announced that it will no longer have fossil fuel stocks or shares of companies that increase climate change by 2040.

OPB | Oregon’s treasurer wants $90B pension fund to drop fossil fuels

What is happening? 14 of 18 states that tax legalized cannabis use a price based tax. Alaska, Maine and New Jersey tax cannabis based on weight. Connecticut, Illinois and New York, which also tax based on price, also have a potency level tax. The potency tax is like they tax their alcohol where beer has a lower tax rate than vodka.

Why is this important? Some tax experts say a weight based tax will weather market volatility more. As we’ve talked about around here, cannabis weathered COVID pandemic exceptionally well.

Maryland Matters | Pondering options, Md. lawmakers learn that taxation on cannabis varies from state to state

What’s happening? Former Texas governor Rick Perry will be a spokesperson for the Texas Sports Betting Alliance. The most recent tweet for this Alliance is July 2021. @SBAllianceUS There’s also a Facebook link for those over 95.

Why is this important?

Former Texas governor wants sports betting in state | Star Telegram

The legalization of psylocibin and similar  hallucinogenic plants and funghi were on the ballot in Colorado and Oregon. The ballot initiative was successful in Colorado and focused on mental health care. In 2020 Oregon legalized psylocibin. This year’s ballot measure focused on manufacturing plants and paste din 2 counties, while the other counties voted against the measure.

Governing | Midterms Reveal Support for Abortion Rights, Mixed Views on Cannabis

OPB | Several rural Oregon counties vote against therapeutic use of psilocybin

What is happening? Legalization of cannabis, by various methods, failed in 3 states : Arkansas, North Dakota, and South Dakota. legalization, in various forms, succeeded in Maryland and Missouri.

Governing | Midterms Reveal Support for Abortion Rights, Mixed Views on Cannabis

What is happening? Arizona voters will vote whether to require the Legislature to pass tax hikes by a vote threshold of 60%.

Why is this important? Supporters say the proposition is necessary and is “intended to rein in ballot initiatives that threaten the state’s economy and that are often backed by groups from outside of Arizona”

Route Fifty | A Fight Over How Tax Hikes are Passed at the Ballot Box

What is happening? Arkansas, Maryland, Missouri, North Dakota, and South Dakota will all have recreational cannabis on their ballot on November 8th. The proposed tax schemes are:

• Arkansas: 10% supplemental sales tax 
• Maryland: Legislature would set the tax rate
• Missouri:  6% tax on the retail price 
• North Dakota: unknown, looks like the state’s 5% tax rate but could be legislative set. lots of unknowns.
• South Dakota: up to the Legislature

Why is this important? 19 states have approved recreational cannabis at this point.

Tax Foundation | Cannabis Taxes Back on the Ballot in 2022

What is happening? Miliken Center for Advancing the American Dream measuring states based on  health, education, the business environment and personal freedom. In total 230 indicators across 90 sources were utilized. The top: Massachusetts. The bottom: Mississippi. CA: 28 TX: 38 FL: 31 IL: 24 PA: 23 FL: 31 OH: 34 AZ: 40 WA:9

Why is this important? Polling. Political polling is including questions abut how people feel about the current situation or how well politicians are leading. feelings matter and this data is a window into the soul of things that touch the lies of everyday people.

The Hill | Massachusetts tops new ‘prosperity index’

@bloombergbusiness

Miliken Center for Advancing the American Dream

What is happening?; West Virginia voters will vote whether to end the inventory and equipment tax on businesses in the state. Local governments say it will remove 1/3 of their revenue.

Why is this important? State lawmakers say they will make up for the lost local revenue.

Route Fifty | West Virginia Ballot Measure Has Local Officials ‘Very, Very Nervous’

What is happening? Denver has created a participatory budgeting process in which all residents of Denver are eligible to vote how $2M in Federal Infrastructure Funds can be spent. Philadelphia and NYC have tried this in the past with the goal of increasing civic engagement and equity.

Why is this important? Voting is open to “All residents are eligible to vote, regardless of age or immigration status.” The process including submitting projects for funding. During that process, 46% said they did not or could not participate in the 2019 city elections.

Route Fifty | A City Asks Residents to Vote on Which Infrastructure Projects to Fund

What is happening? Some global policymakers are talking about how to impose transaction taxes, income taxes on the metaverse. Its going to involve cryptocurrency, NFTs, defining of wages in the Metaverse.

Why is this important? This is a blank canvas for policymakers.

Forbes | Taxing Income In The Metaverse

What is happening? Nevada prohibits local governments from taxing blockchain technology.

Why is this important? This is one of the factors that led the 2022 SmartAsset study to list Nevada as the #1 State for cryptocurrency.

CNBC | California isn’t the No. 1 state for cryptocurrency enthusiasts—but it still ranks in the top 7

What is happening? The Pennsylvania Senate is advancing a proposal to create  $20 million in tax credits annually to support semiconductor and biomedical manufacturing.

Post Gazette | Pa. Senate panel approves hydrogen, natural gas tax credit bill

What is happening? This week Bloomberg indicated California is on target to overtake Germany as the world’s 4th largest economy. The numbers behind this:

• 147% increase in corporate revenue
• 117% increase in market capitalization over last 3 years
• $3.357 trillion GDP in 2021
• Top 3 industries, technology hardware, media and software, all have sales boosts
• 4.1% unemployment

Why is this important? For the 1st time since 2006, California’s jobless numbers are below Texas.

Governing | California Soon to Become the World’s Fourth-Largest Economy

What is happening? The mayor of Oneonta, Alabama began posting TikTok videos about local government to add “little bit of humanity and personalization to City Hall”. Fun with government! He gained 200,000+ followers and gained tourists.

Why sis this important? When local governments need supporters and tourism, you have to think outside there box. In this case TikTok and the mayor.

Route Fifty | The Small Alabama City That’s Gained 117,000 TikTok Followers

What is happening? 4 States, including Texas, took enforcement actions to stop a meta verse casino from selling NFTs. The states say that the virtual casino had no physical address, phone number and “evidence to legitimize its promises of profits to NFT holders.”

