Latest news with #TaxCutsandJobsAct
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a day ago
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Nebraska college savings accounts expand to cover private K-12 tuition
A proposal to expand tax-advantaged Nebraska college savings accounts to cover the costs of private K-12 tuition passed as part of a larger bill related to property taxes. (Camilla Forte/The Hechinger Report) LINCOLN — A proposal to expand tax-advantaged Nebraska college savings accounts to cover the costs of private K-12 tuition passed Friday as part of a larger bill related to property taxes. The passage of Legislative Bill 647 was delayed because State Sen. Machaela Cavanaugh of Omaha wanted to remove State Sen. Tony Sorrentino's proposal due to what she called a broken 'agreement' regarding State Sen. Ashlei Spivey of Omaha, which would have helped schools fund long-term substitutes so teachers could take paid time off around significant life events. State Sen. Brad von Gillern of the Elkhorn area said there was no 'agreement' with the Legislature's Revenue Committee. 'There was no deal,' he said. 'I was invited into a conversation to talk about the bills that were at play, including Senator [Ashlei Spivey]'s bill. I told the participants in that meeting clearly that I will not make a deal. Each bill needs to stand on its own.' The 'deal' involved a bipartisan group on the Education Committee and the state's largest teachers' union — which led to a month-long effort to get a package of proposals out of committee. That package is dead, replaced by a watered-down clean-up bill. LB 647 advanced 35-13. That tally included the support of two Democrats, State Sen. Eliot Bostar of Lincoln and Dan Quick of Grand Island. Bostar said that he voted against including Sorrentino's proposal during the last round of debate but decided to vote for LB 647 as a whole because it was needed to balance the budget. State Sen. Dan Quick of Grand Island said his constituents have asked to be in favor of Sorrenino's proposal. At least 42 states already allow such savings accounts to cover tuition at K-12 private schools, which was first allowed federally in 2018 after congressional passage of the Tax Cuts and Jobs Act, for up to $10,000 per beneficiary per year. A 529 savings plan — in Nebraska, NEST 529 — offers tax breaks to encourage families or students to donate and allows the savings to grow tax-free and be used for an approved educational purpose. Nebraska voters in November repealed the state's new school voucher or scholarship program that was set to steer public dollars to private schools, though conservative lawmakers and Gov. Jim Pillen have pledged to keep trying to pass a replacement. Public school advocates have argued against using public funds for that purpose and said voucher programs in other states have bled public money needed for public education. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
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2 days ago
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'It Will Have A Chilling Effect On The Creation Of New Foundations,' The GOP Tax Bill's Effect On Billionaire Philanthropy
President Donald Trump's "One Big Beautiful Bill" passed the House late last week Included in the bill are increased levies on private foundations run by the ultra-wealthy Experts are warning that the change will have a negative effect on charitable giving, as billionaires will shift to solutions with fewer giving mandates and more tax exemptions President Donald Trump's "One Big Beautiful Bill" passed the House late last week. The bill, which seeks to make permanent many of the tax cuts included in the 2017 Tax Cuts and Jobs Act, includes several additional changes, including higher levies on private foundations. Private foundations have been the center of billionaire philanthropy for generations. From John D. Rockefeller to Bill Gates, the ultra-wealthy have long preferred to give their fortunes away through organizations they control rather than handing it out to smaller nonprofits. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — These organizations have been largely exempt from federal income taxes, in exchange for a requirement that they spend 5% of their assets each year on charitable causes, according to Bloomberg. Now, experts have told the outlet that a provision in the bill could change all that. The bill will increase the levies on private foundations' investment income from 1.39% to anywhere between 2.78% and 10%. Laura MacDonald, the founder of Benefactor Group, told Bloomberg the move "will have a chilling effect on the creation of new foundations and end up accelerating the growth of donor-advised funds." Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – There has already been some movement away from the private foundation model toward limited liability companies and donor-advised funds, which have fewer mandates, including requirements on how much they give each year. Under the new proposal, it would "make no sense" for billionaires like Gates and Michael Bloomberg to put assets into their foundations when tax-free alternatives exist, FoundationMark founder John Seitz told Bloomberg. "You're taking money that's very transparent and sort of forcing it into these darker pools, where you don't have the 5% distribution requirement," he funds have varying rates at which they pay out the money in their accounts to working charities. The median payout of these funds is 9% over three years, but more than one-fifth paid out no money at all over that period, according to a 2024 report from the DAF Research Collaborative. Meanwhile, a report from the Lilly Family School of Philanthropy found that giving by private foundations went up 1.7% in 2023– the most recent year for which data is available– to $103.53 billion. The Joint Committee on Taxation estimates that the change in tax rate for private foundations would raise almost $16 billion in revenue over the next decade, according to Bloomberg. However, expert Ray Madoff tells Bloomberg that they see the move more as a "challenge to independent organizations" than a legitimate economic move. Read Next: Invest where it hurts — and help millions heal:. 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'It Will Have A Chilling Effect On The Creation Of New Foundations,' The GOP Tax Bill's Effect On Billionaire Philanthropy originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
