Status report: work on tax bills continues

Center Focus

Status report: work on tax bills continues

 

The Senate and House Republicans spent most of the rest of the week working behind closed doors on tax and budget proposals. They released new versions of their tax proposals Thursday. 

The House Ways & Means Committee spent about four hours in caucus and about an hour in committee on its bill (which has a new number, HF 2489). It stripped out the original proposal from Gov. Kim Reynolds and made the bill into its own tax cut proposal, which passed 13-10. It cuts individual income taxes by about $300 million by 2020 and is expected to increase sales tax revenues by $100 million by expanding the sale tax to internet and other kinds of sales, including Uber and Lyft. The House bill does not end federal deductibility, but does couple with various federal tax provisions. 

The Senate Ways and Means Committee held another subcommittee on its tax bill and offered a “strike and replace” amendment. The new version of the bill is not yet available to view online, but members said the bill will do these things: reduce taxes by $733 million over the next two years, make new spending of $235 million available in FY 20, eliminate federal deductibility, place new taxes on internet sales and reduce corporate income taxes.

With tax legislation still unresolved, we still don’t have any of the budget targets that will guide committees in finishing their budget bills. Once we have those, we will be moving toward the end of session. We know legislators are anxious to get back home and begin campaigning full time. 
 

04/13/2018 11:32 AM |Add a comment
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