Why is this important? The online casino is based in the Country of Georgia and begs the question about enforcement in the meta verse.

CNBC | Four U.S. states order a metaverse casino to halt sale of NFTs

What is happening? South Carolina voters will decide whether the state should set aside 7% of the previous year’s tax revenues into a general reserve fund each year & whether the capital reserve fund should equal 3% of the previous year’s revenues.

Why is this important? This would be an increase from 5 & 2% , respectively, that legislators reserve. During the Great Recession, legislators emptied these accounts.

Governing | South Carolina Voters to Determine State Budget Reserves

What is happening? California has implemented a workforce development program entitled, ValleyBuild NOW, to incentivize women in the construction industry. NOW is Non-traditional Occupations for Women and will operate in 14 counties.

Why is this important? The workforce development program will prepare women for careers in construction and connect women with employment opportunities. Stipends will cover living expenses and help with transportation and childcare costs. The 2022-2023 state budget includes $15 million to support the Women in Construction Priority Program at the Department of Industrial Relations & $25 million to support apprenticeship programs that target women, non-binary and underserved populations entering building and construction trades.

Governing | California Program Incentivizes Construction Jobs for Women

What is happening? Scandinavian criminologists have been invited to Pennsylvania to revamp a correctional institution into a Scandinavian style system which is said to focus on innovation, safety, community, proximity to nature, and transparency. This translates to single cells, inmates wearing their own clothes, cooking their own food, and correctional officers with university degrees and specialized training. Each day, residents (inmates) are expected to go to work, treatment or school, all within the prison.

Why does this matter? The recidivism rate in Norway is less than 50% and in Pennsylvania it is more than 70%. Hummm…. The Little Scandinavia project at the Pennsylvania correctional institution has been working, there have been no acts of violence. Reports have been that correctional officers also benefit from this system.

Route Fifty via Stateline | A Pennsylvania Prison Gets a Scandinavian-style Makeover

What is happening? Colorado has TABOR, the Taxpayer Bill of Rights. This year TABOR is producing a record breaking $3.65 billion in refunds.

Why does this matter? Under TABOR excess tax revenue above a certain amount is returned to taxpayers by either refund checks and an extension of the temporary decrease in the state’s income tax. The TABOR drum beat picks up in other states in budget surplus years. I see you, Texas.

AXIOS Denver | Colorado taxpayer refunds will nearly double as state revenue surges 

Governing | Spending on Gambling, Health and Tax Measures Breaks Records

What is happening? Massachusetts voters will decide on whether to tax annual income above $1 million at 4%.

Why does this matter? Tax revenues will be directed to education and transportation. Opponents say it will hit people who sell their homes and small business owners the most.

Governing | Spending on Gambling, Health and Tax Measures Breaks Records

What is happening? California’s Proposition 30 would tax annual income over $2 million. Additional income would be taxed at 1.75%, generating , up to $5 billion a year.

Why does this matter? The proposition dedicates 80% of this tax revenue to electric vehicles and charging stations, with the remainder devoted to fighting wildfires. Lyft has spent $45Million supporting this measure.

Governing | Spending on Gambling, Health and Tax Measures Breaks Records

What is happening? California governor signed SB 1008 (2022 | CA) that makes all prison phone calls free.

Why does this matter? The policy goals are to protect families, mitigate trauma for families, improve reentry and protect the public safety.

@worthrises

What is happening? Polling shows that the competing sports betting ballot propositions are headed to defeat. Voters who had seen ads were more opposed than voters who had not seen any ads.The propositions are polling at 27-31% favorability.

Why does this matter? California is a large sports betting market. There are two competing propositions, in a simplification one proposition is supported by sports betting entities and one by indigenous tribes. The indigenous tribe proposition is polling the highest.

LA Times | Dueling California sports betting propositions appear headed to defeat, poll finds

What is happening? In the shock and awe of some who might think this is a Texas issue, let’s note this ballot proposition to penalize law makers who bust quorums to avoid voting is on the ballot in the Great State of Oregon. Better yet, it is union backed.

Why does this matter? Busting quorums is a parliamentary tool whether it is as simple as walking out of a committee vote to take an “important phone call” or something similar.

Governing | What Oregon Ballot Measures Are Drawing the Most Funding?

What is happening? Micron chose NY over TX for its $100B chip facility. The choice was made in part by New York’s Green CHIPs law that requires economic development funds be devoted to projects with certain environmental & hiring goals. Micron received state incentives of state tax credits of up to 7.5% of salaries and wages, 5% of project capital expenditures, and 8% of research and development costs. In addition it received $200 M in infrastructure upgrades to roadways.

Why does this matter? One, Texas did not renew its state economic development program known as Chapter 313. Two, the company chose to take on environmental goals and requirements that include renewable power, and buildings that meet  LEED Gold standards.

Route Fifty | Chip Maker Commits Up to $100B for U.S. Manufacturing Site

What is happening? A Harvard Kennedy School expert says economic development programs should be broadened to focus on creating more good jobs in health care, retail and other service industries that are experiencing high employee turnover, low wages and low productivity.

Why does this matter? The expert says that economic development policies usually throw money and at a problem, and a better solution is “collaboration involving business, academia, entrepreneurs and the government, where technology’s role is to assist workers rather than replace them.”

The Hamilton Project | An Industrial Policy for Good Jobs

Route Fifty | The Case for Expanding Industrial Policy to Cover Service Jobs

What is happening? Meet the new industry: robot-lawyers. Industry leaders in robotics want states to update their laws and policies to allow robots-lawyers to cut costs and streamline legal proceedings like bankruptcy and divorce.

Why is this important? Supporters say that “unauthorized practice of law” should not apply to robolawyers.

How will this be important? Robo lawyers aren’t going in and arguing cases, they handle routine matters and can streamline and cut costs.

Route Fifty | ‘Robo-lawyers’ are Coming. Are States Ready?

What is happening? Colorado became the 1st state in t he nation to legalize recreational cannabis. In September 2022, Colorado become the first state in the nation to allow cryptocurrency to pay tax bills in full.

