Taxation

The New Jersey Legislative Assembly approved a **$60.75 billion** budget for FY2027, featuring tax increases and cuts to property tax relief and school funding. These changes will influence procurement strategies and funding allocations across the state, prompting contractors to adapt to shifting fiscal priorities.

Texas Attorney General Ken Paxton has prohibited over 110 cities from raising property taxes above the no-new-revenue rate due to non-compliance with financial audit requirements. This action underscores the state's increased scrutiny on municipal finances, impacting procurement and budgeting strategies for local governments and their contractors.

The Maryland Tax Court's recent ruling invalidates the state's online advertising tax, citing the federal Internet Tax Freedom Act. This decision potentially reduces costs for contractors and digital advertisers, fostering a more favorable tax environment in Maryland and influencing procurement strategies for digital services.

The **Illinois Department of Revenue** has announced the 2025 property assessment multiplier of **1.0174** for **Williamson County**, impacting tax calculations for fiscal planning in 2026. This adjustment emphasizes the need for procurement professionals to consider the multiplier's effects on property valuation, particularly for contracts related to tax services.