Income Tax News

Green Party co-leaders Marama Davidson and James Shaw.
Photo: RNZ/ Angus Dreaver

The Green Party has announced its own plan for households to meet rising costs, with an “Income Guarantee” that will ensure no one gets less than $385 a week in their pocket after tax – funded through higher taxes on top earners, trusts and businesses.

The party’s co-leader Marama Davidson said for couples, the Income Guarantee would be at least $770, while a single parent would always have an income of at least $735.

“This will give everyone peace of mind that they can always afford the weekly shop, pay the rent, or cover unexpected costs – even when times are tough,” she said.

It will be funded through changes to the tax system which include a new top rate of income tax of 45 percent on income over $180,000 and a 2.5 percent Wealth Tax on assets.

Read the full policy document here.

However, anyone earning under $125,000 would pay less tax as a result, with a tax-free threshold of $10,000.

Davidson said it was “a transformational new way” of doing income support to lift every family out of poverty.

“The Income Guarantee is fully funded through fair and simple changes to the tax system that unlock the resources we need. Every dollar will come from those most able to contribute, while those on the lowest incomes will pay less.

“Overall, the Ending Poverty Plan will result in tax cuts of between $16 and $26 a week for 3.7 million New Zealanders.

“The Income Guarantee means families will always have enough kai, or to buy the shoes and warm clothes that children need. Students will no longer have to skip meals to make ends meet and can focus on their study. And if something happens that stops people from working, there is a guaranteed income that’s enough to live on.”

The current basic job seeker benefit is $258.50 after tax.

Party co-leader James Shaw said in a wealthy country like New Zealand, there were hundreds of thousands of people who were struggling to put food on the table, or where kids have to take days off school just so they can work to help their families cover the basics.

“What we do to prioritise the lives and livelihoods of those who need our support the most should be the measure of every political party. In fact, I would argue that any party that stops short of promising to lift every family out of poverty, is actively choosing to make life harder for thousands of people.

“I am sick of the politics of excuses. Everything we need to make life better for people in Aotearoa exists. What’s missing is the political willpower to use it. The time is now to lift every single family out of poverty and to pay for it with a fair tax system.

“Our fully costed plan will make sure everyone can pay the bills, put food on the table, and keep the house warm,” Shaw said.

Labour, National react to Greens’ proposal

In a statement, Labour Minister of Finance Grant Robertson said the party will release its own tax policy soon.

“All parties, including Labour, will have their tax policies to take into the election. Labour will release its policy shortly.

“I would note that Budget 2023 included aligning the trustee rate with the top 39 percent personal tax rate to make the tax system fairer.”

Nicola Willis
Photo: RNZ / Samuel Rillstone

National has released a tax plan but has said it will announce a fully costed fiscal plan closer to the election in October.

National’s Finance spokesperson Nicola Willis said the Greens’ proposed move would gut the country of investment and opportunity, as businesses would flee offshore or shut up shop.

“You can’t tax your way to a stronger economy. And it is only through a strong economy that we can lift incomes, solve the cost of living crisis and afford the public services that all Kiwis deserve.

“This massive tax grab by the Greens is exactly what the country doesn’t need – but unfortunately it is exactly what Kiwis can expect from a Labour-Greens-Te Pāti Māori coalition of chaos.”

Originally Appeared Here

Alabama lawmakers wrapped up the 2023 legislative session Tuesday, a three-month period that produced bills that will put some extra money in the pockets of state residents.

The session started on March 7 with Gov. Kay Ivey proposing tax rebates during her State of the State address.

With the state in an extraordinary position this year with surplus dollars for the education and General Fund budgets, lawmakers considered many ideas and reached a consensus on both tax cuts and a rebate.

Reduced sales tax on food

The Legislature passed HB479, a bill to reduce the 4% state sales tax on food to 2% in two phases. The sponsor was Rep. Danny Garrett, R-Trussville, and almost every member of the House and Senate were co-sponsors. The tax will drop to 3% on Sept. 1, 2023. It will drop to 2% on Sept. 1, 2024. The reduction to 2% would be delayed if tax revenues for the education budget are not projected to grow by at least 3.5% over the following year. Education revenues have grown by more than that amount the last few years but that is not always the case, particularly if there is an economic downturn.

The reduced rate will apply to foods that qualify under the Supplemental Nutrition Assistance Plan, formerly known as food stamps, which covers most foods, including fruit and vegetables, meat, poultry and fish, dairy products, breads and cereals, snacks, and non-alcoholic beverages.

The bill does not affect city and county sales taxes on food, except that local governments cannot raise their sales tax on food. The 2% reduction in the state tax is projected to save taxpayers about $300 million a year.

Read more: Can Alabama eliminate its entire grocery tax?

Tax exemption on overtime pay

HB217, by House Minority Leader Anthony Daniels, D-Huntsville, will exempt overtime pay from the state income tax. The exemption applies to pay that full-time hourly workers in the public and private sectors receive for working more than 40 hours in a week. The state income tax carries a 5% rate. So, for example, an employee who makes $20 an hour and works 10 hours overtime during a week, assuming time-and-a-half pay for the overtime, would take home an extra $15 that week because of the exemption.

The exemption takes effect Jan. 1, 2024 and will expire June 30, 2025 unless lawmakers extend it. Employers will be required to report to the state Department of Revenue the amount of overtime they pay and the number of employees who received it. That information will help lawmakers know the impact of the exemption as they consider whether to extend it. One concern is how it will affect the state education budget, because income taxes go to the Education Trust Fund.

