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Speaker decides against capital gains tax increase

first_imgSpeaker decides against capital gains tax increaseDemocratic House speaker Gaye Symington disapproved any steps towards changing the current exemption from taxation that Vermont allows on the first 40 percent of taxpayers capital gains. Symington explained her decision was due to the growing uncertainty in the financial world, and asked the House Ways and Means Committee to find an extra $3 million to $5 million in state revenues without enforcing a new tax fee.Symingtons decision ended the legislative session on three proposals for using the $21.4 million that was generated by eliminating the 40 percent exemption in new state revenues, which included her own initial plan. Her suggestion involved dividing the revenue three ways: $4.2 for targeted property tax relief, $8 million for the town highway and bridge program and $7 million to repay part of the $55 million owed by the state for school construction projects.The debate over the capital gains exemption started this past January when Governor Douglas suggested eliminating it and using the new revenue to offset reductions in income tax rates for middle and upper class residents. In a released statement the governor said, Vermont is one of only a few states where a working person making $50,000 a year pays nearly 50% more tax than someone who does not work and collects investment or trust fund capital gains income in the same amount. It is wrong for our tax system to have higher rates for working Vermonters.Douglas also explained that his commonsense reforms would permanently lower the income tax burden on more than 70,000 middle income taxpayers and save the average household up to $500 per year.”The governor’s capital gains proposal was purely a tax fairness proposal,” said Tax Commissioner Tom Pelham.The administration fully supported Symington’s decision to abandon her original plan to spend the money, even though it meant the governor’s plan died, too-a decision that would increase income taxes by more than $21 million.The controversy over the exemption wasnt solely based on how the money should be used. Lawmakers from both parties were anxious over the impact of eliminating the exemption.Rep. Rick Hube, Republica-South Londonderry explained that a small number of people pay a significant percentage of the income taxes the state collects. “The last thing we can do is jeopardize those individuals staying in Vermont.”Senator Hinda Miller, Democrat-Chittenden, explains that if the exemption is eliminated “it is going to cut down the equity capital coming into this state for entrepreneurial startups. These entrepreneurial startups are our hope for job creation.”Any House proposal eliminating the capital gains exemption faced a possible opposition in the Senate, despite the wish of the Senate Transportation Committee to use the money to address the shortfall for this years road and bridge budget. House Ways and Means Chairman Michael Obuchowski, Democrat-Rockingham, said it was important to maintain and save this potential revenue source in case of a deficit next year.”We’ve seen numbers for fiscal 2010 that project as high as an $80 million deficit,” Obuchowski said. Obuchowski said the committee would begin its search immediately for the extra revenues Symington requested.One source might be a change in a calculation of capital gains that allows some filers to show negative income. That change could generate $1.5 million to $1.9 million.House Republican leaders would prefer that the Legislature write a budget without finding extra revenue.last_img read more

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Large Corporations Leading the Way in Purchasing Wind Power in the U.S.

first_img FacebookTwitterLinkedInEmailPrint分享By Matthew Bandyk for SNL: Direct purchases of wind energy by corporate buyers rose significantly in 2015, potentially signaling a new trend in renewable energy, according to data released April 7 by the American Wind Energy Association.While 2014 saw companies announcing deals for wind to supply their energy needs at levels unheard of in previous years, wind power purchase agreements from nonutility customers in 2015 were more than double the 2014 level as a share of the market, the lobbying group for the wind industry announced. Nonutility purchases made up 52% of all wind power contracted through agreements last year. That 52% adds up to 2,074 MW. In 2014, nonutility purchases were at 23% of the market, or around 1,500 MW, and just 5%, or about 500 MW, in 2013, according to AWEA data.Some of the biggest purchases of wind last year were made by Amazon.com Inc.‘s cloud computing company,Amazon Web Services Inc.; Wal-Mart Stores Inc.; General Motors Co.; and Dow Chemical Co.The trend is driven by companies trying to meet internal goals of promoting sustainability, according to AWEA Research Analyst Hannah Hunt. In addition, corporate buyers are seeking stable sources of energy that are not tied to variable fuel costs, such as energy generated by natural gas. “In recent years, what’s bolstered this trend is that these companies are interested in low-cost, fixed-price energy,” Hunt said. Out of 8,598 MW of wind capacity added in 2015 in total, more than 800 MW were from long-term contracts.Full article:  Corporate wind purchases soared in 2016 $American Wind Energy Association press release Large Corporations Leading the Way in Purchasing Wind Power in the U.S.last_img read more

