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New federal school-choice tax credit sparks battle over state control
A new federal tax credit will direct more than $3bn a year to scholarships, mainly for private and parochial schools, prompting a fight over who controls the program. Public-school advocates want states to set rules and safeguards, while school-choice supporters argue state oversight should be minimal. As the Treasury Department writes regulations, the program marks…
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Tax cut lawsuit heats up in Massachusetts
A coalition of union leaders and community activists has filed a lawsuit to block a proposed reduction in Massachusetts’ personal income tax rate from 5% to 4% over three years. The lawsuit claims the petition wording was “misleading and deceptive,” failing to mention that the cuts would apply to all income tax categories, including capital…
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IRS unveils clean fuel tax credit changes
The IRS and the Treasury Department have proposed new regulations for the clean fuel production credit under the One Big Beautiful Bill Act (OBBBA), aimed at supporting domestic clean transportation fuel producers. The 45Z credit offers businesses a tax credit for clean fuel produced after December 31st 2024, and sold by December 31st 2029. Key…
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U.S. agrees to cut tariffs on India to 18% in trade deal tied to Russian oil exit
The United States has agreed to reduce tariffs on Indian goods to 18% under a new trade deal, after India committed to stop buying Russian oil and significantly increase purchases from the U.S., President Donald Trump has said. The agreement removes both the previous 25% “reciprocal” tariff and an additional 25% levy imposed over India’s…
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Chicago Mayor Pritzker faces pressure on school vouchers
Public school advocates gathered outside Governor JB Pritzker’s office, urging him to reject participation in a new federal school voucher program. This initiative, part of the Republican “One Big Beautiful Bill Act,” offers tax credits for donations to scholarship nonprofits, which can be used for private school expenses. Critics, including Huu Nguyen from Illinois Families…
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Saks Global to close majority of off-price stores amid bankruptcy restructuring
Saks Global will shut 62 off-price retail outlets, including 57 Saks OFF 5th stores and all five Neiman Marcus Last Call locations, as part of its ongoing bankruptcy proceedings and shift toward full-price luxury retail. The group cited projected losses of $139m from its off-price operations in fiscal 2025. Just 12 Saks OFF 5th stores…