HB217 had a cap of $25 million on the total exemptions paid, but Gov. Kay Ivey proposed an executive amendment to remove the cap, and lawmakers concurred with the change. Ivey’s amendment also moved the expiration date up from Jan. 1, 2027, to June 30, 2025. Daniels said he is confident lawmakers will extend the exemption.

Read more: Gov. Kay Ivey amendment removes cap from tax exemption on overtime pay

Tax rebate

After several changes to the proposal, lawmakers approved SB86, by Sen. Arthur Orr, R-Decatur, to provide a one-time tax rebate of $150 to individuals and $300 to couples filing jointly. To be eligible, residents must have filed a state income tax return for the 2021 tax year no later than Oct. 17, 2022. Nonresidents of Alabama are not eligible. Those claimed as dependents on another taxpayer’s return are not eligible.

The Department of Revenue will begin paying the rebates no sooner than Nov. 30, 2023. The rebates will be sent electronically to the bank account the taxpayer listed on their state income tax return. If no account is listed, the DOR will mail a check for the rebate.

Distracted driving

On Tuesday, the last day of the session, the Legislature approved SB301 by Sen. Jabo Waggoner, R-Vestavia Hills, to make it illegal to hold a cellphone while driving under certain circumstances. The bill expands an Alabama law that already made it illegal to text while driving.

The bill says it is a distracted driving violation if a driver crosses in and out of a traffic lane without using a turn signal, swerves, or otherwise operates the vehicle in an impaired manner while:

• Holding a cellphone or another electronic device
• Reading or sending a text message or email
• Watching a video
• Recording or broadcasting a video
• Using more than a single button or swipe of a finger to begin or end a call
• Reach for a cellphone or another electronic device in such a manner that requires the driver to no longer be in a seated driving position properly restrained by a safety belt.

The bill includes exceptions, such as using the cellphone to call emergency services, using a cellphone with an earpiece, headphones, steering wheel controls, or a mount to allow hands-free operation, or using a cellphone while the vehicle is parked on the shoulder of the road.

Supporters of the bill say they expect it to save lives. The House had considered similar bills for years but none had passed until Tuesday.

If Gov. Kay Ivey signs the bill into law, the penalty for a first violation would be $50. Police will not issue tickets, but only warnings, during the first year the law goes into effect.

Smoking in a vehicle

The Legislature passed HB3 by Rep. Rolanda Hollis, D-Birmingham, to prohibit smoking in a vehicle with passengers age 14 or younger. The prohibition applies whether the vehicle is in motion or at rest, and whether the windows are rolled up or down.

A violation is punishable by a fine of no more than $100.

Driver’s license suspensions

Lawmakers passed SB154 by Sen. Will Barfoot, R-Montgomery, to give drivers who have committed traffic violations more flexibility in paying their fines and fees before having their license suspended.

The bill allows people to miss up to three payments on a payment plan for fines and fees before a judge could suspend their license. It would also allow up to one missed court date, outside of an initial date. Gov. Kay Ivey has signed the bill into law.

Supporters of the bill said it was counterproductive in many cases to suspend driver’s licenses and make it difficult for those with traffic violations to get to work, school, and family obligations.

Hospital visitation

The Legislature passed SB113 by Sen. Garlan Gudger, R-Cullman, to allow hospital patients and nursing home and assisted living facility residents to designate an “essential caregiver” who would be assured of being able to visit at least two hours a day in addition to the facilities’ normal visitation hours.

The bill came in response to family separations that occurred during the COVID-19 pandemic. Gudger said it was not meant as a criticism of how hospital staffs managed visitation during the pandemic. Under SB113, the patient can designate different people as essential caregivers on different days. If a patient was unable to make a designation, a family member could do so.

The bill requires hospitals to allow visitation under specific circumstances, including end-of-life situations, patients facing major medical decisions, struggling with the change in environment and lack of in-person family support, patients who who need encouragement to eat and drink, and other circumstances.

Read more: 12 things Alabama changed for schools, teachers, students in 2023 legislative session

Absentee ballot bill, other contentious bills quietly die on last day of legislative session

Originally Appeared Here

Concerns among Senate leadership about Oklahoma’s long-term fiscal outlook stalled efforts to implement sweeping tax cuts, but some taxpayers will soon enjoy new benefits.

Here’s a look at how state lawmakers approached tax policy in 2023:

The Big Impact: Parents who send their children to private school or homeschool will be eligible to receive a refundable tax credit beginning in 2024.

House Bill 1934 creates a tiered tax credit system for private school families, with those earning less than $75,000 per year eligible to receive the largest credit. Here’s how the tiers are structured:

• Household income less than $75,000: up to a $7,500 credit per student

• Household income between $75,000-$150,000: up to a $7,000 credit per student

• Household income between $150,000-$225,000: up to a $6,500 credit per student

• Household income between $225,000-$250,000: up to a $6,000 credit per student

• Household income exceeding $250,000: up to a $5,000 credit per student

Homeschool families are eligible to receive a credit of up to $1,000. Any amount beyond what is owed in state income tax would be refunded to the taxpayer.

The Legislature has allocated $150 million to the program in 2024, increasing to $250 million by 2026. The bill gives preference to families earning $150,000 or less per year.

Most of the oversight of the program will fall to the Oklahoma Tax Commission, which noted in a fiscal impact statement several concerns about administering the program.

Also Notable: Lawmakers removed a “marriage penalty” in the state’s tax code that caused some married couples filing jointly to pay a slightly higher tax rate than individuals who file separately.

House Bill 1040 raises the amount subject to the state’s 3.75% tax bracket from $2,400 to $4,600. The change is expected to reduce state revenue by $5.9 million in Fiscal Year 2024 and $14.7 million in Fiscal Year 2025, according to the Oklahoma Tax Commission.