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2 days ago
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MHR Capital Group Breaks Ground on AC Hotels by Marriott in Kennewick, Washington
BELLEVUE, Wash., May 29, 2025 /PRNewswire/ -- MHR Capital Group, a Bellevue-based private investment firm focused on strategic real estate and private equity ventures, has announced the groundbreaking and commencement of construction on a new AC Hotels by Marriott in Kennewick, Washington. Developed in partnership with A1 Hospitality Group and Fowler Construction, this project represents a significant new hospitality asset in the Tri-Cities region. This project is a part of a public/private partnership in conjunction with the City of Kennewick's expansion of the Three Rivers Convention Center (TRCC). The new AC Hotel will be physically connected to the expansion, enhancing the area's ability to attract regional and national events and significantly boosting local economic activity. The project is structured as a Qualified Opportunity Zone Business, providing investors with significant long-term tax advantages under the Opportunity Zone program established by the 2017 Tax Cuts and Jobs Act. The debt portion was financed by Idaho Central Credit Union (ICCU) via Bellevue Capital Group (BCG). "This investment reflects our disciplined focus on high-quality developments in growth markets," said Kamran Hasan, Founder and CEO of MHR Capital Group. "By partnering with experienced operators and local stakeholders, we're able to deliver a differentiated hospitality experience while creating long-term value for our investors and the communities we serve." The AC Hotel brand, part of the Marriott International portfolio, is known for its modern design, upscale amenities, and appeal to both business and leisure travelers. The Kennewick property will provide a high-end hospitality option in a fast-growing region with strong demographic and economic fundamentals. In addition to the hotel, MHR Capital Group will soon be opening the investment opportunity for Phase 2 of the masterplan, which will include over 550 residential units and more than 200,000 square feet of retail space. These assets are also located within the Opportunity Zone and offer the same tax-advantaged structure for qualified investors. Founded in 2011, MHR Capital Group targets high-growth, undercapitalized markets across the U.S. through a disciplined, fundamentals-driven investment strategy. The firm focuses on generating risk-adjusted returns through value-add real estate and lower middle-market private equity transactions, often in partnership with best-in-class local operators. MHR Capital has a successful track record of identifying off-market opportunities and creating long-term value for investors by combining operational expertise with a deep understanding of local market dynamics. The Kennewick development highlights MHR Capital's ongoing commitment to driving meaningful economic impact while delivering strong financial outcomes for its investment partners. For more information, please visit or contact: Media Contact:Sofia De La CruzInvestor RelationsEmail: IR@ 425-800-6208 ext 102Website: View original content to download multimedia: SOURCE MHR Capital Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
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MHR Capital Group Breaks Ground on AC Hotels by Marriott in Kennewick, Washington
BELLEVUE, Wash., May 29, 2025 /PRNewswire/ -- MHR Capital Group, a Bellevue-based private investment firm focused on strategic real estate and private equity ventures, has announced the groundbreaking and commencement of construction on a new AC Hotels by Marriott in Kennewick, Washington. Developed in partnership with A1 Hospitality Group and Fowler Construction, this project represents a significant new hospitality asset in the Tri-Cities region. This project is a part of a public/private partnership in conjunction with the City of Kennewick's expansion of the Three Rivers Convention Center (TRCC). The new AC Hotel will be physically connected to the expansion, enhancing the area's ability to attract regional and national events and significantly boosting local economic activity. The project is structured as a Qualified Opportunity Zone Business, providing investors with significant long-term tax advantages under the Opportunity Zone program established by the 2017 Tax Cuts and Jobs Act. The debt portion was financed by Idaho Central Credit Union (ICCU) via Bellevue Capital Group (BCG). "This investment reflects our disciplined focus on high-quality developments in growth markets," said Kamran Hasan, Founder and CEO of MHR Capital Group. "By partnering with experienced operators and local stakeholders, we're able to deliver a differentiated hospitality experience while creating long-term value for our investors and the communities we serve." The AC Hotel brand, part of the Marriott International portfolio, is known for its modern design, upscale amenities, and appeal to both business and leisure travelers. The Kennewick property will provide a high-end hospitality option in a fast-growing region with strong demographic and economic fundamentals. In addition to the hotel, MHR Capital Group will soon be opening the investment opportunity for Phase 2 of