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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…
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Massachusetts Gov. proposes postponement of federal tax cuts
Massachusetts Gov. Maura Healey is working to mitigate the financial impact of federal tax changes under President Donald Trump’s One Big Beautiful Bill Act on Massachusetts. She has proposed legislation to delay the implementation of the five most costly federal tax changes until next year, allowing the state to manage the estimated $442m impact on…
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UBS wants U.S. court to axe $400m Libor suit
UBS has asked a Connecticut court to throw out a suit filed by former trader Tom Hayes that accuses the Swiss lender of handing him over to global prosecutors to protect the bank and its senior leadership during the Libor rigging scandal. Lawyers for UBS described Hayes’ allegations as “spurious” and said that he cannot…
