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.[0] 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.[0]
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.[1] 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.[2]
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.[3] This tax credit is fully refundable and can reach up to $26,000 per individual employee.[3] 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.[3] Congress has taken further action on the ERC by extending and broadening it through subsequent COVID-19 legislative measures.[3] 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.[3] 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.[3] For 2021, the total ERC amount available is capped at $21,000 per employee, split into $7,000 per calendar quarter.[3]
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.[4] The completion of the Seed round brings Grazzy's total Seed funding to $6.8 million.[4]
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/