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End the electric vehicle tax credit
The federal tax credit for electric vehicles (EVs) has become an ineffective subsidy that primarily benefits wealthy individuals while contributing to a growing budget deficit, accoring to an L.A. Times editorial. Originally introduced in 2008 and expanded in 2022 under the Inflation Reduction Act, the credit has resulted in an estimated $112bn in lost revenue….
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Nebraska fuel tax rates on the rise
The Nebraska Department of Revenue (DOR) has announced an increase in motor fuel tax rates, effective from January 1, 2025, to June 20, 2025. The rate will rise from 29.6 cents per gallon to 30.4 cents per gallon. This adjustment includes wholesale, variable, and fixed tax rates designed to align with legislative appropriations and the…
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EY faces fraud allegations from investors
EY has been accused of facilitating a fraudulent scheme involving Brooge Energy, a UAE oil storage company, in a lawsuit filed in the Southern District of New York. Shareholders allege that EY played a “pivotal role in a years-long scheme” to defraud investors during a 2019 SPAC transaction, which initially valued Brooge at over $1bn….
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New tax relief for disaster victims
New Yorkers may qualify for property tax relief following natural disasters, thanks to a new bill signed by Governor Kathy Hochul. The legislation, known as S7515A, allows local taxing authorities to offer tax abatements for properties affected by significant events like storms and fires. The relief will correspond to the reduction in assessed property value…
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FASB proposes new standards for environmental credits
The FASB has introduced a proposed Accounting Standards Update (ASU) aimed at enhancing the financial accounting and disclosure of environmental credits and obligations. This initiative stems from stakeholder feedback indicating that GAAP lacks clear guidance on recognizing and measuring the growing volume of environmental credits driven by government regulations. The proposal outlines requirements for recognition,…
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Housing starts fall to four-month low
U.S. new-home construction unexpectedly fell in November to a four-month low, the Commerce Department reported on Wednesday, with a rebound in starts of single-family dwellings offset by a drop in multifamily projects. Housing starts decreased 1.8% to an annualized rate of 1.289m, the lowest since July. Economists polled by Reuters had forecast that they would…
