The February 2008 issue of Budget & Tax News leads with a report on Washington's property tax cap--approved by voters in 2001, overturned by the state supreme court in November 2007, and now reinstated during a special session of the state legislature. Also on page 1:
- With the deadline for issuing licenses that meet the criteria of the federal REAL ID Act of 2005 less than three months away, it appears few if any states are prepared to issue compliant licenses.
- The Illinois legislature ended 2007 without figuring out how to fund mass transit in Chicago and surrounding counties, having considered a regional sales tax hike, gas tax diversions, and an expansion of gambling.
- The California State Board of Equalization reclassified flavored malt beverages from beer to distilled spirits, in effect hiking the tax on those beverages 1,550 percent.
Also in this issue: stadium subsidies, Chicago's record tax hike, alternative minimum tax, tax increment financing, spending transparency, labor policy, toll roads, subprime mortgage bailout, Congressional spending, and more.
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