Why is this important? Cannabis is a cash business as banking regulations haven’t caught up. But, paying taxes in cryptocurrency allow cannabis businesses to pay taxes without bringing loads of cash with them to pay tax bills.

How will this be important? Safety first. Cannabis businesses expose themselves to unnecessary risks when traveling with large sums of cash.

Route Fifty | Colorado Now Accepts Crypto for State Tax Payments

What is happening? Massachusetts voters will consider whether to levy a tax on income above $1 million per year.

Why is this important? “Supporters say the surtax will address income inequality and raise much-needed funds for schools, roads and transit.” Opponents say it will hurt small business owners, the middle class, and the reputation of Massachusetts.

How will this be important? Massachusetts has a flat 5% income tax. The proposition would a 4% tax on top of this for income above $1 million.

Route Fifty | The Battle Over a ‘Millionaires Tax’ Heats Up in Massachusetts

What is happening? Chicago’s mayor wanted to lease public housing land to the Chicago Fire. City Council voted against it. Then City Council reversed it and the practice field shall be built on the public housing land.

Why is this important? Some may say, no surprise, welcome to Chicago.

How will this be important? Revenue, baby. They say the land use changes and deal for the Fire will bring in $8 million and $750,000 to $800,000 per year up to 40 years.

Route Fifty | A Land Deal Benefiting a Billionaire’s Soccer Team Is Muscled Through Despite Objections

What is happening? Texas Attorney General is set to answer a question about the timing of Appraised Values for Chapter 313 purposes. RQ-0479-KP

Why is this important? Senator Hall’s question is summarized as “Whether an application for a certificate of limitation on appraised value under Tax Code chapter 313 must reflect that all qualifying criteria are met on the date the application is submitted or whether the criteria must be met before the certificate is issued”

How will this be important? At issue- the Comptroller’s application form. Does Chapter 313 “allow for required application components to be created after the application is submitted?”

RQ-0479-KP

What is happening? It is hot- record breaking hot. If you want to call it Climate Change or you want to call it nature, the practical implication of both is temperatures are high. States are creating programs and passing laws to increase access to air conditioning to stop people from dying of heat related issues.

Why is this important? Oregon passed a law that requires landlords to allow tenants to install portable air conditioners. If people can’t afford them., there is a program for that too. Other states are modifying their participation in the federal/state Low Income Home Energy Assistance Program to access air conditioners. Dallas, Texas, requires landlords to “provide, and maintain, in operating condition, refrigerated air equipment capable of maintaining a room temperature of at least 15 degrees cooler than the outside temperature, but in no event higher than 85 (degrees) Fahrenheit in each habitable room….”

How will this be important? It’s an issue that isn’t cooling. “Bills in California and Florida that would have gone further and mandated cooling requirements for apartments failed this session.”

Route Fifty | States Look to Help Cover Air Conditioning Costs as Temps Rise

What is happening? Prop 27 in California would legalize sports betting. Thus far $400 million have been spent in support of Prop 27 making it the most expensive state constitutional proposition in U.S. history. Prop 27 has a rival proposition, Prop 26 that would permitRecord spending over California’s legal gambling initiative sporting events in person at retail locations — casinos operated by tribes and the state’s four licensed horse racing tracks.

Why is this important? We all thought a lot of money was spent by the gig economy to determine whether gig workers are employees or independent contractors in California, but that $200 million pales in comparison.

How will this be important? The interested parties for the proposition are: wealthy Native American tribes, online gambling companies, and less-affluent tribes. At stake: a multibillion-dollar marketplace.

AP | Record spending over California’s legal gambling initiative

What is happening? Chicago bears want a new stadium in Arlington Heights. Residents of Arlington Heights approved the stadium, but rejected public funding & rejected tax incentives.

Why is this important? In the mix of this stadium campaign entered- Americans for Prosperity. Americans for Prosperity brought with them a  “anti-corporate welfare” petition  to halt financial incentives for new businesses moving to Arlington Heights.

How will this be important? The team can still seek bonds for renovations in the future.

NBC Sports | Arlington Heights residents approve Bears’ stadium, not tax incentives

Chicago Tribune | Arlington Heights rejects petition to prevent tax incentives for proposed Chicago Bears stadium — but the measure could come back

Chicago Sun Times | Dear Arlington Heights: There’s a good chance the Bears will have their hand out in 20 years

What is happening? Mississippi has a 2nd Amendment sales tax holiday. Adopted in 2014.

Why is this important? Yes indeed, Mississippi exempts guns and hunting goods in its 2nd Amendment sales tax holiday.

How will this be important? Hello gun loving states…

Sun. Herald | Tennessee exempted taxes on food. Mississippi exempted taxes on guns.

What is happening? Do you need a state agency message conveyed across social media? Watch and learn from  Oklahoma Department of Wildlife Conservation’s Twitter feed. Or try @LakeSuperior. With a little humor these accounts are conveying practical information with adorable attitude and winning allies.

Why is this important? Getting your state agency message heard isn’t easy, but a little cleverness and you’re in the NYTimes or going viral.

How will this be important? The Oklahoma agency changed its voice from government service to how locals talk and people pay attention.

Governing | A State Wildlife Agency That’s Winning at Twitter

What is happening? L.A. County is starting it’s new basic income program that will  provide universal basic income of $1000 per month for 3 years for participants. Meet Breathe: LA County’s Guaranteed Income Program.

Why is this important? Participants will have to meet income requirements and will be randomly selected from the applicant pool. Funding will be from government and philanthropic groups.

How will this be important? The guaranteed income program in Stockton, CA showed that employment rates increased for participants.

AP | California approves 1st state-funded guaranteed income plan

Governing | $1K Monthly Payments Begin Under 3-Year Guaranteed Income Program

What is happening? NYC mayor and businesses proposed a new apprenticeship program to serve as a pipeline for public school students to enter the private sector.  

Why is this important? The program will connect  3,000 high school students with multiyear paid apprenticeships at “some of the city’s largest finance and technology firms.”

