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Sharp declines in real estate activity have caused the city and the state to lose $1.4 billion in taxes so far this year, according to a new report from the Real Estate Board of New York. The report, released last Thursday, found that commercial and residential property sales have dropped by 34% from October 2019 to October of this year, and the tax revenue from those sales has dropped by 57% year over year. [Extracted from the article]

Jessica Rabe, 25, is Wall Street's leading analyst for the cannabis business. Gov. Andrew Cuomo has said the state faces a $13 billion shortfall, so opening marijuana to retail could address 10% of that. [Extracted from the article]

1. THE ISSUE New York's 2020 state budget was approved in Albany, with the final spending number coming in at $177 billion. THE PLAYERS The budget was negotiated primarily by the offices of the "big three" in Albany: Cuomo, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie. [Extracted from the article]

In late January the city released an expansive report outlining its early plans to overhaul its indisputably inequitable property-tax system. In 2017 her group filed a lawsuit alleging the city's property-tax system is biased against low-income and minority owners. [Extracted from the article]

In the three Chicago townships that include downtown - West Chicago, South Chicago and North Chicago - Kaegi's office last year assessed 136 apartment projects that were built one to three years earlier. But Kaegi's new value is still low: The high-rise recently changed hands in a deal that valued it at more than $1 billion. [Extracted from the article]

As Kaegi and Rogers hurl accusations, notably absent from the scene is Cook County President Toni Preckwinkle. For one thing: Cook County property owners will most definitely receive that second-half tax bill, albeit quite late - and the next bill to cover the first half of 2023 will inevitably follow, quite likely right on its heels. [Extracted from the article]

The author offers insights on the executive budget for fiscal year 2019 proposed by New York Governor Andrew Cuomo. Topics explored include the impact of the 2018 state revenues on the budget plan, the possible reduction in health care spending, and the spending advice offered by New York State Comptroller Thomas DiNapoli which supports the budget proposal.

The article reports on the goal of Democrats in New York to legalize recreational marijuana in the state. Governor Andrew Cuomo has announced a model program for regulated adult-use marijuana. The state Department of Health has called for the state to allow, license and regulate recreational cannabis consumption. The department has also made a forecast for tax revenues that would be generated by marijuana legalization.

The article focuses on a state report which indicates that New York sent the government 250 billion dollars in taxes in 2017 and received 225.7 billion dollars in spending.

The article reports that the budget of the administration of New York City Mayor Bill de Blasio is at risk because of its inclusion of 1.2 billion U.S. dollars-worth of revenue for the future sale of taxi medallions whose value has declined.

The article discusses New York's biennial report on the economic impact of the entertainment industry which found film production in the state generated more than 12.5 billion U.S. dollars in spending in 2015 and 2016. Topics covered include the net positive revenue and spending by film and television (TV) production, the jobs generated by the industry, and the tax revenue received by the state and the city being the overwhelming beneficiary of the tax credit program.

This article presents information on the impact of New York local residents' car registration in other states on the city's taxpayers. It discusses the impact of this on New York's revenue, details of a 2011 state Senate report on improperly registered cars on the road, and the reason behind the occurrence of registration fraud and rate evasion in New York.

The article focuses on the petition by New Yorkers of a fee that residents and businesses have to pay up any time they seek permission to use a portion of a city sidewalk for a garden, outdoor table or anything that sits on or under public property. Topics covered include the idea behind the revocable consent agreement, the annual revenue that the city generates from revocable consent agreements, and a hearing scheduled to hear the petition of San Remo building residents.

As more consumers shopped online, sales fell at many stores. The business of brick-and-mortar retailing in the Chicago area, already prettytough just a few months ago, is facing a bleak future as retailers andrestaurant owners try to survive a pandemic that has largely shut them down. The decline in retail sales has revenue implications for just about everygovernment body, including the state of Illinois, which charges a 6.25 percentsales tax. [Extracted from the article]

By the numbers If we turn our attention from the current crisis to one in the not-too-distant past - the Great Recession of 2008-09 - we see the contours of what's to come: a big drop in tax collections for state and local governments that will lead to furloughs and spending cuts. Cincinnati came in at No. 2, with 71.8% of revenue from income taxes, while Toledo (70.8%) was No. 4 and Cleveland (67.5%) was No. 5. Cities all across Northeast Ohio already are adjusting budgets, but the unpredictable nature of this crisis makes budget forecasting extra hard. [Extracted from the article]

Michigan budget officials don't have any firm numbers on the damage a three-week shutdown of nonessential businesses is going to do to state tax revenues. State officials are still assessing the impact of the federal stimulus bills and how that money could soften the tax revenue blow to the state's general and school aid funds. [Extracted from the article]

