General Motors received more than $60 million in tax credits to operate a massive assembly plant in Lordstown until 2040. But after the facility closed last year, the state says GM must pay back roughly half of those tax benefits.
Governor Phil Murphy and top Democratic lawmakers announced plans on Thursday for a higher tax rate on incomes between $1 million and $5 million. The bulk of the revenue from the tax increase would cover the cost of a new middle class tax break.
COMMENTARY | Two years have passed since the landmark Supreme Court decision and the Covid-19 pandemic has put more emphasis on online sales tax revenue than ever before. As states grapple with budget shortfalls, leaders will need to carefully consider how technology is used to ensure that no tax revenue goes unaccounted for.