How will this be important? In year 1, “500 students are expected to start apprenticeships as part of the new program by the end of 2023, earning between $15 and $25 an hour at an entry level. “

Governing | New York City Launches $33M Private-Sector Apprenticeship

What is happening? Massachusetts Governor signed a sports betting bill that bans wagers for in-state schools. Nevada said good bye to the ban on college betting after nearly 50 years by kicking the ban to the curb in 2001. The industry says Massachusetts is leaving revenue and sending it to Las Vegas.

Why is this important? Massachusetts, Nebraska, New Jersey have each found their own ways to regulate the sports betting markets.

How will this be important? Massachusetts sports betting tax rate will be 15% on the gross gaming revenue of in-person brick-and-mortar sportsbooks and revenue from fantasy sports contests and 20% on revenue from mobile wagering.

Governing | Massachusetts Says Yes to Sport Wagering, No to Local College Bets

What is happening? Lehigh County PA is considering divesting from Wells Fargo because of of the financial institution’s support of politicians that oppose abortion rights.

Why is this important? Some say because of the U.S. Supreme Court’s decision in Citizen’s United the culture wars when it comes to companies will likely hit the Courts.

How will this be important? Divestment is an amped up version of some cities and some states refusing to pay for events and conferences in certain locations.

Governing | The Cost of Mixing Culture Wars With Public Finance

What is happening? Local governments are adopting land acknowledgements that formally recognize that the city was built on indigenous land.

Why is this important? Land acknowledgments aren’t new and shiny- decades ago Australia, New Zealand and Canada local governments began issuing them to recognize the history of their communities.

How will this be important? It’s not just for local governments, business entities like the Macy’s Day parade have also adopted acknowledgement statements. The Native Governance Center published an online guide to indigenous land acknowledgement.

Route Fifty | Cities and Towns Move to Recognize They are Built on Indigenous Land

What is happening? 21 states have closed correctional facilities since 2001. California, Illinois, Michigan, New York, Tennessee, Texas, Virginia,  Colorado and Massachusetts  are interested in flipping prisons- imagine the construction and design shows that could come from this.

Why is this important? Beyond the design shows, we’re talking about apartments, a sports complex, a movie studio and more, initiatives that are generating jobs and boosting local economies. Flip a prison to a health care facility for rural healthcare.

How will this be important? There’s an opportunity for federal and state grants. There’s also an opportunity for “reprioritization of resources to fund services and social supports that prevent criminal legal system contact.”

The Sentencing Project | Repurposing Correctional Facilities to Strengthen Communities

What is happening? Idaho will have a special legislative session to a dress the cost of inflation. 3 items on the agenda: flat individual and corporate income tax rate of at least 5.8%; more tax rebates by the end of the year; and dedicated funding of no less than $410 million for public education.

Why is this important? States have been responding to inflation in many ways- chefs to residents, tax credits, tax free gas, and more…

How will this be important? Starting a special session on September 1st and November 8th is what again? Oh, yes midterm elections… I’m not cynical, oh, wait, yes, yes I am.

KTVB7 | Idaho governor calls special session to ‘respond to effects of inflation’

What is happening? There has been a 70% year over year drop in pension obligation bonds because the cost of the bonds is too high.

Why is this important? “This year’s 13% decline in stocks, coupled with the Federal Reserve raising rates to combat inflation, make bond sales much riskier for pensions.”

How will this be important? Let’s not lose sight that in 2021, pension bond sales were 123% above previous year sales.

Bloomberg | Bond Sales Get Too Expensive Just When Public Pensions Need Them

What is happening? The Texas Comptroller published its list of financial firms that “boycott” fossil fuels. There’s 10 firms on the list. 4 are Scandinavian, and most Americans will say 5 of the firms are Scandinavian since most think Switzerland and Sweden are the same country. Two different countries. One is landlocked. One is not.

Why is this important? There are 10 pages of FAQs explaining the lists. Annex 1 is the 10 financial firms. Annex II is a much longer list of funds.

How will this be important? The ESG political gambit is just beginning as ESG is the new conservative punching bag.

From the Texas Comptroller:

List of Financial Companies that Boycott Energy Companies FAQ

Financial Companies that Boycott Energy Companies 

What is happening? A graphic based on 2018 tax revenue data of the Institute of Taxation and Economic Policy is said to show that more Texans pay more taxes than Californians.

Why is this important? The supporters that say Texans pay more in taxes say that the bottom 20% pay 13% of tax revenue, the middle 60% of Texans, pay 9.7%, and the top 1% of texans pay 3.1%. In contrast, in California the bottom 20% pay 10.5%, thee middle 605 of Californians pay 9.7% and the top 1% of California’s pay 3.1%

How will this be important? A University of Texas at Austin School of Law Professor says that states with income taxes do more to lower inequality than Texas, which has no income tax.

Reform Austin | Most Texans Pay More In Taxes Than Californians

What is happening? SB 485 (2022 |CA) updates California’s film incentives and adds to it Diversity, Equality and Inclusion requirements.

Why is this important? In addition to diversity plans it also allows for increased credits if diversity targets are met or exceeded.

How will this be important? “Most importantly, it is critical that through tax credits, people of color, and Latinos specifically, who are the largest population in the state, are not financing their own erasure from the entertainment industry,” – The legislation’s author

Deadline | Diversity Requirements For California’s $330M Annual Film & TV Tax Credits Poised To Become Law

What is happening? A bill in California, Senate Bill 519 (2022 | CA) that sought to decriminalize psychedelic mushrooms and the like has been amended to study the legalization/decriminalization of psychedelics.

Why is this important? A state likely to reach decriminalization early, isn’t jumping up and down to decriminalize your shrooms.

How will this be important? “Psychedelic drugs, which are not addictive, have incredible promise when it comes to mental health and addiction treatment. We are not giving up.”- Author of SB519

Los Angeles Times | Bill to decriminalize psychedelics in California gutted by lawmakers

What is happening? According to the  Atlantic Council’s Adrienne Arsht-Rockefeller Foundation Resilience Center the cost of extreme heat is $100 billion annually for the U.S. Highest losses are in Texas, Mississippi and Alabama.