Left Behind: While the House and Governor’s office aligned on eliminating the state portion of the grocery sales tax, that reduction was not included in the Legislature’s final budget proposal.

As of April 2022, Oklahoma was one of just 13 states to levy a tax on groceries. A family of four that spends $250 per week on groceries will pay about $292 annually in state grocery tax.

Eliminating the 4.5% tax on food and food ingredients would have reduced state revenue by an estimated $370 million in Fiscal Year 2024, according to an analysis from the Oklahoma Tax Commission. While House Bill 1955 advanced through the House with just seven no votes in late March, Senate leadership showed little interest in taking up the bill, fearing that a future economic downturn could put the state in a difficult financial position.

“We’ve always held as a Senate that we need to be able to be able to afford anything long term, and tax cuts that have been proposed don’t line up with that sustainability,” Senate Pro Tem Greg Treat, R-Oklahoma City, said last week.

Personal income tax cuts, which Stitt called for in his State of the State address in February, were also left out of the legislature’s final budget proposal. Critics of a proposed 0.25% across-the-board cut, including the Oklahoma Policy Institute, said it would primarily benefit the wealthy over lower and middle-class Oklahomans.

In his weekly press availability on Friday, Stitt said he is considering calling lawmakers back to the Capitol in a special session to consider tax cut proposals. A similar tactic from the governor at the end of last year’s session proved unsuccessful.

“When we do a tax cut and we put money back into Oklahomans’ pockets, it’s not like it disappears,” Stitt said. “All we’re saying is they know how to spend their money better than the government.”

Originally Appeared Here

LINCOLN, Neb. (AP) — Nebraska lawmakers adjourned for the year on Thursday, wrapping up a particularly contentious session that saw nearly every bill before the body filibustered.

The filibuster effort led by Omaha Sen. Machaela Cavanaugh and a handful of allies was a protest over a bill that began as a measure to ban gender-affirming care for transgender minors but morphed to also included a 12-week abortion ban.

The effort greatly slowed the work of the Legislature, leading to long days that saw debate routinely stretch into the evening hours and forced leaders to attach bills as amendments in order to get legislation passed.

The tactic appears to have worked.

Speaker of the Legislature Sen. John Arch announced before adjournment Thursday that using the so-called “Christmas tree” bills, lawmakers passed 291 pieces of legislation out of more than 800 bills introduced. That’s compared to 281 bills passed in the last 90-day session in 2021.

Here’s a look at major legislation passed this session that will become law — and some that won’t.

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TRANS HEALTH AND ABORTION:

Easily the most contentious bill of the 2023 session, the bill will prevent people under 19 from receiving gender-affirming surgery and restrict the use of hormone treatments and puberty blockers in minors when those restrictions go into effect Oct. 1. It will put the state’s chief medical officer — a political appointee who is an ear, nose and throat doctor — in charge of setting the rules for hormone therapies for minors already receiving that therapy and some teens deemed through an exhaustive process to need such therapy.

The law also imposes an immediate ban on abortions after 12 weeks of pregnancy, with exceptions for rape, incest and to save the life of the mother. That ban was shoehorned into the trans care bill as an amendment after a separate bill to ban abortion at about six weeks failed to overcome a filibuster.

The American Civil Liberties Union on behalf of Planned Parenthood of the Heartland has already filed a lawsuit, which argues that the law violates a state constitutional requirement that legislative bills stick to a single subject. The lawsuit is also asking for an injunction to block enforcement of the trans health and abortion restrictions until the court case is decided.

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GUNS:

Nebraska lawmakers passed a bill to allow people to carry concealed guns in the state without a permit. Its passage came as national attention has ramped up over gun violence in the wake of several mass shootings, including the March killing of six people at a Christian elementary school in Tennessee.

The passage came despite fierce opposition. A federal background check is still required to buy a gun, but the measure allows people to carry guns hidden in their clothing or vehicle without having to pay for a government permit or take a gun safety course.

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TAXES:

Lawmakers passed a slew of tax cuts, including an across-the-board state income tax cut that would slash individual and corporate tax rates gradually to a maximum of 3.99% by 2027. Currently, the top rates are just under 7%. Critics of the tax cut say the plan to slash income taxes for the highest earners immediately, while waiting until 2026 to cut taxes for middle-bracket earners, is unfair.

Lawmakers also delivered full tax exemption for Social Security benefits starting next year and expanded tax credits for child care.

Other measures provide property tax relief, including one that sees the state provide funding to community colleges instead of the funds coming from local property tax collections. The state funding would start at the amount the two-year colleges currently collect through local taxes and increase annually by 3.5%.

Another measure increases the amount of a property tax credit offered to property owners on their income tax returns. And another establishes a 3% annual cap — with some exceptions — on how much school districts can increase property tax requests.

In all, lawmakers approved tax cuts amounting to more than $6 billion in tax relief over the next six years, according to Gov. Jim Pillen, who had sought the cuts.

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VOTER ID:

On the last day of the session, lawmakers passed a bill to comply with a voter ID requirement that voters mandated in November. The bill’s passage came despite a filibuster effort by conservative Sen. Julie Slama, who was the only lawmaker to vote against it. Slama had chaired the referendum effort that saw the voter ID question put on the ballot in November.

The bill allows a wide array of photo identification voters can present at the polls and gives rare exceptions for voting without a photo ID. Slama argued the bill flies in the face of what voters intended.

