Business Report: Child care grants, help for nonprofits, IRS and tax evasion

Gov. Murphy signed a bill that would use $10 million in federal relief funds to provide grants to child care providers

Gov. Phil Murphy has signed a bill that would use $10 million in federal relief funds to provide grants to child care providers. At an event in Paramus, speakers, including the governor, emphasized the need for child care especially as the economy reopens. The Murphy administration says since the pandemic began, more than 3,000 child care centers have received grants to pay for new COVID-19 safety precautions.

This past week, the state Department of Community Affairs distributed $11.4 million to several community-based nonprofit organizations in cities, through the Neighborhood Revitalization Tax Credit Program. Corporations make the donations in exchange for tax credits. Many of New Jersey’s largest companies are among the contributors.

Internal Revenue Service Commissioner Charles Rettig testified at a Capitol Hill hearing Tuesday that budget cuts in recent years have hampered the agency’s efforts to go after those who are avoiding paying their taxes. Rettig said tax evasion could cost the U.S. government $1 trillion this year. Meantime, he said this year’s tax filing season is going well and that his agency has already processed more than $62 million in tax refunds.

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