IN THE NEWS

Tax

NEWS
May 9, 2015 | By Allison Steele, Inquirer Staff Writer
New Jersey State Sen. Raymond J. Lesniak (D., Union) introduced a bill Thursday that would freeze corporate tax-break programs until the state could produce reports assessing how effective they have been at creating jobs and growing the local economy. Lesniak said the legislation would create more transparency surrounding the $5 billion in tax incentives that the state's Economic Development Authority (EDA) has given in recent years to companies, many of which have been awarded the credits in exchange for relocating to Camden and other struggling cities.
NEWS
May 9, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey Senate President Stephen Sweeney introduced legislation Thursday that would raise the marginal tax rate on income above $1 million, a measure he said would help fund the pension system, but one that almost certainly will be vetoed by Gov. Christie. Sweeney (D., Gloucester) also proposed increasing a tax credit for the poor. Christie, a Republican, cut that credit in 2010 amid a budget shortfall. "No one likes to increase any tax," Sweeney said in a statement, "and it would not be necessary to do so if New Jersey did not rank near the bottom in economic, revenue, and job growth under the Christie administration.
NEWS
May 9, 2015 | By Tricia L. Nadolny, Inquirer Staff Writer
Rentals through Airbnb, the online marketplace where people can list their homes for short-term stays, could soon be taxed in Philadelphia. The Nutter administration is making the push ahead of the September visit of Pope Francis, when home rentals are expected to be in high demand. "People are bringing in money on this and, at least in the pope's visit, bringing in a decent amount of money," said City Councilman William K. Greenlee, who introduced a bill Thursday on behalf of the Nutter administration to regulate and tax short-term rentals.
NEWS
May 8, 2015 | By Angela Couloumbis, Inquirer Harrisburg Bureau
HARRISBURG - A ranking House Republican said Wednesday that party leaders were ready to put to a vote a hotly debated property-tax-relief proposal, shifting the spotlight to an issue certain to become a key point in this year's budget talks. Majority Leader Dave Reed of Indiana County said he intended to call the GOP-sponsored plan for a floor vote next week, despite not knowing whether it had the support to pass the chamber - or even enough to win a majority among his own party. "This is not a partisan issue," Reed told reporters.
NEWS
May 8, 2015 | BY WENDY RUDERMAN, Daily News Staff Writer rudermw@phillynews.com, 215-854-5924
PHILADELPHIA homeowners are making money - in some cases, thousands of dollars a year - by renting out rooms and apartments for short-term stays on websites like Airbnb and VRBO. And the city wants its cut. Councilman at-large Bill Greenlee, at the behest of Mayor Nutter, introduced legislation yesterday that would levy the city's existing 8.5 percent hotel tax on rental income earned by homeowners. The bill comes as the city prepares to welcome the masses for the 2015 World Meeting of Families.
NEWS
May 7, 2015 | Chris Hepp, Inquirer Staff Writer
Democratic mayoral candidate Lynne M. Abraham made good on a pledge at Monday night's debate and released three more years of her personal tax records Tuesday. They showed just what she said they would: that her financial dealings in those years varied little from those reported in her 2013 return, which she had already made public at The Inquirer's request. In releasing her federal tax returns for 2010, 2011, and 2012, she went one better than four of her opponents, who, at the request of The Inquirer, released three years of returns, 2011 through 2013.
NEWS
May 6, 2015 | By Allison Steele, Inquirer Staff Writer
New Jersey could lose close to $100 million from tax incentives that have drawn big businesses to Camden in recent months, according to a report by an advocacy group. The report was to be published Tuesday by the New Jersey Policy Perspective, a liberal-leaning think tank that has been highly critical of the $631 million in tax breaks that the state Economic Development Authority has awarded since late 2013 to companies that agree to relocate to Camden. The study, based on an analysis of data provided by the EDA, warns that that although the tax credits awarded to those companies through the Grow New Jersey program are spread out over 35 years, the businesses could leave Camden after 15 years without having to pay back anything - at a cost of $97 million to taxpayers.
NEWS
April 27, 2015 | Inquirer Editorial Board
Consensus among candidates doesn't make the choice any easier for voters. But the mayoral hopefuls' general agreement on the controversial subject of taxes is a sign of progress for the city. At least ostensibly, Philadelphia's political establishment has come to understand the gravity of the city's tax problem and broadly concur on the solution. Thanks to an array of studies noted by the candidates on today's op-ed page, as well as the unforgiving lessons of experience, it's become plain that Philadelphia relies too heavily on wage and business taxes that discourage growth rather than the property taxes that fuel more successful cities.
NEWS
April 26, 2015 | By Robert Calandra, For The Inquirer
People who paid a penalty because they didn't buy health insurance last year are nearing the end of their options to get covered and avoid an even bigger penalty next tax season. The special enrollment period - a window the U.S. Department of Health and Human Services opened for people who learned of the fine only when they filed their 2014 taxes - closes Thursday. After that, current rules allow consumers to buy insurance from the marketplace only if they experience a life-changing event, such as marriage or loss of job-based coverage.
BUSINESS
April 25, 2015 | By Alan J. Heavens, Inquirer Real Estate Writer
Looking for more money for affordable housing, a coalition of Philadelphia groups wants to tax properties if they are flipped by developers less than two years after they were purchased. The proposal, which its proponents acknowledge has a long road to travel, could contribute up to $12 million annually to the Philadelphia Housing Trust Fund, double the amount there already. This "antispeculation tax," as envisioned by the Philadelphia Coalition for Affordable Communities, would raise the real estate transfer tax by 1.5 percent on houses resold less than two years after purchase.
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