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CRIMINAL JUSTICE AND PRISONS:

Also passing on the last day of the session was a bill creating several programs related to Nebraska’s criminal justice system. Crafted by Omaha Sen. Justin Wayne, the bill includes expansion of several programs, including a pilot program to establish parole-violation residential housing, a probationer incentive program and problem-solving courts, like drug courts and veterans courts.

The bill also speeds up parole for many prisoners, ensuring they are subject to transitional services rather than being released with no oversight — a practice called “jamming out.” Experts say those inmates who jam out of prison are at higher risk to reoffend.

Earlier in the session, lawmakers approved nearly $400 million to build a new prison to ease severe overcrowding in the state’s prison system. Critics of that appropriation say that without serious efforts to further change tough-on-crime sentencing mandates and create more centers to transition lower-level offenders back into the community, the new prison will be overcrowded on the first day it opens.

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EDUCATION AND SCHOOL CHOICE:

Lawmakers passed a bill to pump more than $300 million a year into public school funding, mostly from federal pandemic recovery dollars, starting next school year. Supporters note it’s the largest increase in state aid to public schools in the state’s history, but critics fear the boost won’t be sustainable for the long haul.

The public school funding boost accompanied a bill that funnels millions in taxpayer money from public coffers to scholarships for private school tuition. Opponents have already launched a petition in an effort to repeal the scholarship-funding bill at the ballot box in 2024.

The bill does not appropriate taxpayer dollars directly toward private school vouchers. Instead, it allows businesses, individuals, estates and trusts to donate a portion of owed state income tax — up to $25 million in just the first year — to private school tuition scholarships.

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MISCELLANEOUS:

Among a hodge-podge of bills that made it through this year is one that requires Nebraska gasoline sellers to offer gas blends with 15% ethanol, know as E15. Starting next year, the requirement has at least half of pumps at new gas stations offering the E15 blend. Existing sites must replace more than 80% of the fuel storage and dispensing with E15.

Another measure added as an amendment to a vehicle titling bill repeals the state’s more than 30-year-old law requiring motorcycle riders to wear a helmet. The measure takes effect in January and applies only to riders 21 and older.

Another bill passed provides nearly $575 million to build an unfinished 1894 canal and reservoir system in southwestern Nebraska that would divert water from Colorado along the South Platte River to benefit agriculture, power generation and municipal drinking water in an increasingly parched region of the state. The measure invokes an obscure, 99-year-old water compact between the states that allows Nebraska to seize the land necessary to build that canal.

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PASSED, BUT VETOED:

Republican Gov. Jim Pillen gutted several bills passed this year with line-item vetoes amounting to more than $140 million. One veto was a child welfare rate increase, amounting to $6 million. Another amounted to $20 million over two years that would have funded middle-income housing developments in urban areas and workforce housing in rural Nebraska, areas where officials have said a shortage of affordable housing has led to businesses being unable to fill open jobs.

Also vetoed were pay raises for legislative staff, increases to Medicaid payment rates for hospitals and nursing homes, funding for a pilot program related to childhood trauma and gun violence, and $3 million to fund a Lincoln housing facility for pregnant or parenting teens.

Lawmakers overrode only one line-item veto measure — an additional $1.1 million for the State Auditor’s Office to increase employee pay and hire more staffers.

Originally Appeared Here

Thanks to funding included in the Inflation Reduction Act, the IRS is planning compliance initiatives several years out, according to two agency officials speaking on May 17.

“If you’re familiar with the IRS in some form or fashion, you’re aware that funding has been a concern for the past 13 to 15 years,” said Paul Mamo, IRS assistant deputy commissioner for services and enforcement. “We’ve been operating in austerity for a long time. Having funding for several years out rather than worrying about the immediate budget cycle is fantastic.”

Mamo spoke at the 41st Payroll Congress in Denver along with Dan Lauer, director of examination for the IRS’s Small Business and Self-Employed Division.

“Think about everything that has happened,” Mamo said, “all of the acronyms that have been added to our vocabularies – TCJA, IRA, ACA, the CARES Act, EIP payments, unemployment, the advance child tax credit. All of these events, these pieces of legislation, they don’t come with funds. It’s hard to innovate in one space and keep the trains running on the other side. So, we’re excited to have this money.”

Treasury Secretary Janet Yellen laid out an ambitious plan for the IRS that starts and ends with improving customer service. “The core pieces,” Mamo said, “are hiring people and having the technologies and tools in place that will enable the IRS to execute its mission on behalf of taxpayers.”

Employee Retention Credit

Right now, the IRS is focused on “those three favorite letters – ERC – employee retention credit examinations,” according to Lauer.

“People think there’s a lot of fraud associated with the employee retention credit – and there is – but what I want to communicate to you is that are a lot of technical issues around a very complex credit, and there’s a lot of nuances and there’s three different legislative acts. So, there’s a lot to it, and it’s not as simple as ‘I was in business, I paid my employees, I should get this credit,’” Lauer said.

Notably, Mamo identified the ERC as the number one scam on the IRS’s dirty dozen list.

“One thing I find very perplexing is folks who go to their regular return preparer, who says, ‘I’m sorry, you don’t qualify for the credit,’ and then they go to someone else who says, ‘Come right in, sit down here for a few minutes and we’ll get you your $3 million back,’” Lauer said.

Anyone who can qualify someone over the phone or over their computer system in 10 minutes must be using artificial intelligence, Lauer said. “Because I don’t see how they can.”

Invariably, they are not performing their due diligence and asking the proper questions, he said. Are they asking where you operate your multiple businesses and whether the government orders to suspend operations were issued by the federal, state, or local government? Are they asking about the pecking order of the different credits available to the business and employees? Because the components used in one credit cannot be used in another. Did they talk to you about the fact that if you take this credit you have to reduce your wages on your income tax return?

