Governor Moore and Governor Lombardo Unveil Budget Proposals and ERTC Expansion; Grazzy Raises $4.25M in Seed Funding
Governor Wes Moore unveiled his proposed budget for fiscal 2024, a $63.1 billion plan that he calls a bold reflection of his priorities in education, transportation, and public safety without raising taxes. The proposal includes a target Rainy Day Fund of 10 percent of general fund revenue or $2.5 billion and a higher-than-normal budgeted General Fund balance of $820 million to account for potential economic uncertainties.
Similarly, Nevada Gov. Joe Lombardo’s executive budget includes an additional $2 billion in new funding for the state’s K-12 education system and increases the total per-pupil spending by more than $2,000 per student– from $10,290 this year to $12,406 in the upcoming fiscal year. Among the proposals are investments in dual-language pilot programs, Teach Nevada Scholarships, expansion of Pre-K programs, deferred maintenance on educational facilities, and an almost tripling of Nevada Opportunity Scholarships.
To help employers in the wake of the pandemic, the Employee Retention Tax Credit (ERTC) was enacted as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This tax credit is fully refundable and can reach up to $26,000 per individual employee. Prior to January 1, 2021, the Employee Retention Credit (ERC) was available up to 50% of the first $10,000 in wages paid to each employee. Congress has taken further action on the ERC by extending and broadening it through subsequent COVID-19 legislative measures. Eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages paid to employees after Dec. 31, 2020, through Sept. 30, 2021. The maximum amount of qualified wages that can be paid to each employee for each calendar quarter in 2021 is $10,000 for the first three quarters. For 2021, the total ERC amount available is capped at $21,000 per employee, split into $7,000 per calendar quarter.
Grazzy, a next-gen employee payments platform, has announced $4.25 million in Seed funding from Next Coast Ventures and Tuesday Capital to fuel the rapid expansion and growth of its digital tipping, same-day pay, and better, more inclusive banking capabilities. The completion of the Seed round brings Grazzy's total Seed funding to $6.8 million.
0. “Kevin Kinnally, Author at Conduit Street” conduitstreet.mdcounties.org, 25 Jan. 2023, https://conduitstreet.mdcounties.org/author/kcklase/
1. “Lombardo calls for gas tax holiday, raises for state employees, and …” www.kpvi.com, 25 Jan. 2023, https://www.kpvi.com/news/national_news/lombardo-calls-for-gas-tax-holiday-raises-for-state-employees-and-lots-of-saving-for/article_a47d3393-ddea-559c-a80f-65298f09d7cc.html
2. “State of the State, budget are positive bridge-building steps for new …” lasvegassun.com, 25 Jan. 2023, https://lasvegassun.com/news/2023/jan/24/state-of-the-state-budget-are-positive-bridge-buil/
3. “Employee Retention Credit allows home care employers to claim $21K” www.mcknightshomecare.com, 25 Jan. 2023, https://www.mcknightshomecare.com/employee-retention-credit-allows-home-care-employers-to-claim-21k/
4. “Grazzy Raises $4.25MM to Power Hospitality's Future of Digital Tips …” seedround.info, 25 Jan. 2023, https://seedround.info/grazzy-raises-4-25mm-to-power-hospitalitys-future-of-digital-tips-same-day-pay-and-financial-wellness-for-hourly-workers/