Why is this important? Texas is expected to make up 1/3 of this cost as $30 billion is the estimated cost of outdoor work during extreme heat.

How will this be important? This hits construction workers and farm workers. Farmworkers are 35 times more likely to be killed by heat. Let’s not forget in Austin, TX a restaurant closed for the summer because the A/C couldn’t keep the kitchen cool enough for workers to work.

Route Fifty | The Rising Costs of Extreme Heat

What is happening? This fall voters in Kansas will vote whether the Legislature has the power to review and overturn executive rule making. The Legislature says the point is to follow legislative intent. Opponents say it is to give the Legislature super powers (not in the way Super Man has super powers).

Why is this important? Legislatures wanting to reign in Gubernatorial powers took on new meaning during the pandemic, and Kansas will vote whether to go further.

How will this be important? This summer Kansas voters denied the Legislature power over abortion restrictions by keeping abortion protections in the Kansas constitution.

Governing | Kansas to Vote on Giving Legislature Power Over Governor’s Administrative Rules

What is happening? The City of Boston is adding diversity equity and inclusion requirements to its economic development program.

Why is this important? The policy will require that ” applicants filing development projects over 20,000 square feet (SF) would be requested to submit plans to include economic participation, employment, and management roles for people of color, women, and certified Minority and Women Owned (M/WBE) Businesses within the scope of their project. “

How will this be important? Applicants will have to provide a DEI plan disclosure and “may also include initiatives undertaken by the project proponent to meet these goals within the context of the proposed project.”

City of Boston | MAYOR WU AND BPDA INTRODUCE POLICY TO PROMOTE DIVERSITY WITHIN PRIVATE DEVELOPMENT PROJECTS IN BOSTON

What is happening? As of yesterday, August 10, 2022, Colorado has no sales tax on diapers and menstrual products.

Why is this important? On average families spend $15 per month on menstrual products and $75 per month per child for diapers. In total the tax relief will be $9 million annually.

How will this be important? The Colorado Governor touted the change as bipartisan and stressed that necessary items will no longer be taxed.

@NowThisHer

What is happening? People are saying pensions have had the worst year since 2008. Pension losses range from 7% to 10%

Why is this important? The stock market had historic gains in 2021. In the last year, the Stockmarket has lost 20% of its value. Experts say pensions are much healthier today than in 2008 and thus won’t impact government budgets.

How will this be important? Losses not as big at the big pensions. CALPERS loss for the last year was 6.1% and CALSTRS was 1.3%.

Route Fifty | State and Local Pensions Post Worst Losses Since Great Recession

What is happening? Critics are hitting Tulsa’s economic development policies because of rapid growth in the city. The mayor’s response is that many remember when the city didn’t grow, it was the 80s, it wasn’t great.

Why is this important? Tulsa Remote program pays people $10,000 if they move to the city for a year. A review of the Tulsa Remote Program shows 88 %t are college graduates, with an average income of $105,000. Most participant are choosing to stay in Tulsa. 40% had some ties to Tulsa.

How will this be important? The mayor adds, ““We’re in the greatest moment of investment in the history of the city right now. In the last six years, we’ve landed the two largest new employers in the history of the city, the largest economic development investment in the history of the city, opened the largest park gift in the history of the country and passed by the largest margin in city history a capital improvements program.”

Governing | Tulsa Retools Itself for the Remote Work Revolution

What is happening? Florida Governor Ron DeSantis announced legislation to target “woke capitalism” taking a page from the book of other statewide elected officials.

Why is this important? DeSantis target is to “prohibit big banks, credit card companies and money transmitters from discriminating against customers for their religious, political or social beliefs.”  At a news conference he announced state pensions should stop making investment decisions based on environmental or sustainability issues.

How will this be important? When of when will hyper partisanship fade? As an example DeSantis o “…singled out PayPal, which has cut off accounts associated with far-right groups that participated in the Jan. 6 Capitol riot, and GoFundMe, which blocked donations to a group supporting truckers who occupied Ottawa this year.”

Dealbook | States take action against ‘woke C.E.O.s’

What is happening? The treasurer of West Virginia announced that Goldman Sachs, JPMorgan, BlackRock, Morgan Stanley and Wells Fargo are banned from doing business with the state because they had stopped supporting the coal industry.

Why is this important? Unlike other states, the WV law does not impact state pensions. However, it could impact Univeristy funds held by major financial institutions.

How will this be important? Welcome to red brands and blue brands. Welcome to hyper-partisanship.

DealBook | States take action against ‘woke C.E.O.s’

What is happening? Cities and Counties for Fine & Fee Justice formed in 2020 with 10 funding members to  reform their use of fines and fees

Why is this important? This year these cities have joined: Chatham County, Georgia; Jefferson County, Alabama; Miami-Dade County, Florida; Washtenaw County, Michigan; Wilmington, Delaware; Kansas City, Kansas and surrounding Wyandotte County.

How will this be important?  Local government fines and fees disproportionately impact residents who are low income and people of color.

Route Fifty | More Governments Join National Fine and Fee Reform Effort

What is happening?Working from home is impacting revenues for downtown businesses, property owners, and property tax revenues.

Why is this important? In average downtown 71% of the buildings are high rise office buildings. In major cities like Chicago that number soars to 90%.

How will this be important? Cities are adapting. Nashville and Austin grew their populations by encouraging mixed-used, walkable developments that combined homes, stores, restaurants and offices. New York, Atlanta and Washington, for example, supported restaurants that spilled onto streets and sidewalks.  Detroit used ARPA dollars to convert a high-rise office building into senior housing. Madison, Wisconsin, pumped funds into brick-and-mortar retailers to upgrade their spaces.

Route Fifty | As Remote Work Sticks, Cities Seek New Ways to Lure People Downtown

What is happening? 31 states tax diapers.