“When the employee retention credit took fire, all of my agents had full caseloads,” Lauer said. “We had to work our way through the work in progress before getting to the credit retention cases,” he said. During filing season, many agents were reassigned to answer telephones, and amended returns piled up. “We’ll be working on these returns for the next couple years,” Lauer said

Next Up

After agents work through the ERC examinations, IRS plans to focus on withholding compliance, Lauer said. Backup withholding seems to confuse a lot of employers, he said, so that deserves attention. Also, withholding for nonresident aliens. “There’s a lot of confusion over treaties and visas and how they impact income and Social Security taxes,” he said.

IRS will focus more on auditing large employers and away from auditing smaller businesses, Lauer said.

IRS also plans to “take a more aggressive posture on worker classification,” he said, adding that it is important to maintaining our Social Security system. “Some industries have gotten a bit out of control,” without mentioning specifics.

“I don’t think a lot of people around the country realize how important the administration of payroll is to our tax system,” Lauer said.

Originally Appeared Here

Vancouver, British Columbia–(Newsfile Corp. – May 26, 2023) – MTB Metals Corp. (TSXV: MTB) (OTCQB: MBYMF) (FSE: E8H) (“MTB” or the “Company”) is pleased to announce that the Company has closed the first tranche of the non-brokered private placements for Flow Through and Non-Flow Through Units, as announced on May 4th. The funds will be used primarily for exploration on Mountain Boy’s Telegraph property in the Golden Triangle of British Columbia.

Lawrence Roulston, CEO, stated: “These new funds, added to the existing working capital, puts MTB in a strong position to continue exploration on our Telegraph copper-gold porphyry project. Field work will begin in early June with drilling scheduled to begin in August.”

Flow Through Offering

MTB raised gross proceeds of $1,199,889.40 from the sale 9,229,918 flow through units (the “FT Units”). Each FT Unit consists of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one common share purchase warrant (each whole warrant, a “FT Warrant”). The price of each FT Unit is $0.13. Each FT Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.18 for a period of 24 months, expiring on May 26, 2025.

Non-Flow through Offering

In addition, MTB also closed a non-brokered private placement of 3,088,350 units (“Units”) at $0.12 per Unit for gross proceeds of $370,602. Each Unit consists of one common share and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.18 for a period of 36 months, expiring on May 26, 2026.

Finder’s fees of 7% cash and 7% in finder’s warrants were paid to eligible parties. Each finder’s warrant entitles the holder to purchase one common share of the Company at a price of $0.12 for a period of 36 months, expiring on May 26, 2026.

Story continues

All securities are subject to a four month hold period expiring on September 27, 2023.

The gross proceeds from the issuance of the FT Shares will be used to incur resource exploration expenses which will constitute “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (the “Qualifying Expenditures”), which will be renounced with an effective date no later than December 31, 2023 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

About MTB

MTB has six active projects spanning 670 square kilometres (67,587 hectares) in the prolific Golden Triangle of northern British Columbia. With the focus on the Telegraph project, discussions are now underway leading to joint ventures and/or spinouts of other projects.

1. Telegraph is located in the vicinity of 4 world-class porphyry deposits being advanced by major mining companies: Galore (Teck / Newmont), Schaft (Teck), Saddle (Newmont) and the operating Red Chris copper-gold mine (Newcrest / Imperial Metals). Field work by MTB on its 310 square kilometre property, together with earlier results, provides compelling evidence for the presence of one or more porphyrys similar to others in the area.

2. The American Creek project is centered on the historic Mountain Boy silver mine. The project is road accessible and 20 km from the deep-water port of Stewart. There are multiple silver, gold and copper occurrences on the property, including a 2006 drill hole that encountered 5 kgs of silver over 5 metres.

3. Red Cliff is a past producing gold and copper mine in which the Company holds a 35% interest.

4. On the BA property, 182 drill holes have outlined a substantial zone of silver-lead-zinc mineralization located 4 km from the highway. Several targets with high-grade silver potential remain to be tested. Surprise Creek, to the north, hosts the same prospective stratigraphy.

5. On the Theia project, work by MTB and previous explorers has outlined a silver bearing mineralized trend 500 metres long, highlighted by a 2020 grab sample that returned 39 kg per tonne silver (1,100 ounces per ton). Two other zones on the property produced copper values over 5%.

6. Southmore is in the midst of some of the largest deposits in the Golden Triangle. It was explored in the 1980s through the early 1990s and was overlooked until MTB consolidated the property and carried out airborne geophysics and field work which confirmed several zones of gold and copper, with values up to 20% copper and 35 g/t gold.

On behalf of the Board of Directors:

Lawrence Roulston
President & CEO

For further information, contact:

Caroline Klukowski
info@mountainboyminerals.ca

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Not for distribution to United States Newswire Services or for dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167735

Originally Appeared Here

ST. PAUL, Minn. — The Minnesota Legislature adjourned for the 2023 session Monday night, sending the $72 billion, two-year state budget to Gov. Tim Walz’s desk for signature.

It includes direct rebate checks, tax relief for seniors on Social Security, and a new tax credit that Democrats say will make a huge dent in child poverty.

But scattered through the state’s spending plan are new revenue-raisers like increased sales taxes and other fees. Here’s a breakdown of who might see money back–and when Minnesotans might pay more.  

Rebate checks

The rebates are $260 per tax filer, $520 for married couples filing jointly plus an additional $260 per dependent, up to three. A family of five could see up to $1,300 back in their pockets.

