Debt limit talks move to the White House. Speaker Kevin McCarthy (R-CA) told reporters yesterday that he will send Republican negotiators to the White House to “try to finish the negotiations” with President Biden. He remained adamant that the White House’s proposals to raise taxes or cut spending instead would not be considered.
California’s cannabis tax revenue to top $200 million in first quarter 2023 California collected more than $216 million in tax revenue from the sale of legal cannabis in the first quarter of this year, according to the California Tax and Fee Administration. Hemp tax revenue included $104.3 million from the hemp excise tax and $111.9 million from the sales tax. Since January 2018, when the commercial cannabis business first began legal operations, California has generated nearly $5 billion in tax revenue.
Will Texas families soon have more tax-free items? The Texas House passed a bill that exempts diapers, maternity clothes and menstrual products from sales tax. The bill has already been passed in the Senate. Most states with sales tax have exemptions for similar products.
The Indiana region is offering GM and Samsung $332.9 million in tax breaks. The St. Joseph County Council approved a plan that would give the automaker and battery maker tax breaks in exchange for its selection as the site of a $3.5 billion battery cell plant. If selected, the development project would be the largest seen in the northern Indiana area. The plant is expected to create 1,600 jobs, with an average wage of $24 an hour.
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