Tax

April 2nd Evening State Tax Update

On March 19 we launched a tracker providing a repository of information related to state fiscal policy responses to COVID-19. We are updating the tracker frequently and will be using the Tax Foundation blog to summarize new developments and provide analysis of relevant trends as they emerge. This blog post is part of that series.…

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Understanding the Paycheck Protection Program in the CARES Act

Americans are still digesting the $2.2 trillion CARES Act (H.R. 748), which passed last week as the largest financial support package in U.S. history. The law runs more than 800 pages and contains hundreds of provisions designed to dispense relief to individuals and businesses in the wake of the ongoing public health crisis. While many…

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State Strategies for Closing FY 2020 with a Balanced Budget

Key Findings As states grapple with declining revenues and delay tax collections, policymakers must begin to think about how to close out their FY 2020 budgets consistent with balanced budget requirements. Every state but Vermont has a balanced budget requirement, but details vary across the country. In some states, a budget must be balanced when…

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VAT Bases in Europe

Countries around the world have been introducing various fiscal measures to alleviate the economic distress caused by COVID-19. One measure—among many—has been to provide relief through temporary changes of Value-Added Taxes (VAT), such as delaying payments, speeding up refunds, or reducing rates. However, the extent to which businesses and consumers will benefit from such relief measures will depend…

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