Married couples filing jointly making under $150,000 per year and other tax filers making under $75,000 per year and are eligible for the one-time money back. It’s a cliff, meaning there is no phase-out if income exceeds those thresholds. 

Democrats leading the legislature have sought to target their tax relief to lower- and middle-income Minnesotans. 

“During the pandemic, it was very, very difficult for many people and many people fell far behind. Other people did quite well. A lot of people who were able to work from home actually saved money,” said House Speaker Melissa Hortman, DFL-Brooklyn Park. “So the way we looked at returning the surplus in the form of rebates was that it should be means-tested so that the people who need the money get it.”

The Minnesota Department of Revenue estimates 2.5 million households will qualify based on 2021 tax returns, which are the data used to determine eligibility. Minnesotans can expect to see those payments starting this fall.

They will receive it via direct deposit if they provided banking information when they filed their taxes last year or if they updated information using an online portal that will be operational this summer, according to the department.

Otherwise, a check will be mailed to the address listed on their 2021 tax return.

Child tax credit

What they’re calling the “centerpiece” to their tax bill is a child tax credit for low-income families that researchers at Columbia University predict will slash child poverty in Minnesota by one-third.

The credit is $1,750 per child and it starts to phase out for families making more than $35,000 per year. If Minnesotans make more than that, they might be eligible for a smaller credit depending on their income and how many children they have.

The Department of Revenue estimates 265,000 families will be impacted by this change, and the credit will be available after they file their income tax return next year. 

Social Security tax cuts

Last year, leaders in the divided legislature came to an agreement to fully eliminate the state’s tax on social security. But that deal unraveled before session ending, punting the issue to this year.

Democrats in total control this year ultimately decided to do a partial repeal instead, which will eliminate the tax for couples earning up to $100,000 and $78,000 for individuals. Right now, half of seniors in the state already don’t pay state taxes on those benefits. Leaders say the change will increase that total to 76%.

Gas tax and new delivery fee

A transportation spending package for the next two years will raise the gas tax in future years by indexing it to the inflationary index for construction costs. Any increase is capped at 3% and it will amount to a five-cent increase over the next four years, according to nonpartisan legislative staff. The current rate is 28.5 cents.

The last time the legislature passed a bill to raise the gas tax, which is constitutionally required to fund roads and bridges, was in 2008. Supporters say current revenues are not keeping pace to meet the needs of transportation infrastructure in disrepair. 

That same budget agreement also includes a 50-cent delivery fee that consumers will have to pay on most orders over $100 as an additional stream of money. 

There are exemptions on the fee, like groceries, food deliveries from restaurants, pharmaceutical drugs and baby products. Clothing, though exempt from general sales taxes, would be subject to the delivery fee. 

Sales tax increase in Twin Cities metro, other fees

The sales tax in the seven-county Twin Cities metro will increase by 1%. A housing package raises the rate by 0.25% with revenues dedicated towards affordable housing and rental assistance, and the transportation package raises it by 0.75% to support transit in the region. 

The change means Minnesotans will pay an additional $1 for every $100 purchase.

There are also changes that will increase car tab fees. In the environmental and natural resources budget, boating licenses fees will also go up–whether it’s a 40-foot watercraft or a sailboat.

In many cases, those costs will double. For a canoe, kayak, sailboard, paddleboard and paddle boats, registration fees will increase from $10.50 to $23, for example.

Other cost savings for families: free tuition, universal school meals. 

Earlier in the session, lawmakers approved a plan to provide free breakfast and lunch for all students in school, regardless of their parent’s income. 

Schools must enroll in the federal program for free and reduced priced meals to be eligible. The state would pick up the tab for the cost of covering everyone else who doesn’t qualify for the federal program, which is estimated to be $388 million line item in the next two-year budget.

That will save all families money. For example, If a family had two children enrolled at Apple Valley High School, who bought lunch every day, the change could save them more than $100 per month. 

For students whose families make less than $80,000 a year, they would be eligible for the “North Star Promise” scholarships under a new program passed this year.

Starting next school year, that funding will cover tuition and fees for residents who attend two- or four-year programs in the University of Minnesota or Minnesota State systems or at in-state tribal colleges.

The Minnesota Office of Higher Education estimates it will impact 15,000 to 20,000 students currently enrolled.

The amount awarded to a qualifying student would be determined after other grants, scholarships and financial aid are deducted from the student’s total costs to attend. Private school tuition is not covered.

Caroline Cummings

Caroline Cummings is an Emmy-winning reporter with a passion for covering politics, public policy and government. She is thrilled to join the WCCO team.

Originally Appeared Here

ST. PAUL — After months of uncertainty and negotiations, Democratic-Farmer-Labor and Republican lawmakers on Saturday, May 20, announced a deal on more than $2.6 billion in borrowing and spending on public infrastructure.

Minority Senate Republicans had held up the passage of a major public works borrowing bill for much of the session as they attempted to push DFLers to adopt bigger tax cuts and boost nursing home funding.

Just days before the legislative deadline, DFLers agreed to Republican requests to provide $300 million to nursing homes struggling with staffing shortages and growing costs.

“We are glad now that we came together and have this historic agreement that will help communities all across the state of Minnesota,” said Senate Majority Leader Kari Dziedzic.

It’s been more than two years since the Legislature passed a bonding bill — a major public works borrowing bill that helps fund projects like water treatment plants and roadwork across the state. Small local governments often rely on bonding to build essential infrastructure they’d otherwise struggle to afford.

In a statement, the Coalition of Greater Minnesota Cities hailed the deal as a victory for smaller communities across the state, an example of “what can be achieved when Democrats and Republicans work together for Minnesotans.”