But aside from not meaningfully reducing violence, it wound up in the crosshairs of state authorities who discovered lax oversight, lost funds and political influence from the governor's office and aldermen. "The governor made very clear that this program was one of his priorities", says state Sen. Jason Barickman, R-Bloomington, one of the cannabis bill negotiators and a member of the R3 board. READI Chicago, the Heartland Alliance's gun violence response program, advocated for R3's inclusion in the cannabis bill, but program director Chasda Martin says he's not yet sure they'll apply for a grant. [Extracted from the article]

As Mayor Lori Lightfoot prepares to renew efforts in Springfield to secure a casino for Chicago, a report issued by the Legislature's fiscal unit strongly suggests that the city's ultimate tax take from the facility will be a lot less than many want. The number of those machines and the tax yield from them continue to explode, and total statewide video poker revenue of $528 million now exceeds what the casinos take in, even though a lot of communities - notably including Chicago - still ban them. [Extracted from the article]

The article investigates smuggling of alcohol and cigarettes in New York state, which deprives the state of at least 1.6 billion U.S. dollars in annual tax revenue. Topics discussed include state officials being aware of the scope of the illicit trade but are struggling over how to stop it. Also mentioned are New York state creating a strike force against smuggling in 2014 and New York Attorney General Elliot Spitzer's crackdown of liquor businesses in the state.

The article estimates that rising income and property-tax revenue in New York City will generate a budget surplus seven times more than anticipated in the mayor's budget in 2016, according to the city's publicly funded agency Independent Budget Office (IBO).

Budget negotiations break down after roads taken out of discussion But the governor's effort to suspend all increased spending on roads did not sit well with Republicans who control the Legislature, causing a breakdown in budget negotiations by mid-week. Peters and fellow Michigan Democrats U.S. Sen. Debbie Stabenow and U.S. Rep. Debbie Dingell and other state lawmakers backed the Michigan Mobility Collaborative's grant application. [Extracted from the article]

The article offers information on the decision that believes that costing the school district at least 5 million dollar in tax revenue from what has become the Chagrin Highlands development. Topics include that Figgie International Inc., a corporation looking for new headquarters, would be a way to help the city dig out of a financial hole and create new tax revenue, not just for Cleveland, but for the suburbs and the school districts that over the century had been carved out of the township.

The article focuses on the impact of legalization of marijuana in Illinois and marijuana tax revenue. It mentions program designed to help communities hit hard by poverty, violence and the aftereffects of the nation's decades-long "war on drugs." It also mentions bill is comprehensive, encompassing legalization of recreational pot use, increased funding for social services, expungement of criminal records for marijuana possession and economic development help for poor communities.

The article focuses on J.B. Pritzker, governor of Illinois, is counting on help from legalizing recreational marijuana and new tax revenue generated from weed sales will go toward shoring up the state's finances. It mentions grant program that aims to help communities hit hard by poverty, violence and the war on drugs and mental health and substance-abuse treatment. It also mentions law enforcement and drug-treatment education.

The article reports on the need for Michigan to spend billion of dollars on roads annually. It cites on the budget cut from the discretionary general fund with gas-tax increase passing. The article also reports on the use-tax revenue that could be collected in untaxed for-profit services according to the Michigan Department of Treasury.

The article reports that a plan to squeeze more cash out of the Guardian Building in Detroit, Michigan appears to be paying off. Topics include Wayne County, Michigan which has owned the 40-story skyscraper for about a decade, says that it had 487,400 dollars in net revenue from the property in fiscal 2017-18, and views of Khalil Rahal, assistant county executive in charge of economic development on the same.

The article focuses on Pacific Railway Act of 1862 which was signed by lawyer Abraham Lincoln into law and mentions that the law offers enticement and free government-owned land. Topics dsicussed include development offering jobs, tax revenue and residents, views of Metropolitan Planning Council President MarySue Barrett on the same and proposal of One Central Station project.

The article offers information on missing out on revenue from hemp industry in Ohio due to avoiding to develop a hemp program. Topics discussed include growth of hemp industry in the U.S. after removal regulatory barriers; buying and trading platform Commodigy for hemp in response to market trends created by cannabis entrepreneur Garett Fortune; and use of hemp fibers in clothing, construction materials and paper.

The author describes various incidents of corruption in Chicago including uproar concerning the powerful state House speaker caught on tape discussing zoning, tax revenue of $10 billion over 20 year, and creation of an advisory panel to shape its community benefits tied to that investment.

