Tax & Accounting News

TaxBuzz Top 5 - Trump Aims to Kill EV Tax Credits, Chicago Council Nixes $300 Million Tax Increase & More

11/15/2024

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Trump’s Transition Team Eyes Repeal of $7,500 EV Tax Credit

Credit: Chip Somodevilla/Getty Images

President-elect Donald Trump’s energy-policy transition team is considering repealing the $7,500 federal tax credit for electric vehicle (EV) purchases, sources told Reuters. The move, part of a broader tax reform agenda, could disrupt the U.S. EV market, particularly impacting automakers reliant on subsidies to drive adoption.

Tesla, the nation’s leading EV manufacturer, appears to back the repeal. CEO Elon Musk, a Trump ally, acknowledged that while Tesla may face some sales impact, the repeal would deal a severe blow to competitors like General Motors, Rivian, and Lucid. Following the news, Tesla’s stock fell nearly 6%, while Rivian and Lucid saw steeper declines.

The tax credit, introduced under President Biden’s Inflation Reduction Act (IRA), has been instrumental in promoting EV adoption and bolstering U.S. automakers' global competitiveness. Industry groups, including the Alliance for Automotive Innovation, have urged Congress to preserve the credit, noting that it plays a role in cementing U.S. leadership in the auto sector.

Trump’s team, led by oil magnate Harold Hamm and Governor Doug Burgum, sees the credit as an expendable policy, anticipating broad Republican support in Congress. Funds saved from the repeal could finance extensions to Trump’s expiring tax cuts from his first term in office.

2. Property Taxes Surge Across U.S., Southeast Hit Hardest

Credit: Edwin Remsberg/Getty Images

Property taxes have risen in nearly every major U.S. metro over the past five years, with southeastern cities, especially in Florida, bearing the brunt of the increases, according to a Redfin report. A mix of skyrocketing home values, population growth, and the growing financial toll of natural disasters has driven these hikes.

Indianapolis experienced the most significant percentage increase, with median property taxes rising 67% since 2019 to $205 monthly. Atlanta followed closely, with a 66% jump to $239. Rising home values and expanded city budgets for services like parks contributed to these increases.

Florida metros dominated the list of the highest percentage gains. Jacksonville saw property taxes rise by 60% to $228, while Tampa’s median payment increased 57% to $250. Miami, Fort Lauderdale, and Orlando also reported hikes of nearly 50%.

The New York Times notes that three key factors have driven Florida’s tax surge: pandemic-fueled home value increases, the state’s population boom creating demand for municipal services, and reliance on property taxes to fund climate resilience projects in the absence of state income tax.

3. Chicago Mayor Faces Major Setback as City Council Rejects $300M Property Tax Hike

Credit: Justin Sullivan/Staff/Getty Images

The Chicago City Council unanimously rejected Mayor Brandon Johnson’s proposed $300 million property tax increase on Thursday in a 50-0 vote. While largely symbolic, the move highlighted mounting resistance to Johnson’s budget approach and a growing independence among council members.

The tax hike had drawn sharp criticism for breaking a key campaign promise and adding to residents’ burdens after two consecutive years of steep increases. Critics, including Alderman Marty Quinn (13th), called the rejection a major political defeat.

“This is a defeat of epic proportions,” Quinn told the Chicago Sun-Times, pointing out the Council’s refusal to be cornered by Johnson’s timeline, which some saw as a tactic to force a rushed year-end vote.

Negotiations to close the budget gap are underway, with Johnson exploring alternative revenue sources and reprogramming federal relief funds. Despite the setback, Johnson expressed confidence in passing a balanced budget without service cuts or layoffs, though he has yet to specify replacement funding for the property tax increase.

4. Louisiana Lawmakers Postpone Vote on Sales Tax Expansion in Tax Reform Package

Credit: Bruce Bordelon/Getty Images

Louisiana lawmakers delayed a vote on a key part of Governor Jeff Landry's sweeping $2 billion tax reform plan on Thursday. While most of the package, which includes income and corporate tax cuts, has advanced, the proposed sales tax on services like lawn care, tattoos, and coin-operated laundry has faced resistance.

The bill, expected to raise $500 million to offset the revenue loss from tax cuts, failed to gain sufficient support in the GOP-majority House. Some lawmakers, including Republican Rep. Joe Stagni, voiced strong opposition, with Stagni remarking that the bill might be “on life support.”

Landry, however, remains confident, urging critics not to judge the bill before it is fully debated. Some lawmakers are opposed to taxing certain services, citing concerns about increased costs for small businesses and higher insurance rates. Despite this, the House passed a measure to make a temporary sales tax increase permanent, raising $820 million annually, ABC News reports.

Landry's proposed tax overhaul, modeled after those in North Carolina and Texas, aims to make Louisiana more competitive and attract business investment. However, critics argue the expanded sales tax will disproportionately impact lower-income households, as the state’s tax system is already one of the most regressive in the country.

5. New Zealand Tightens Tax Rules: What U.S. Companies Need to Know

Credit: Oliver Strewe/Getty Images

New Zealand’s Inland Revenue is ramping up enforcement on multinational corporations, focusing on areas like base erosion and profit shifting (BEPS). U.S. businesses with operations there should prepare for closer scrutiny, especially in transfer pricing and intercompany transactions.

Per Bloomberg, the agency has flagged high-risk areas like bundled intangible property transactions, specialized services, and interest deductions. U.S. companies must ensure transfer pricing aligns with New Zealand’s unique market conditions, which demand higher operating margins due to geographic isolation and limited competition.

New Zealand also applies anti-avoidance rules aggressively, especially to permanent establishment status and treaty shopping. Coupled with increased use of data analytics, these measures signal a shift to more proactive and tailored compliance efforts.

To avoid penalties, U.S. firms should engage early with Inland Revenue through rulings or advance pricing agreements, ensuring robust documentation and localized strategies that reflect New Zealand's tax environment.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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