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Month: January 2024

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses

By KEVIN FREKING (Associated Press)

WASHINGTON (AP) — The chairmen of the top tax policy committees in Congress announced a bipartisan agreement Tuesday to enhance the child tax credit and revive a variety of tax breaks for businesses, a combination designed to attract support from lawmakers of both political parties.

The roughly $78 billion in tax cuts would be paid for by more quickly ending a tax break Congress approved during the COVID-19 pandemic that encouraged businesses to keep employees on their payroll.

The agreement was announced by Sen. Ron Wyden, the Democratic chairman of the Senate Finance Committee, and Rep. Jason Smith, the Republican chairman of the House Ways and Means Committee. The lawmakers have been negotiating for months on a tax package that would address an array of priorities before lawmakers turn their focus to election season.

Wyden said his goal is to gain approval for the measure in time for businesses and families to benefit during the upcoming filing season. The Internal Revenue Service will begin accepting and processing tax returns on Jan. 29, so lawmakers are looking to move the bill as quickly as possible. read more

Florida considers disclaimers for AI-generated political ads

Florida considers disclaimers for AI-generated political ads

TALLAHASSEE — With the bill’s sponsor saying that rapidly expanding access to generative artificial intelligence “threatens the integrity of elections,” a bill that would require disclaimers on political ads created by using the technology began advancing Tuesday in the Florida Senate.

“This is something that we’ve seen more and more frequently, I think, as the political campaign season has been accelerating here recently,” bill sponsor Nick DiCeglie, R-Indian Rocks Beach, said of the use of artificial intelligence in political ads.

Generative artificial intelligence, or AI, allows users to input prompts to create content that can depict such things as people speaking or taking actions.

Under the bill (SB 850), political ads or any “miscellaneous advertisement of a political nature” that feature video, audio, text or images created using generative AI would have to include a notice making clear that the technology was involved.

“Created in whole or in part with the use of generative artificial intelligence (AI),” disclaimers would say. read more