AUSTIN, Texas - (03/23/05) -- The tax reform bill carefullycalibrated during weeks of debate in the House was thrown in doubtTuesday when the state comptroller said the bill falls billions ofdollars short--$4.1 billion over two years--of being revenueneutral, a key goal of the legislation. The main goal of the billwas to produce $6 billion in new state revenue to offset areduction of $6 billion in local school property taxes each year.The revenue shortfall could put the credit union exemption back onthe table for debate when the bill moves over to the Senate for itsdeliberations on the reform. Buddy Gill, chief lobbyist for theTexas CU League, said he expects the Senate to discuss the creditunion exemption but is confident the exemption will survive. "Theyhave consistently said they are going to protect not-for-profits,including credit unions," Gill told The Credit Union Journal.Still, he said, Senate leaders are almost sure to change the billsignificantly because they don't like the payroll tax component ofthe measure. The bill passed last week by the House givesbusinesses the option of paying the state's current franchise taxor a 1.15% payroll tax on salaries up to $90,000 a year.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
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