The Williams Report
Fiscal:
Connecticut: Lt. Governor Breaks Tie in State Senate, Approves Contract for State Workers
Democratic Lt. Governor Nancy Wyman voted on party lines to break the tie and pass the contract for state employees.
Illinois: Governor Vetoes Education Bill as Budget Wrangling Continues in Several States
Governor Rauner followed through on his threat to veto a school funding measure on Tuesday. Democratic lawmakers are counting votes for a potential veto override.
Maine: Lawmakers Propose 20 Percent Tax on Recreational Marijuana
5 percent of the tax would be paid to communities that host growing or retail facilities.
Massachusetts: Governor to sign overdue state budget, announce vetoes
Massachusetts: Governor Signs Bill Hiking Tax on Recreational Marijuana
The drug which will become legal in the state on January 1, 2018 will now bare a 20 percent excise tax.
Michigan: Governor signs $56.5 billion state budget
Minnesota: Court Rules Against Dayton’s Bid to Defund the Legislature
The Court ruled against the Democrat Governor’s ability to defund the Republican Legislature.
Montana: House Speaker defends pending state budget cuts
New Jersey: Airbnb Free of New Jersey Sales and Hotel Tax
Governor Christie vetoed a bill that would have taxed houses used for home-sharing businesses like Airbnb.
New York: State Tax Collections Down $1.2 Billion in First Quarter of FY 2018
The tax collections were 6.8 percent lower than they were the same time last year.
North Carolina: State Hailed as Model State for Tax Reform
Starting in 2013, the Republican led legislature has turned the state around from being one of the worst tax climates to the model for tax reform.
Oklahoma: 2017 Fiscal-Year General Revenue Fund Receipts Below Forecast
Corporate income tax returns were $165.7 million below their fiscal year estimate.
Oklahoma: Budget woes Bring lawmakers back to state Capitol
Pennsylvania: State Senate Approves Higher Taxes and Borrowing to Balance Budget
Republicans in the House are not likely to pass the budget fix due to heavy borrowing.
Rhode Island: Senate Passes, Governor Signs $9.2 Billion Budget
Texas: In Texas House, Property Tax Proposals Range from Minor Tweaks to Major Reform
After the Senate passed the main measure to address Governor Abbott’s concern, the House has put forward many more bills dealing with the property tax.
Wisconsin: Illinois Tax Increase Welcome in Wisconsin
Illinois lawmaker claims Wisconsin will not even have to recruit businesses from Illinois, they will go freely due to tax increases.
Wisconsin: Lawmakers Split on Foxconn Bill as Questions Linger About Impact on State Budget
The deal would require the state to spend $3 billion; some legislators want to pass the budget before this bill is considered.
Pensions:
California: California Government Retirement Plans Are More Than 50 Percent Underfunded
California: New State Budget Projects $206 Billion in unfunded Pension Liabilities
California’s state employees’ pension fund (CalPERS) is the largest public pension fund in the nation and it is only 65 percent funded.
Illinois: 63,000 Public Employees with $100,000+ Salaries Cost Taxpayers $10 Billion
88 of Illinois’ small-town “managers” make more than any state governor.
Illinois: Mounting tax burden called no match for soaring pension debt in Illinois
Despite having some of the highest taxes, Illinois ranks third in unfunded pension liability.
Kentucky: Blue Grass Institute proposes “sound solutions for Kentucky’s Public Pension Crisis
Kentucky: Credit rating downgraded. Citing pension and revenue woes
Michigan: According to Moody’s, Michigan’s Teacher Pension Reform is “Credit Positive”
The positive review cited a decrease in taxpayer risk for future employees as the primary reason for the good review.
North Carolina: State Pension Fund Gains Driven by Stock Investments
The state pension fund reported a 10.6 percent investment return for the fiscal year which boosted the total pension fund’s assets to $93.9 billion—the highest they have ever been.
Oregon: State Continues to be Unrealistic About Public Employee Retirement System
The state continues to operate under an unrealistically high assumed rate of return of 7.2 percent, nowhere close to the suggested 6.7 percent.