Rolls of the Dice – Thursday’s Roundup

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Steve and Eydie rolled the first roll of the dice when Resorts opened, forty years ago this weekend. Actually, Eydie slept in Amy Rosenberg reports. Either way, you should read her story.

The NJ Spotlight’s Tom Johnson dives deeply into the energy bills signed by Phil Murphy yesterday, one of which gave like what, $300 million per year to PSE&G?

“Critics, including many business groups, consumer advocates, and environmental groups, countered that PSEG never demonstrated the plants are losing money. By handing out such a huge subsidy, opponents feared it would hinder efforts to reach the aggressive renewable energy targets set by Murphy.”

Remember when some New Jersey lawmakers wanted to let you put your property taxes into a fund, treat that fund as a charitable institution or something and then deduct those charitable contributions from your federal tax return, as you could do before the GOP/Trump tax cut (?) bill passed last year?

Well the IRS apparently got wind of this cunning plan and is issuing new rules specifically to block it.

“Despite these state efforts to circumvent the new statutory limitation on state and local tax deductions, taxpayers should be mindful that federal law controls the proper characterization of payments for federal income tax purposes,” the IRS notice said.

In other words, roll the dice at your own risk.

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