The article offers the author's insights on the proposal by Governor J. B. Pritzker of Illinois to manage the pension crisis in Chicago. Topics mentioned include the funds for pension system in the state, the proposal to increase taxes to improve the state revenue, and the fundamental reforms needed to improve the funding for pensions

The article offers news briefs related to Michigan as of 2019. The U.S. Senate proposed a legislation that would make it optional for Michigan drivers to buy what is now mandatory unlimited medical coverage. The state's medical marijuana licensing board agreed with the recommendation and others proposed by regulators. The U.S. National Park Service will use recreational fee revenue to pay for crews to performs tasks such as plowing snowy parking lots and trailheads.

The article offers several news briefs related to employment, equal pay and tax revenues. Topics discussed include banning of LGBT community discrimination in employment by the Rick Snyder, former governor of Michigan, U.S. discussions on the equal pay order in employment; and information on the plans of government for stabilizing the tax revenue growth.

The article reports on the discovery that property owners have been paying more property-tax that what they owe in New York City as the budget office of former Mayor Michael Bloomberg changed the calculation of property-tax limit in 2005. Former Bloomberg finance commissioner Martha Stark discovered that the city has collected nearly 2.5 billion U.S. dollars in tax revenue since the change. Stark noted that the city's methodology in calculating property tax is not standard.

The article discusses the persistence of New York City Mayor Bill de Blasio to taxing the rich. Topics include de Blasio's proposed 2015 mansion tax on home sales to raise revenue for affordable housing, the amount to be raised by the mansion tax according to the mayor, and the effect of the surcharge on all residential sales.

The author talks about New York City Mayor Bill de Blasio, his political agenda, and the possible issues for 2015. Topics include de Blasio's lack of an economic-development agenda, the city's budget with rising tax revenues and little change in spending, and the 5 billion U.S. dollar surplus in legal settlements with the city's banking institutions. Other topics include 2015 issues like de Blasio's progressive agenda, rent-regulation laws, and the city's economy.

The article looks into the motivation behind the licensing of upstate casinos and gambling resorts in economically depressed areas in New York. It wonders about the possible interest of Governor Andrew Cuomo and legislators in the tax revenues that casinos are expected to generate. Argument is raised about the potential effect of casinos on local economies and on consumer spending.

The article discusses the dilemmas for New York City Mayor Bill de Blasio in connection to JPMorgan Chase and Co.'s request for a one billion dollar tax break for the development of Hudson Yards. Topics covered include de Blasio's campaign pledge that there would be no tax breaks for corporations that threatens to leave the city and the impact of JPMorgan's presence on employment and government revenue.

The article discusses the impact of corporate tax inversions on companies in New York as of September 2014. Topics covered include the number of U.S. corporations that have completed tax inversions through mergers since 2011, according to media and information firm Thomson Reuters, the effect of the inversions on local jobs and state tax revenues, and the views of Paul Dailey, a partner at accounting firm Citrin Cooperman, on the benefits of inversions to firms in New York and New Jersey.

The article discusses a proposed bill that would require alcoholic beverages to be stocked in a New York warehouse for 24 hours before being sold in New York to create jobs and boost tax revenue, and its drawbacks and burden particularly to resellers and consumers.

The article reports on the plans of the New York City public-benefit corporation Hudson River Park Trust to sell the air rights of seven piers in order to generate revenue. Topics discussed include the trust's plans to unload the air rights of piers from West 17th to West 58th streets, possibility of raising 500 million dollars with the sale of the air rights, and use of the money to fund the repair of parkland infrastructure.

The article discusses the tension between New York Governor Andrew Cuomo and state Attorney General Eric Schneiderman regarding the state's portion of the federal settlement by banking and financial services firm JPMorgan Chase over mortgage-backed securities. Topics discussed include Cuomo's views that the money should have gone to the housing programs of the state government and that the deal will cost the state tax revenue, and Schneiderman's reactions to the comments of Cuomo.

The article focuses on the pension funding shortfall in Illinois. Topics discussed include a proposal to raise the state's revenue through an annual statewide residential property tax of 1 percent of a home's worth for 30 years, a suggestion to renegotiate retirement benefits, and the need to eliminate the constitutional roadblocks to pension reform.

The article discusses the decline in New York City's share of investment banking and brokerage jobs as firms start to see they no longer need New York. It notes though that its 2008-tax revenue held up as most of its best-paid people remain in New York and in fiscal year ended March 31, 2013, tax receipts from securities were the highest at 10.3 billion U.S. dollars. It indicates that looming regulations that constrain bank revenue may force institutions to move more jobs to lower-cost areas.