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Pension Returns Beat Expectations for 2nd Straight Year

Pension Returns Beat Expectations for 2nd Straight Year | CSG West Finance & Economic Development | Scoop.it

It's been another good year for public pension investment returns. But the gains won't make a big difference in their overall fiscal health.

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California sales tax program frustrates payers on July 2018 deadline

California sales tax program frustrates payers on July 2018 deadline | CSG West Finance & Economic Development | Scoop.it

The California Department of Tax and Fee Administration’s new system for collecting sales tax is frustrating taxpayers trying to meet a July 31, 2018 deadline to report second quarter tax. Officials say CROS will work better next quarter.

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Financial ‘Stress Test’ of Colorado Pension System Spurs Reform

Financial ‘Stress Test’ of Colorado Pension System Spurs Reform | CSG West Finance & Economic Development | Scoop.it

The pension reforms recently enacted in Colorado demonstrate how states can benefit from a tool called stress testing to shore up financially troubled retirement systems.

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Oregon senator seeks support for legal pot in Los Angeles

Oregon senator seeks support for legal pot in Los Angeles | CSG West Finance & Economic Development | Scoop.it

An Oregon lawmaker is off to Los Angeles to wrangle support for a proposal calling on Congress to remove marijuana from a federal list of controlled substances.

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Federal Share of State Revenue Rises for Third Year

Federal Share of State Revenue Rises for Third Year | CSG West Finance & Economic Development | Scoop.it

The share of states’ revenue made up by federal dollars rose in fiscal year 2016 for the third year in a row, largely because of growth in Medicaid grants to states. The federal government provided 32.6 percent of 50-state revenue in fiscal 2016—the third-largest share on record—up from 31.9 percent in fiscal 2015.

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How States Are Funding Medicaid Expansion as Federal Money Fades

How States Are Funding Medicaid Expansion as Federal Money Fades | CSG West Finance & Economic Development | Scoop.it

Many are tapping into tax revenues, making hospitals help, or adding work requirements and premiums to account for their increasing share of the expansion bill. In some, the debate is so heated that it's ended up in court.

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A year after fiscal deal, Colorado may owe taxpayer refunds

A year after fiscal deal, Colorado may owe taxpayer refunds | CSG West Finance & Economic Development | Scoop.it

In a stunning turn from this time a year ago, Colorado's state coffers are suddenly so flush with cash that lawmakers may be required to send more than $200 million back to taxpayers over the next three years.

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Corporate Tax Cuts Don't Increase Middle Class Incomes

Corporate Tax Cuts Don't Increase Middle Class Incomes | CSG West Finance & Economic Development | Scoop.it

In the worlds of economic theory and conservative political orthodoxy, corporate tax cuts, such as the 2017 tax reform in the United States, should create benefits beyond businesses. As the thinking goes, middle class workers will see their compensation increase as employers invest tax savings to drive growth.

 

What actually results, however, is something of a surprise, according to a new study. Corporate tax cuts end up widening the income gap between those at the top of the pay scale and those at the bottom, and they don’t help workers earning less than $200,000 a year.

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Podcast: Amazon and Economic Development

Podcast: Amazon and Economic Development | CSG West Finance & Economic Development | Scoop.it

As Amazon conducts its search for a new corporate headquarters, cities are offering huge tax incentives to win over the retail giant – and ultimately stimulate local development. But are these tax incentives truly effective? What tradeoffs are state and local governments making in these deals? Host Justin Milner speaks with state and local finance researcher Megan Randall to get a full picture of the economic and social effects of winning an Amazon bid.

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How States Can Gather Better Data for Evaluating Tax Incentives

How States Can Gather Better Data for Evaluating Tax Incentives | CSG West Finance & Economic Development | Scoop.it

Over the past five years, many state governments have begun to study their economic development tax incentives—programs that are central to creating jobs, attracting businesses, and strengthening the economy. Today, 28 states have processes in place to regularly evaluate tax incentives, such as credits, exemptions, and deductions.

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PERA rescued from fiscal brink after reform of Colorado’s pension produces dramatic improvements

PERA rescued from fiscal brink after reform of Colorado’s pension produces dramatic improvements | CSG West Finance & Economic Development | Scoop.it

Colorado's troubled public pension has been pulled back from the fiscal brink.

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As Smaller Marijuana Businesses Get Squeezed, State Revenue Takes a Hit

As Smaller Marijuana Businesses Get Squeezed, State Revenue Takes a Hit | CSG West Finance & Economic Development | Scoop.it

New California law may help big cannabis farmers to the detriment of small growers.