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3 cops to be charged for irregularities unearthed

first_imgDriver’s licence examFollowing the discovery of massive irregularities in the theoretical examination written for a driver’s licence on April 12 last, the Police have revealed that, based on legal advice from the Director of Public Prosecutions (DPP), three subordinate officers and one civilian are shortly expected to be arraigned in court.This newspaper understands that a Police Sergeant will be charged with 12 counts of conspiring with others to commit a misdemeanour; a female Corporal will be charged with 18 counts of conspiring with others to commit a misdemeanour, and another Corporal face 12 counts of the said offence.A civilian will, moreover, be charged with two counts of obtaining money by false pretence.According to the Police, the charges were laid under Section 33 of the Criminal Law (Offences) Act, Chapter 8:01.Earlier this month, the Guyana Police Force’s Office of Professional Responsibility (OPR), which had been probing the irregularities unearthed following the examination, concluded its investigations and handed the case over to the DPP.This newspaper was told that candidates who had written this examination on the said date have been receiving result slips from the Traffic and Transport Office of the GPF at Eve Leary, Georgetown, informing them of their performance.On April 18, major irregularities surfaced in regard to the driver’s licence theoretical examination. Some 174 persons were registered to write the examination, but 106 persons presented themselves to write it; yet 207 scripts were submitted at the conclusion of the examination, 155 of which had been completed.According to the GPF, preliminary inquiries revealed a complete breach of the standard operating procedures (SOPs) governing the administration and conduct of the examination.The Police have also stated that initial inquires revealed that a senior subordinate officer who had been mandated to oversee this theoretical examination – which had been invigilated by three junior GPF ranks in collaboration with two pastors from the Cops and Faith Community Network partnership with the Guyana Police Force — had left the venue shortly after the examination had commenced, and did not return.Further, it was reported that a junior subordinate officer who ought not to have been at the examination venue had presented himself there, had spent some time, and subsequently left.The GPF has said that since members of the Cops and Faith Community Network became involved in the invigilation of the learner driver’s theoretical examination, there have been reports of a significant reduction in the opportunities for corruption, complaint and allegations; thus this voluntary involvement will continue.Just a few weeks ago, the Guyana Revenue Authority (GRA) also discovered some illegal activities in relation to forged drivers’ licences and other irregularities.The GRA said it discovered that some unscrupulous members of its staff were working in collusion with outsiders and members of the public to issue forged drivers’ licences, certificates of compliance, and registrations.While announcing that details surrounding this development would not yet be divulged, the GRA has announced that an investigation has been launched, and is ongoing.The GRA has also revealed that those individuals who were part of the illegal operations have been sent on leave.last_img read more

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LIFFORD ATHLETES SECURE IRISH TEAM BERTHS WITH SUPERB RUNS

first_imgAnne Marie and Natasha after their superb runs. Pic by Gerry Farnan.Another chapter in the resurgence of Lifford AC was written yesterday in the Phoenix Park, Dublin when Senior athletes Ann Marie McGlynn and Natasha Adams had two outstanding runs to claim Irish vests for forthcoming international meets.The Gerry Farnan event marks the opening of the Irish Cross Country season in which Ireland’s leading senior, junior and masters cross country runners participate. The double European cross country champion of 2011 and 2012, Fionnuala Britton, commenced her seasons by winning the Gerry Farnan in each of those years and yet again, Britton was in action yesterday having just returned from altitude training in France.It was in a field of this class that both McGlynn and Adams took to the starting line.In McGlynn’s case, a top four berth would secure selection to the Irish team for the Lotto Cross Cup in Antwerp, while Adams knew a top four placing in her Masters event would secure a first Irish vest for the upcoming international in Wales.In recent months, all the superlatives have been written about Lifford AC athletes and their performances and progress. However, yesterdays race by Ann Marie and Natasha was simply outstanding from start to finish. Fionnuala Britton, as expected, led straight from the gun and opened up a big gap early in the race. While a group of up to ten runners tried to keep with Britton’s blistering pace, Ann Marie ran a composed race off this chasing pack.As the race progressed, Ann Marie worked her way through the field and on the last lap, dug deep into her reserves to pick the front runners off one by one to work her way through to a fourth placed finish behind internationals Britton, Sara Louise Tracey and Laura Crowe.This secures an international vest for Ann Marie, certainly turning back the clock to such appearances many years ago, and showing she is coming back to her very best.While Ann Marie ran a composed race, the same could be said of Natasha Adams, whose consistent pace was evident throughout the race.Going into the race, Natasha would have settled for a fourth place in the Masters.However, after her front running Masters victory in Donegal last week, Natasha showed her fearless nature by mixing it not just with the Masters, but with the top class senior opposition in this race. From an early stage, Natasha led the Masters race with Kilmore’s Jackie Carthy not far behind. Going into the last lap, Carthy closed the gap on Natasha, but with about 800m to go, the Lifford girl put some distance between the two to claim the Masters title and a well deserved first Irish vest.A thoroughly satisfying day out, great to see the Lifford vest at the forefront of such a high quality race, and fingers crossed for even better days to come.LIFFORD ATHLETES SECURE IRISH TEAM BERTHS WITH SUPERB RUNS was last modified: October 21st, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:athleticsCross CountryIrelandLIfford AClast_img read more

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