Legislature To Start Over On Tax Talks
Associated Press - May 18, 2015 7:13 am
A House committee plans to meet as lawmakers go into overtime seeking an acceptable package of tax increases for closing a state budget shortfall.
The House Taxation Committee was convening Monday to consider additional proposals after a measure that would have increased the state’s sales tax was voted down in the chamber.
The tax panel has advanced one other proposal. It would impose some taxes on the profits of more than 330,000 business owners and farmers that have been exempt from income taxes since 2013.
Legislators must close a projected budget shortfall of $406 million for the fiscal year beginning July 1. They were meeting for the 92nd day – past the scheduled end of the 90-day session.
The Senate has not yet debated a tax plan.