“It is wonderful news that legislators finally came to an agreement on a much-needed and long-awaited bonding bill that serves the needs of Greater Minnesota,” said Thief River Falls Mayor Brian Holmer, president of the coalition.

So, what exactly will the infrastructure bill cover? House Speaker Melissa Hortman told reporters Saturday that the bill has $1.5 billion in borrowing, the part that needs Republican votes. The cash part is about $1.1 billion.

Much of the borrowing in the bonding bill is for statewide agency projects, such as for colleges, housing and corrections. More than $245 million is specifically marked for transportation projects, including local road improvement and bridge replacement programs. Close to $180 million in borrowing currently is marked for Minnesota State Colleges and Universities.

About $90 million in bonds and $185 million in cash for local projects is split between Democrats and Republicans.

Borrowing bills require three-fifths support from the Senate and House to pass. And even though Democrats have majorities in both chambers, they need GOP votes to get a supermajority on a bill. House Republicans joined DFLers in approving the $1.5 billion bonding bill earlier this year, but Senate Republicans blocked it, demanding more action on tax cuts as the state has a historic $17.5 billion surplus.

But soon it became clear that DFLers did not have any interest in entertaining Republican demands to fully repeal the Social Security income tax and increase the size of tax rebate checks. After months of offers from Republicans — and just days before the end of session — the deal came on just the nursing homes.

“If we’re going to save one thing, we’ve got to make sure we save our nursing homes,” said Senate Minority Leader Mark Johnson.

Before they secured Republican support, DFLers had planned to move forward with a $1.3 billion cash-only infrastructure some described as the “go it alone” bill. But now that there’s a borrowing deal, $300 million of that cash will go to nursing homes.

Republicans said the funding is vital for struggling nursing homes, and that a Health and Human Services bill the Senate passed Friday night did not do enough for long-term care, which they say is in a crisis due to staffing and costs.

Hortman pointed out the Health and Human Services budget bill that passed the Senate Friday night contains $100 million in no-interest loans for nursing homes and $90 million for workforce retention.

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Alex Derosier covers Minnesota breaking news and state government for Forum News Service.

Originally Appeared Here

An IRS whistleblower who claims the Justice Department interfered with the Hunter Biden criminal probe says that “he and his entire investigative team are being removed” from the investigation, according to a letter sent Monday by his attorneys to Congress.

Whistleblower’s lawyer meets with congressional panels

One of the attorneys, Mark Lytle, met May 5 with members of the House Ways and Means and Senate Finance Committees to discuss what the whistleblower could tell investigators and how he could do so without running afoul of taxpayer privacy laws. Lytle wrote in an April letter to Congress that the unnamed IRS criminal supervisory special agent could shed light on how the years-long, high-profile investigation had been hindered by “preferential treatment and politics.” 

Whistleblower says he’s removed from probe

On Monday, the agent and his team were told they were being removed from the investigation “at the request of the Department of Justice,” Lytle and another attorney, Tristan Leavitt, wrote to Congress Monday.

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A Justice Department spokesperson said the agency “cannot comment on the matter” and referred CBS News to Delaware U.S. Attorney David Weiss, who is overseeing the investigation.

“As to any investigation of Hunter Biden, as the Attorney General has said, that investigation is being handled by U.S. Attorney David Weiss, who has full authority to make investigative decisions and to bring charges in any jurisdiction as he deems appropriate,” the spokesperson said.

Weiss’ office did not return a request for comment.

The IRS said in a statement that it “is deeply committed to protecting the role of whistleblowers, and there are robust processes and procedures in place to protect whistleblowers.” 

“As IRS Commissioner Danny Werfel has stated, we will not tolerate retaliation against any IRS employee making a whistleblower allegation,” the agency said in its statement, which did not directly address the Hunter Biden investigation. “When suggestions of wrongdoing are raised, we work with all appropriate parties, including the Treasury Inspector General for Tax Administration, to ensure the integrity of the whistleblower process is safeguarded.”

Whistleblower Protection Act

It is not clear why the whistleblower and his team were removed from the investigation.

Tom Devine, a lawyer who has represented thousands of whistleblowers during the last 40 years, said it would violate the federal Whistleblower Protection Act if the agent were to be removed from the investigation because of his disclosures.

“That’s considered a significant change in duties and working conditions to remove you from a case, and if it’s because of your whistleblowing, that would make it a violation of the law,” said Devine, who is the legal director for the nonprofit Government Accountability Project, a whistleblower protection and advocacy organization.

Devine said even if the Justice Department believes it removed the agent and his team appropriately, there’s a “reverse burden of proof” required to prove he wasn’t being retaliated against.

“It’s a tough test. They have to show by clear and convincing evidence that they would have taken the same action for legitimate independent reasons, even if you never opened your mouth,” Devine said. 

Whistleblower claims his information contradicts testimony by “senior political appointee”

In an April interview with CBS News, Lytle said his “client wants to come forward to Congress.… He’s ready to be questioned about what he knows and what he experienced under the proper legal protections.” 

Lytle wrote in his April letter to Congress that the agent would contradict sworn testimony “by a senior political appointee.”

In a Senate hearing in March, Attorney General Merrick Garland vowed not to interfere with Weiss’ work. 

“I promise to ensure that he’s able to carry out his investigation and that he be able to run it,” Garland said on March 1.

When President Joe Biden took office, dozens of U.S. attorneys appointed by Trump were asked to resign, as is customary in a new administration, but Weiss, who was leading the investigation into Hunter Biden, was asked to stay.

Hunter Biden’s lawyers met with Justice Department officials on April 26 to address the ongoing investigation into the president’s 53-year-old son, according to two sources familiar with the meeting. 