Why is this important? Colorado and Iowa have agreed to end diaper taxes in 2023. Florida and Maryland ceased collecting diaper taxes this July. New York is eliminating all local taxes on diapers as there is no state tax on diapers in New York.

How will this be important? State and federal poverty assistance programs do not cover diapers, and therefor eliminating taxes on diapers is crucial for low income persons.

Route Fifty | As Prices Rise, the Push to End Diaper Taxes Grows

What is happening? In addition to providing inflation relief to individual taxpayers, states are also offering tax relief for businesses. let’s take a look.

Why is this important?

•  11 states have made reductions to the corporate tax rate structure
• Oklahoma, is the 1st and only state, to allow full expensing for businesses

How will this be important? The Tax Foundation says states should also consider allowing state businesses to permanently write off all business investments

Governing | Will Alabama Fall Behind Without Tax Relief to Offset Inflation?

What is happening? States are cutting taxes to provide inflation relief to their residents, such as:

• Florida will have a tax holiday on its 25.3 cent-per-gallon tax on gasoline in October
• Georgia is not collecting its gas tax from March through August
• Tennessee is lifting sales taxes on groceries for the month of August
• Kansas and Virginia are eliminating their sales taxes on groceries
• Mississippi is reducing its income tax

Why is this important? States are also offering rebates like:

• Georgia is offering rebates up to $250 for single income tax filers or $500 per household
• South Carolina rebates ranged from $100 to $800, depending on the filer’s 2021 tax liability
• Colorado single tax filers will get a $750 rebate in August, while join filers are eligible for $1,500.

How will this be important? Economists are watching the impact on states that offer tax relief and those that do not.

Governing | Will Alabama Fall Behind Without Tax Relief to Offset Inflation?

What is happening? Alaska lifted its fundraising limits of $500 per individual and all gubernatorial candidates are reporting receiving 6 figure contributions.

Why is this important? Some candidates say it is changing how much money is flowing into races, it is just changing who receives it. Now it is direct to the candidate instead of to an independent expenditure groups

How will this be important? Same game. Same money.

Governing | Alaska Lifts Contribution Limits and Candidates Take Advantage

What is happening? Maine is divesting its pension systems from fossil fuels. LD 99 (2021 | ME)

Why is this important? Supported by the State Treasurer and prohibits a specific lists of publicly traded companies & any whose “core business” is in fossil fuel exploration, extraction, refining, processing or infrastructure.

How will this be important? IN 2021 Maine also divested from private prison operators. Both bills require that the pension systems act“in accordance with sound investment criteria and consistent with fiduciary obligations” 

Governing | Maine Takes on Fossil Fuel Divestment. How Will It Happen?

What is happening? Chicago will take its $500 monthly guaranteed income for qualified residents

Why is this important? The Chicago Resilient Communities Pilot will be funded with $31.5 million  and will distribute $500 to 5,000 households for the next twelve months.

How will this be important? The $1.2 billion Chicago Recovery Plan is designed to target low-income residents who suffered disproportionate economic hardship during the Covid-19 pandemic.

The participants will be at 61% have incomes below the federal poverty level of $27,750. Participants are expected to be 67%, identified as Black or African American, 23% as Latino or Hispanic, 16% as white and 3% as Asian. Other data show that 70% of recipients are women, 61% parents or caregivers, and 17% have a disability. 

Route Fifty | One of the Nation’s Biggest Cities Begins Cash Payments to Low-Income Residents

What is happening? Kansas is said to have extended $892 million in tax incentives to lure Panasonic to build a $4 billion battery facility that will be the world’s largest.

Why is this important? The tax incentives include: $234 million in payroll rebates; investment tax credits; help with training and education costs; and a sales tax exemption for construction 

How will this be important? Kansas beat out Oklahoma which offered a  $698 million incentive package earlier this year

Route Fifty | The Latest State to Notch a Win in the Race to Attract EV Factories

What is happening? A new paper from the Wharton School indicates the chilling effect on the bond market for Texas with its anti-ESG stance.

Why is this important? 5 of the largest bond underwriters left the Texas market: JPMorgan Chase, Goldman Sachs, Citigroup, Bank of America, and Fidelity

How will this be important? It is estimated texas municipalities will pay an extra $303 million to $532 million in interest

Knowledge at Wharton | Texas Fought Against ESG. Here’s What It Cost

What is happening? This month welcomes Colorados new delivery and ride share tax.

Why is this important? The new tax will be:

• delivery orders through Amazon, UPS and DoorDash: 27 cents
• Uber and Lyft rides: 30 cents
• car-share rentals lasting at least 24 hours: $2

How will this be important? The fees will support support “transit expansions and help speed the sometimes-challenging transition to electric vehicles for all drivers”

Governing | Colorado’s New Amazon, DoorDash, Ride-Share Tax Starts July 1

What is happening? Idaho is a fast growing state that had a nearly $2 Bill budget surplus. While that doesn’t sound like a lot to California, Texas or New York, when you’re Idaho and your total budget is about $4 billion then it is a lot.

Why is this important? Instead of the typical Republican push of refunds to taxpayers, the state chose to:

• make capital investments
• pay down debt
• enact short-term and ongoing tax cuts

How will this be important? Tax Policy Center says 27 states have passed tax cuts this year due to surpluses

What is happening? Denver has opened its Cannabis Entrepreneur Program. The programs goal is to boost marijuana business ownership among social equity applicants.

Why is this important? The program is open to people who have been disproportionately impacted by marijuana prohibition and enforcement

How will this be important? Denver will use $500,000 from cannabis tax revenue to fund the training, and hopes to serve 100 entrepreneurs over the life of the program.

Denver News 7 | Denver launches new cannabis entrepreneur program for social equity applicants

What is happening? We talked about how stadium leases are coming up for renewal in mass after the building free-for-all of the 80s,90s and 2000s. Chicago Bears are thinking about building a new stadium in Arlington Heights, but the city has ideas to lure them with renovations.

Why is this important? Let’s see what Chicago is offering to keep The Bears at Soldier field: gondolas or clean energy monorail, connected resort hotel, ‘floating pavilions’ and a concert venue. The goal to make it feel more like Disney Land.

