The U.S. Department of the Treasury has released new data showing that more than 189,000 New York families saved over $374 million on clean energy and energy efficiency investments in 2023, thanks to tax credits provided under the Inflation Reduction Act. This marks the first public release of such data from 2023 tax filings.
On July 31, Deputy Secretary of the Treasury Wally Adeyemo met with the leadership of the 11 Federal Home Loan Banks (FHLBs) and Sandra Thompson, Director of the Federal Housing Finance Agency (FHFA), to discuss measures for enhancing affordable housing development.
The Federal Reserve Bank of New York’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit, revealing a $109 billion (0.6%) increase in total household debt in Q2 2024, reaching $17.80 trillion. The report utilizes data from the New York Fed’s nationally representative Consumer Credit Panel.
On August 6, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Paraguayan tobacco company Tabacalera del Este S.A. (Tabesa) for providing financial support to Paraguay’s former president, Horacio Manuel Cartes Jara. Cartes was sanctioned by OFAC on January 26, 2023, for his involvement in corruption. The designation of Tabesa falls under Executive Order (E.O.) 13818, which implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators of serious human rights abuse and corruption globally.
The U.S. Department of the Treasury has announced the approval of up to $83 million in State Small Business Credit Initiative (SSBCI) funds for a consortium of 125 Alaska Tribes. This investment, funded by the Biden-Harris Administration’s American Rescue Plan (ARP), supports the largest Tribal SSBCI consortium in history and aims to drive economic growth among Alaska's Tribal communities.
The Cleveland Federal Reserve has released a new report suggesting that the Inflation Reduction Act (IRA) and the CHIPS and Science Act, both passed in August 2022, could potentially narrow the education earnings gap in areas where new manufacturing plants are being built. This potential outcome is based on observations from the US shale boom.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced today that New Mexico will join IRS Direct File for Filing Season 2025. This initiative, made possible by President Biden’s Inflation Reduction Act, aims to enhance customer service and ensure taxpayers claim eligible benefits and deductions.
