May 6: Webinar on the CARES Act with Tax Foundation Senior Analyst
WEBINAR with the Platte Institute
May 4, 2020
Contact: Adam Weinberg
May 6 Webinar: Federal CARES Act and Taxes
Program Hosts Tax Foundation Senior Analyst Katherine Loughead
OMAHA, NE — Tax Foundation Senior Policy Analyst Katherine Loughead (law-hed) will be the guest on the next Platte Institute webinar.
Loughead will discuss the federal CARES Act relief legislation and what its implementation may mean for state and local tax policy.
The webinar will be held on Zoom on Wednesday, May 6, 2020 at 11 a.m. Central Time. Registration for this webinar and two upcoming Platte Institute webinars in May is required. Links to register can be found on the Platte Institute events page. A flyer with webinar information for May is attached.
All Platte Institute webinars may be recorded or rebroadcast, include Q&A, and will be available for download.
The CARES Act is the name for historic federal legislation approved in March dealing with emergency funding for the COVID-19 response, unemployment insurance, small business loans, individual economic impact payments, funds for state and local governments, federal tax policy changes, and more. At a cost of $2 trillion, it’s the largest relief package ever adopted by the federal government.
The CARES Act includes $150 billion in assistance for state and local governments. However, the allowed use of those funds, and which governments qualify to receive them, has been a matter of controversy. Initially, federal guidance from the U.S. Department of the Treasury said relief funds could only be used for spending related to the COVID-19 emergency response, or new programs created in response to the pandemic emergency.
The cost of lost revenue to states and local governments due to economic disruption is likely to be greater than the cost of the emergency response itself, though. In addition, while Nebraska was allocated $1.25 billion in relief funds, only local governments with populations greater than 500,000 qualify for assistance, excluding most of the state.
That prompted the Platte Institute to call on congressional leaders, alongside policy groups in 26 states, to modify the CARES Act and allow greater financial flexibility for states and local governments.
Though the legislation has not been modified as of this writing, the Treasury Department provided new guidance saying states would be permitted to use relief funds to restore losses in state unemployment insurance trust funds related to COVID-19, which are funded through employer-paid taxes. Trust funds are at risk of running out in many states given the historic levels of unemployment claims.
To schedule an interview on this subject, please contact Adam Weinberg at (402) 500-0209 or firstname.lastname@example.org.
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