Home » Posts tagged 上海夜网XF

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

Continue reading

Expense reduction leads to silver-lining results

first_img 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Kelly Flynn Kelly has over 15 years of sales and management experience helping financial institutions of all sizes. She leads a team whose charter is to optimize the value of every contract … Web: www.JMFA.com Details By all accounts, the impact of the coronavirus has created more of a shift in business operations, economic certainty and consumer behavior than any other challenges faced by the credit union industry since the turn of the century. Since the beginning of the pandemic, earnings have taken a hit, interest rates have remained low and non-interest income is on the decline. On the other side of the coin, expenses have increased—due in part to the additional costs required to allow employees to work effectively from home and to maintain the proper PPE, cleaning supplies and social distancing materials to keep staff and members safe in facilities that have remained open. And while the outlook for how long an economic recovery will take remains uncertain, you can make a positive impact on your credit union’s immediate and long-term performance by trimming the costs of the services you use every day.Proactive contract review can net significant savings Even during normal circumstances, negotiating service contracts can be time-consuming and intimidating if you don’t have expertise in that area. Now, given the increased demands on your time and added concerns about how to safely provide the services your members desperately need, it can be easy to let contracts auto-renew, thinking that next time one comes due you will have more of an opportunity to deal with it appropriately. But by accepting a vendor’s initial renewal offering, without reviewing the contents and fine print, you could be missing out on substantial savings and improved contract terms. What’s more, possible signing incentives could provide the extra funds you need to help offset the added expenses caused by the pandemic and fund initiatives that will improve your service delivery for years to come.What you should know about your current vendor contract detailsWhile you may have become comfortable with the services or products you have purchased to maintain your operations and service delivery, how certain are you about whether they offer the most value for your credit union? Have you ever wondered how they compare to other providers in the marketplace? A professional review of your service contracts can uncover the smallest details in the vendor agreements and provide you with critical information on things such as:Are you getting the best rates available?Are there additional savings opportunities beyond the vendor’s standard pricing package?Are you paying for services you don’t use or need, or unknowingly duplicating services?How much could you be saving by bundling services?Are your vendors innovating their products to provide consistent service in the future?Do your providers have your institution’s best interests at heart?How much could you save or improve your agreement terms by negotiating the contract instead of simply accepting a vendor’s initial offer?Expert advice adds insight and leverage to your contract negotiationsGoing through your current contracts line item by line item to determine areas where you can negotiate better terms can be overwhelming. And if you aren’t familiar with all of the options that are available, how do you even know what to ask for or how to state your case for renegotiating contract costs or terms?When you partner with a contract negotiations expert, you gain the advantage of having someone on your side who has specialized experience and knowledge about what other institutions are paying for specific services, what types of signing bonuses are currently being offered on contract agreements, as well as which providers will likely meet your specific needs and service expectations—both now and in the future. Just make sure you chose a contract professional who knows what to ask for on your behalf and who has a track record of negotiating five, six and even seven-figure savings for the types of contracts that are being reviewed. This will allow you to take advantage of effective negotiations skills that can significantly reduce your costs without adding to your workload or taking you out of your comfort zone.Now is a great time to renegotiateIf you have contracts that will expire in the next 18-24 months, now is the time to begin the review process. And while it may seem like trying to negotiate contract terms during a pandemic might not be successful, the truth is vendors are especially focused on maintaining business relationships right now. So, it’s really a great time to let your vendors prove their commitment to keeping you as a satisfied customer. If you’re not quite convinced, learn how Greenwood Credit Union was able to uncover its silver lining with significant savings from essential service contracts—that will benefit current and future improvements—as the pandemic impacted business operations across the country.last_img read more

Continue reading

Petronas Pens 12-Year LNG Supply Deal with Shenergy, Orders Two Ships

first_imgPetronas LNG Ltd., a subsidiary of Malaysia’s oil and gas major Petronas, has signed a Heads of Agreement with China’s Shenergy Group Company Limited to supply approximately 1.5 MTPA of liquefied natural gas to its Wuhaogou receiving terminal in China.The LNG supply deal covers a 12-year term starting from 2022, and involves a shipping collaboration to construct and charter new mid-sized LNG vessels for the cargo delivery.The company booked the construction of two 79,900 cbm LNG carriers at Chinese shipbuilder Hudong-Zhonghua, a subsidiary of China State Shipbuilding Corporation, the shipbuilder announced last week. The order for the dual-fuel LNG carriers is estimated to be worth around USD 240 million.The ships are designed to operate in shallow river and coastal waters and are 239 meters long.“Through this new long-term agreement, Petronas continues to establish itself as Shenergy’s preferred LNG solutions partner, having been a major LNG supplier to its subsidiary, Shanghai LNG Co., Ltd since 2006.“The new deal for additional LNG supply allows Petronas to support Shenergy’s increasingdemand for LNG, while further strengthening Petronas’ foothold in one of the world’s fastest-growing LNG markets,” the company said in a statement.The Malaysian oil and gas major has over 35 years of experience as an integrated global LNG producer and has supplied gas to more than 25 countries around the world.It is also the first global energy player to introduce the floating LNG concept in 2016, the PFLNG Satu, and recently named its second floating LNG vessel, the PFLNG Dua, at the end of 2019.last_img read more

Continue reading