Republicans in Congress this week continue to discuss ways to move forward President Trump’s legislative agenda through budget reconciliation. The House and Senate Budget committees passed budget resolutions that completely...more
Civic Federation Says Illinois Should Extend Sales Tax to Services to Help Bridge $3B Budget Deficit - “Illinois should extend its sales tax to services like haircuts, dry cleaning and plumbing, the nonpartisan Civic...more
Heading into budget season, Gov. JB Pritzker faces major challenge to show ‘Illinois can govern itself’ - “With Gov. JB Pritzker still weighing whether to seek a third term, the firmer foundation he’s laid for Illinois’...more
“Despite all the discussion of spending cuts under the new unified GOP control in Washington, two words that President Trump did not utter even once during his inaugural address: deficit reduction.” — Howard Schweitzer, CEO,...more
Key Points - - Many of the tax reform suggestions President-elect Trump floated during the campaign would result in significant revenue loss, which could mean they will face resistance from Republicans concerned about...more
The governor’s 2025-26 budget proposal breaks the cycle of deficits past with a cautiously optimistic projection of a $322.2 million surplus. The source of this modest surplus, which comes as a great surprise to many still...more
The federal False Claims Act (FCA) is widely regarded as a powerful tool to punish fraud against the federal government. Since 1986, the federal government has recovered more than $75 billion from FCA settlements and...more
CHICAGO — Chicago Rideshare Drivers Looking for Safety Solutions- Chicago Gig Alliance organizer Lori Simmons is leading the charge in demanding city officials take action in response to a rash of recent rideshare driver...more
Governor Gavin Newsom, whose second and final term ends in January 2027, has made curbing homelessness and increasing housing key priorities. However, his recent budget cut proposal contains more than $1.2 billion in cuts...more
Losses Weren’t Always Bad- Most tax advisers are aware that, prior to the Tax Reform Act of 1986 (the “TRA”),[i] the Code placed few limitations on the ability of an individual taxpayer to use deductions from a particular...more
On Saturday, May 27, House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement to suspend the debt ceiling until January 2025 in conjunction with new spending reforms intended to reduce the federal...more
Inflation Reduction Act Overview - $740 billion package focused on inflation and deficit reduction, health care, and energy security & climate change - • Raises $737 billion in revenue through a new 15% corporate book...more
This document summarizes the tax provisions of the Inflation Reduction Act of 2022 agreement that was released on July 27, 2022. The blue font signifies portions of the new bill that were added or have been modified from...more
On July 27, 2022, Senators Manchin (D-WV) and Schumer (D-NY) debuted the Inflation Reduction Act of 2022, a piece of legislation that, if enacted, would be a historic investment in climate policy as well as a down payment on...more
Holland & Knight's Venezuela Focus Team invites you to read our Venezuela Update, in which we discuss the latest news, trends and developments in Venezuela that impact the interests of businesses across all industry sectors. ...more
Bumble hit markets on Thursday with considerable buzz, and markets validated that love, with company shares opening a mind-boggling $33 above its already-increased offering price. ...more
This year saw substantial activity in FCA settlements and litigated court cases. Although no single case or development dominated the discourse this year, several important court decisions were issued, including two that may...more
The New York State Office of the Medicaid Inspector General (OMIG) instituted changes to its annual compliance certification process, effective immediately. These changes apply to those Medicaid, Managed Medicaid, and Service...more
ConocoPhillips is doubling down on its commitment to the Midland basin by buying Concho Resources Inc. in “an all-stock transaction valued at $9.7 billion,” even “as the American shale-drilling industry is facing a downturn...more
New figures from the Congressional Budget Office predict that U.S. government debt will, thanks to the pandemic recession, just about eclipse the size of the nation’s GDP—a level not reached since just after World War II....more
The Treasury Department announced on Monday that the U.S. budget deficit hit a new record in June–$864 billion—“as the federal government continued pumping money into the economy to prop up workers and businesses affected by...more
After learning that the pandemic has left an approximately $2.4 billion hole in Minnesota's general fund budget, legislators are left with only seven days to complete their work before next Monday's May 18 constitutional...more
In less than 60 days, Minnesota's state budget has taken a $4 billion hit to its bottom line. Minnesota Management and Budget Commissioner Myron Frans announced today that the global pandemic is responsible for a severe...more
With the onslaught of negative economic news related to the ongoing coronavirus crisis, many municipalities are scrambling to determine the impact of the pandemic on, among other things, their finances. Many may be staring...more