The meeting, a status update at Hunter Biden’s request, included officials representing the department’s tax division and Weiss. 

Attorneys representing clients under federal investigation may request to meet with prosecutors for updates. Hunter Biden has not been charged and maintains his innocence in the matter. An attorney for Hunter Biden has previously declined to comment on the whistleblower’s claims.

The IRS and Treasury inspector general for tax administration have not responded to earlier requests for comment.

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Graham Kates

Graham Kates is an investigative reporter covering criminal justice, privacy issues and information security for CBS News Digital. Contact Graham at KatesG@cbsnews.com or grahamkates@protonmail.com

Originally Appeared Here

By Howard Fischer
Capitol Media Services

PHOENIX — Gov. Katie Hobbs has inked her approval to the $17.8 billion budget she negotiated with Republican legislative leaders.

The governor, in a prepared statement Friday, touted the provisions of the plan she demanded be included, like “unprecedented investments in housing, education, tribal communities and healthcare.”

“Today, we showed what happens when pragmatic leaders come together and compromise to get things done for Arizonans,” Hobbs said.

Republicans had their own take on the deal, emphasizing that they quashed the goal Hobbs stated in her budget released in January to repeal the universal vouchers that allow any student, regardless of reason or need, to get state funds to attend private or parochial schools.
But they also pointed to a plan to give tax rebates to families with children — versus Hobbs’ preferred aid to working poor with children — saying they are simply giving taxpayers back some of what they paid in prior years.
Only thing is, the measure as crafted actually will result in some taxpayers getting back more than they paid. And it is crafted in a way to disqualify others who also had state income tax liability but chose to eliminate it by giving to certain charities.
And a tax attorney told Capitol Media Services that it even would allow someone to claim a credit for a live-in boyfriend or girlfriend of any age.
Hobbs, beyond her prepared statement, is not answering questions about the provisions of the tax rebate or anything else in the package. That will have to wait until a press conference on Monday.
Still, press aide Christian Slater acknowledged this isn’t the spending plan that his boss wanted.
“She will publicly tell you that she is not thrilled with every piece of it,” he told Capitol Media Services.
And that, he said, includes the tax relief she wanted.
In her budget, Hobbs sought to eliminate state sales tax on diapers and feminine hygiene products. That, she said, would have saved women and families $40 million a year.
More broadly, she proposed a new child tax credit that would give low-income parents $100 per year for each child. That had a $50 million price tag.
Instead, Hobbs acceded to a demand by the Arizona Freedom Caucus, composed of the most fiscally conservative GOP lawmakers, for what they said amounted to $260 million to rebate some of the taxes that people had paid in prior years.
It’s available to anyone who filed a full-year state income tax return for 2019, 2020 or 2021 who also claimed the state’s deduction for children.
If they had a tax liability for any of those three years, they will get a one-time $250 rebate for each child 17 or younger in 2021, up to a maximum of $750. Those with older dependents are eligible for $100 credits for each, again, up to three.
Sen. Jake Hoffman, R-Queen Creek, the leader of the Freedom Caucus, said Republicans favored that plan versus the one proposed by Hobbs because it gives back some of the money paid by those who actually paid taxes. By contrast, the governor’s plan had no such requirement to show a tax liability.
But the plan adopted has some quirks of its own.
It allows anyone who had at least $1 in liability in any of the three years to get back up to that full $750, regardless of how much — or how little — they actually owed the state. Put another way, some people will get back a “rebate” that far exceeds their actual tax bill.
There are a host of other conditions and provisions.
Only those who had dependents in 2021 are eligible. New parents in 2022 are not.
And tax attorney Bob Kamman pointed out there are other quirks.
Consider, he said a family with a 17 year old in 2021, the year the law uses to compute the rebate, but owed no tax that year. Kamman said the fact that family may have had children 16 or younger in 2019 and 2020 does not make them eligible for the $250-per-child rebate, meaning they are entitled to just $100 per child.
The legislation also cuts out those who are generous with donations.
Arizona provides dollar-for-dollar credits against state income taxes for contributions to certain causes. These include organizations that provide scholarships for students to attend private schools, money given to public schools for extracurricular activities, and cash to a host of other charitable organizations ranging from Adopt-A-Vet to the Yuma Community Food Bank.
Those donations can often wipe out someone’s income tax liability.
What it also does, under the terms of rebate provision inserted by Hoffman and colleagues, is make these same people ineligible for that new cash rebate of up to $750.
At the same time, Kamman said, the wording of the legislation is not limited to those with children. He said anyone with a dependent of any age qualifies for that $100 per person.
What that can include, he said, is someone who has a live-in boyfriend or girlfriend. If that partner earns no money, the taxpayer can declare him or her as a dependent and get $100 back from the state.
And there’s one more open question: Can taxpayers who find themselves locked out of the rebate plan go back and amend their 2021 returns to qualify?
Kamman gives the example of someone who itemized deductions on that 2021 return and had no tax liability. Yet if that same person claimed the standard state deduction, the tax bill would have been $100.
That suggests that someone could file an amended return — something allowed under Arizona law — removed the itemized deductions, pay the $100 and then get a rebate of $750 for the three eligible children they have.
Kamman acknowledged, though, that comes with the risk that the state Department of Revenue might not read the rebate law that way.
“You could try,” he said. “But it might not work and you would still owe $100.”
Kim Quintero, spokeswoman for Senate Republicans, said she has referred questions about the program to Hoffman and Senate research staff and would have no immediate comments.
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On Twitter: @azcapmedia

Originally Appeared Here