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NASBO 2018 Fiscal Survey of the States released

NASBO 2018 Fiscal Survey of the States released | CSG West Finance & Economic Development | Scoop.it

With data gathered from all 50 state budget offices, this semi-annual report provides a narrative analysis of the fiscal condition of the states and data summaries of state general fund revenues, expenditures, and balances. The spring edition details governors’ proposed budgets; the fall edition details enacted budgets.

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Hedge Those Bets: Sports Gambling May Not Be a Jackpot for States

Hedge Those Bets: Sports Gambling May Not Be a Jackpot for States | CSG West Finance & Economic Development | Scoop.it

Starry-eyed lawmakers might be overestimating their haul from legalized sports betting.

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IRS Warns States to Slow Down on Charitable SALT Workarounds

IRS Warns States to Slow Down on Charitable SALT Workarounds | CSG West Finance & Economic Development | Scoop.it

Yesterday, the IRS issued a notice warning states that are contemplating one workaround to the Tax Cut and Jobs Act’s (TCJA) $10,000 annual limit on individuals’ ability to deduct state and local taxes (SALT) on their federal tax returns: Slow down.

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Governments Haven't Had Rules for Revealing Their Private Debt -- Until Now

Governments Haven't Had Rules for Revealing Their Private Debt -- Until Now | CSG West Finance & Economic Development | Scoop.it

A new requirement forces states and municipalities to annually report the terms and amount of loans they have taken directly from banks. It's a growing source of financing for many public entities.

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Little-Known Accounting Policy Could Fuel Green Infrastructure

Little-Known Accounting Policy Could Fuel Green Infrastructure | CSG West Finance & Economic Development | Scoop.it

Most water agencies don't think of local water projects like green roofs or efficiency rebates as assets, but now they can. And that means agencies can now access capital markets for funding, which could help dramatically grow these projects.

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Jerry Brown's last budget has billions in surplus

Jerry Brown's last budget has billions in surplus | CSG West Finance & Economic Development | Scoop.it

Gov. Jerry Brown on Friday, May 11, 2018 released his final budget proposal. It includes billions of dollars in surplus funds that he plans to steer to a rainy day fund. The Legislature must pass a budget by June 15, 2018.

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Supreme Court Ruling Favors Sports Betting

Supreme Court Ruling Favors Sports Betting | CSG West Finance & Economic Development | Scoop.it

The case concerned New Jersey, but it has implications for other states eager to allow and tax sports gambling. Americans are estimated to annually place $150 billion in illegal wagers on sports.

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How the Sports Betting Ruling Will Impact State Budgets

How the Sports Betting Ruling Will Impact State Budgets | CSG West Finance & Economic Development | Scoop.it

The Supreme Court outlawed a federal ban on sports betting on Monday, and some states are poised to capitalize.

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The Legislature’s historic decision

The Legislature’s historic decision | CSG West Finance & Economic Development | Scoop.it

Lawmakers passed a bill this week that will help close the state's financial gap. But we're not out of the woods yet.

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Decade After Recession Began, Tax Revenue Higher in 34 States

Decade After Recession Began, Tax Revenue Higher in 34 States | CSG West Finance & Economic Development | Scoop.it

A decade after the start of the Great Recession, 34 states—the most yet—were taking in more tax revenue at the end of 2017 than before receipts plunged in the downturn, after accounting for inflation. Total state collections surged in the fourth quarter, but some of the spike was temporary as taxpayers rushed to take advantage of certain federal tax breaks set to be curtailed in 2018.

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Revenues Likely to Fluctuate Due to the Passage of the Federal Tax Cuts and Jobs Act

Revenues Likely to Fluctuate Due to the Passage of the Federal Tax Cuts and Jobs Act | CSG West Finance & Economic Development | Scoop.it

The federal Tax Cuts and Jobs Act created incentives for some high-income taxpayers to act fast and prepay their state and local taxes to take advantage of the expiring tax breaks, namely the state and local tax (SALT) deduction, which is now capped at $10,000 per year. State and local tax revenues will likely continue to fluctuate in the coming quarters as some high-income states look for ways to mitigate the impact of the TCJA on their resident taxpayers, and some high-income taxpayers explore loopholes and adjust their financial behavior in light of the new provisions of the TCJA.

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The Obscure Tax Rule That’s Stopping U.S. States From Paying Teachers More

The Obscure Tax Rule That’s Stopping U.S. States From Paying Teachers More | CSG West Finance & Economic Development | Scoop.it

Supermajority tax measures have been pushed since the 1990s by deep-pocketed lobbying groups.

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CSG West is a nonpartisan, nonprofit organization that fosters and facilitates regional cooperation and the strengthening of Western state legislatures