How will this be important? There’s going to be a tally of which stadiums are upgraded and which left behind.

NBC Sports | New proposals for renovations to Soldier Field released

What is happening? Missouri is exempting World Cup tickets from its sales tax.

Why is this important? FIFA has a requirement for tax breaks from host cities.

How will this be important? It is estimated that the locally played games could generate over $600 million in economic activity for the state

AP | Parson signs law exempting World Cup tickets from sales tax

What is happening? Phase 2 of stadium building- a boon of stadium renovations. Over the next decade it is estimate $20 billion will be spent on stadium renovations and building.

Why is this important? ” Since 2010, just 14% of the $16 billion spent on stadiums was publicly financed, according to an analysis of a University of Chicago study.” The hay day for stadium building was the 1990s and early 2000s, a time when most stadiums were publicly financed.

How will this be important? The 30-40 year leases of those original stadium builds of the 1990s are coming up for renewal. And what stadiums have to be has changed. Instead of a bunch of concrete, “NFL stadiums in particular have become more luxury- and amenity-laden experiences, maintaining that “standard” has become a much more expensive proposition.”

Governing | For Taxpayer-funded Stadiums, the Renovation Boom Has Arrived

What is happening? Burmese pythons are a threat to the ecosystem of the Florida everglades. The pythons have nob known predators and are eradicating native species.

Why is this important? The State of Florida has a $3 million budget item for pythons. Gov. DeSantis said python removal in the Everglades, including technology such as infrared sensors to locate the hard-to-see snakes in the wild.

How will this be important? There is also an annual python hunt with prizes. This year the hunt will begin Aug. 5 at 8 a.m. and ends Aug. 14 at 5 p.m

AP | Burmese python hunt in Florida Everglades slated for August

What is happening?  University of Virginia law professor Richard Schragger talks the consequences of state preemption on local governments. Laws with unintended consequences…surprise surprise surprise.

Why is this important? Historically state intervention in local land use has been detrimental to minority communities and poor communities

How will this be important? The greatest impact is to affordable housing, the law professor says states are more reticent of affordable housing than most local governments which leads to more gentrification when the state is in control of land use.

Governing | The Bad Things That Happen When States Tell Cities What to Do

What is happening? Wall Street is indicating concerns of financing projects in Texas with the Texas’ financial fossil fuel law. The main concerns among financial institutions is the uncertainty that the Texas causes.

Why is this important? Texas has a similar law supporting gun manufacturers which cost infrastructure projects in Texas hundreds of millions. It is thought the cost will be greater under the fossil fuel law.

How will this be important? Other states,  West Virginia and Kentucky, have passed similar laws snd re watching the impact in Texas.

Dallas Morning News | Wells Fargo warns uncertainty around new Texas energy law amounts to a ‘de facto ban’

What is happening? Sacramento is moving its cannabis revenue into a Childrens Fund.

Why is this important? The coalition of supporters want to “fund youth substance abuse prevention, youth mental health and support for homeless and foster youth”

How will this be important? Supporters took their cue from how tobacco taxes support tobacco prevention and health services.

Cannabis Business Times | Sacramento Officials Introduce Initiative to Use Local Cannabis Tax Revenue to Establish Children’s Fund

What is happening? Montana is the 12th state to adopt recreational marijuana use. In lieu of a multi tiered tax system like in California, Montana opted for a single sales tax and placed no taxes on growing or distribution.

Why is this important? Montana isn’t a sales tax fan, but they did pass a 20% sales tax on recreational marijuana and an optional additional 3% that local governments can levy.

How will this be important? The population of Montana grows by 12 million every summer during tourist season.

The Center Square | Montana’s marijuana industry expects to see sales surge this summer

What is happening? Idaho, like Texas, is 1 of 15 states that is pushing back against the SEC ‘s ESG rules.

Why is this important? A specific brand of Republicans are opposed to ESG because they believe it is “woke.”

How will this be important? In Idaho its Committee on Federalism will be studying “the potential impact ESG ratings might have on Idaho and to propose legislation next session to address any concerns.”

Governing | Idaho Pushes Back Against ‘Woke Capitalism’ Reporting

What is happening? Section 152.052 of the Texas Local Government Code roughly says if a candidate ran on a platform of dissolving the office they seek, then they get no salary if they win.

Why is this important? There’s some uncertainty as to the constitutionality and whether there are conflicting intent requirements, the nerdy stuff that ruffles the feathers of free wheeling campaigning. Or, reality vs. campaign euphoria.

How will this be important? Facts have long been irrelevant in politics. Whether this continues with this A.G. opinion could make things very interesting.

Texas Attorney General Opinion Request RQ -0462-KP

What is happening? Which states have Rainy Day Fund surpluses and how are we measuring the surplus? is it by total value? Is it by how many days of operating expenses the fund can support?

Why is this important? If we look at the number of operating days a state’s Rainy Day Fund can support here is the breakdown:

North Dakota – 116
New Mexico – 101
California – 92
Connecticut – 86
West Virginia – 76
South Carolina – 74
Texas – 62
Georgia – 62
Kentucky – 61

In contrast these are the states that can fund the least number of operating days:

Kansas – 4
Nevada – 8
Maryland – 12
New York – 12
Arkansas – 13
Montana – 16
Florida – 18
New Jersey – 20
Rhode Island – 20
Louisiana – 20
Delaware – 20

How will this be important? Connecticut, Iowa and Georgia have maximum fund balances that allow excess funds to be redirected.

Route Fifty | States With the Highest and Lowest Rainy Day Funds

What is happening? The policy battle over whether gig workers are employees or independent contractors is moving from California to Massachusetts. The State AG is suing to define the workers as employees and in November the question will be on the ballot.

Why is this important? COVID raised issues like who is an essential employee. Is the person who delivers your groceries during a pandemic an essential employee? But they also work on their own time schedule.

How will this be important? This is ongoing. The California ballot proposition passed but is in the courts with ongoing legal battles. Is the compromise in Washington state the model that should be emulated may be the new question.