the masterplan, which will include over 550 residential units and more than 200,000 square feet of retail space. These assets are also located within the Opportunity Zone and offer the same tax-advantaged structure for qualified investors. Founded in 2011, MHR Capital Group targets high-growth, undercapitalized markets across the U.S. through a disciplined, fundamentals-driven investment strategy. The firm focuses on generating risk-adjusted returns through value-add real estate and lower middle-market private equity transactions, often in partnership with best-in-class local operators. MHR Capital has a successful track record of identifying off-market opportunities and creating long-term value for investors by combining operational expertise with a deep understanding of local market dynamics. The Kennewick development highlights MHR Capital's ongoing commitment to driving meaningful economic impact while delivering strong financial outcomes for its investment partners. For more information, please visit or contact: Media Contact:Sofia De La CruzInvestor RelationsEmail: IR@ 425-800-6208 ext 102Website: View original content to download multimedia: SOURCE MHR Capital Group Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 days ago
- Business
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The 3 Main Proposals From Trump's New Tax Plan and What They Mean for You, According to Jaspreet Singh
Taxes: Everyone has to pay them, but nobody likes them. President Donald Trump understands that, and he campaigned on a promise to lower taxes for Americans. Learn More: Find Out: Since he took office, Trump has proposed the largest tax cut in American history. The 'One Big, Beautiful Bill' promises permanent tax cuts — those earning between $30,000 and $80,000 per year would pay around 15% less in taxes overall — no taxes on tips or overtime, and tax relief to Social Security recipients. However, there remains some level of opposition to this new tax bill within the GOP. The bill passed in the House of Representatives and will next be voted on by the Senate. As implied by the name, the bill is long and complex — many of its provisions might seem confusing and overwhelming. But, in a recent YouTube video, financial guru Jaspreet Singh summed up the three main tax proposals and what they could mean for your wallet. Here's what you need to know. 'Number one, it is to cut taxes — income taxes — across the board, because at the end of 2025, the Tax Cuts and Jobs Act is going to expire,' explained Singh. Signed into law during Trump's first term, the 2017 Tax Cuts and Jobs Act (TCJA) lowered tax rates overall. However, the current legislation is slated to expire at the end of 2025 if Congress doesn't act to extend the bill, which Trump, of course, wants to avoid. If Congress is unable to pass this new tax bill or extend the current provisions of the TCJA beyond Dec. 31, 2025, the White House Council of Economic Advisers indicated that these things will happen, among other tax changes: Tax bracket rates for individuals will go up. The standard deduction will decrease by close to 50%. The current child tax credit will also decrease by 50%, from $2,000 to $1,000. Be Aware: Singh explained that through this new tax proposal, Trump intends to maintain low corporate tax rates. The intention behind low corporate taxes is generally to encourage business growth and economic competitiveness — as highlighted by the Council of Economic Advisers, one of the most consequential provisions of the TCJA was that it effectively cut the corporate income tax rate from 35% to 21% to incentivize companies to continue doing business in the U.S. and to attract other companies to come to the U.S. If the current provisions of the TCJA do end up expiring later this year, expect corporate tax rates to rise and companies to potentially look to do their business elsewhere. Singh also pointed out Trump's plan to fund these tax breaks with income from tariffs. Thomson Reuters reported that Treasury Secretary Scott Bessent 'expressed optimism' that the incoming tariff revenue will help offset the cost of the proposed extension of TCJA provisions. It's part of the Trump administration's plan to generate both long and short-term tariff revenue to lower taxes for Americans and bolster U.S. manufacturing while creating more jobs. Very surprisingly, Trump proposed raising taxes on the rich. At the time Singh posted his video, a tax rate increase to 39.6% — from 37% — for those earning at least $2.5 million per year was on the table, a change that, Singh said, 'may be necessary to continue funding essential programs like Medicaid and to pay for the tax cuts for middle and working-class Americans.' However, that proposal seems to have been removed from the bill, leaving the tax rate on the wealthiest Americans at the same level. Singh compared the U.S. to a business printing its own money, spending more than it earns — through taxes and tariffs — and getting deeper into debt to keep spending on things like paying contractors and funding programs. That means 'more and more tax dollars are now being used just to pay interest expenses [on the debt] … as opposed to actually providing value to society,' Singh said. As people expect government programs to continue, the government keeps taking on more debt, which leads to inflation — and inflation drives expenses up, meaning people need more help from the government, leading to a vicious cycle of spending and debt. Singh may or may not be correct — the ultimate effects of these proposed policies on Americans remain to be seen. The bill has to pass the Senate and be signed into law for any of them to be put into practice. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on The 3 Main Proposals From Trump's New Tax Plan and What They Mean for You, According to Jaspreet Singh Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