Route Fifty | Battle Over Status of Uber and Lyft Drivers Returns to the Ballot Box

What is happening? Pennsylvania Governor is proposing using ARPA funds for the PA Opportunity Program that would help residents in this COVID inflationary period. ARPA funds in each state are to help states recover from the economic effects of COVID

Why is this important? The program would provide direct payments of up to $2,000 for Pennsylvania households with an income of $80,000 or less

How will this be important? The state has until December 2024 to appropriate the funds or the funds will return to the federal government.

Gov. Tom Wolf | Gov. Wolf: ‘Let’s Pass This Bill Now’, Continues Push for $2,000 Direct Payments to Pennsylvanians

What is happening? New York is considering  S.9254 (2022 | NY) would tax direct broadcast satellite and video streaming services. The tax would align with the 5% tax cable providers pay in New York.

Why is this important? Many states and local jurisdictions are trying to figure out how to make up for lower cable tax revenues when everyone streams or uses satellite services.

How will this be important? Courts are siding with streamers. The business models of how cable & streamers distribute programming are different. This is also highlighted by a case in Ohio that hinges on the argument that Ohio’s law only covers companies building infrastructure to carry cables.

Observer | State looks to tax streaming services

What is happening? North Carolina Democrats are proposing a gas tax rebate utilizing surplus state revenue.

Why is this important? North Carolina has a revenue surplus and wants to return tax dollars during this high gas price time. North Carolinians would receive a debit card with the rebate funds.

How will this be important? The tax rebate would cost $1.3 billion.

AP | North Carolina Senate Democrats pitch $200 ‘gas tax rebate’

What is happening? Michigan lawmakers are moving forward with a. suspension of the state gas tax for 3 months to help with rising gas prices.

Why is this important? inflation, inflation, elections, elections

How will this be important? The gas tax holiday also includes $300 million revenue replacement for local governments

Huron Daily Tribune | State lawmakers again propose gas tax relief

What is happening? Arizona cannabis revenue in 2021 was $105 million while its alcohol revenue was $92 million.

Why is this important? In some localities the combined taxes on cannabis are 26%. However, medical marijuana users are exempt from the 16 percent “sin tax” 

How will this be important? California is lowering some cannabis taxes as it was noted that if the taxes are too high the illegal sales increase.

Phoenix New Times | Study: Pot Draws More Than Booze in 2021 Tax Revenue for Arizona

What is happening? The conservative, American Legislative Exchange Council, ALEC, has model legislation for pensions. Meet STATE GOVERNMENT EMPLOYEE RETIREMENT PROTECTION ACT.

Why is this important? ALEC wants to say down with you woke people and your woke ideas. My question is what is the opposite of woke? Asleep? So we want to be asleep. The model act sets standards for protecting pensioners from politically driven investment strategies. I’m pretty sure they mean protect pensioner from political driven strategies that they oppose, because technically this act is also a politically driven strategy.

How will this be important? I’m going to repeat myself here: I’m pretty sure they mean protect pensioner from political driven strategies that they oppose, because technically this act is also a politically driven strategy. I’m not making a value judgement on either choice, just don’t be a hypocrite about it.

ALEC | STATE GOVERNMENT EMPLOYEE RETIREMENT PROTECTION ACT

What is happening? Remember that expression- you’ve made your bed, now you have to lie in it? Well, here we are. Utah is miffed at investors who are applying ESG ratings to states for bond purposes. Investors want ESG criteria and States say it’s too subjective.

Why is this important? S&P Global will be assessing states’ ESG exposure. This should been surprise to anyone. SEC has new rules, NASDAQ requires certain ESG standards to be listed on its exchange. It’s not just here. FOREX in Europe – ditto.

How will this be important? S&P has emphasized that ESG data indicators do not change the state’s credit rating criteria. More drama made of this than a telenovela, “Aye! Dios mio!”

Route Fifty | ‘Woke Bond Rating’? The Muni Finance Fight Over ESG Scores

What is happening? Meet “Breaching the Mainstream,’’ a report that tracks legislators that join groups that are white nationalist, paramilitary, QAnon, anti-immigrant, and the like. 875 legislators representing all 50 states have joined these types of groups.  75% of the lawmakers who joined are men. Alaska had the highest percentage joining at 35% followed by Arkansas, Idaho, Montana and Washington.

Why is this important? What is learned in these groups travels with legislators when they are writing laws.

How will this be important? This will emerge during debate, and will impact legislative votes and choices.

Route Fifty | “We were shocked by what we found,” says one person involved in the research.

What is happening? Whistleblowers in Australia are saying that Facebook took down websites of hospitals, emergency services and charities during its opposition to an Australian law that would make platforms pay publishers for content

Why is this important? Facebook says the websites going down was inadvertent. Whistleblowers say it was part of their negotiation tactic.

How will this be important? Digital takedowns as legislation negotiations- that’s new.

Wall Street Journal | Facebook Deliberately Caused Havoc in Australia to Influence New Law, Whistleblowers Say

What is happening? NFTS are growing.  Reno, Nevada Mayor is eying selling an NFT of a city sclupture.  It is estimated that NFT sales last year were $25 Billion.

Why is this important? A digital tax on $25 Billion in sales sounds good to revenue seekers.

How will this be important? The tax policy conundrum is that NFTs can be anything from music to a ticket to an event to art. Keep our eyes peeled as Washington State is the only state that is addressing the issue and will issue guidance later this year.

Route Fifty | Bored Apes, Texting Robots and the Latest Digital Taxation Conundrum

What is happening? 3 Florida taxpayers say the Governor saddled Florida residents with Disney’s debt. The bill dissolved Disney’s taxing district and dissolved all assets and liabilities will be transferred to local governments. As a bonus, Florida legislature also violated the Florida Taxpayer’s Bill of Rights

Why is this important? The lawsuit is a direct response to the passage of the bill removing Disney’s special taxing district.

How will this be important? Disney and Florida can still reach another agreement.

Courthouse News Service | Taxpayers sue Florida governor over anti-Disney law

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