2:00pm today, news conference on budget News: GOP Leaders To Unveil Budget Tax Proposal; Several Changes Eyed To Bolster Income Tax Cut An 11th-hour overhaul of state tax policy is in the works for the biennial budget bill set for passage next week. Republican legislative leaders are set to unveil details of the package at a 2 p.m. news conference today, but sources say policymakers aim to provide a double-digit income tax cut and a 50% small business tax reduction by offsetting those revenue losses with gains in other areas of the code. Sources said those could include a sales tax increase, the elimination of the 12.5% property tax rollback on new levies, means testing for the homestead property tax exemption and a reduced commercial activity tax exemption. The broad changes are expected to stir controversy due to their magnitude in relation to the status of budget deliberations, which will conclude next week after months of hearings. In terms of major policy shifts, the budget bill (HB 59) currently contains only the small business tax cut proposed by Gov. John Kasich. The governor had initially proposed reducing the personal income tax paid by businesses as well as individuals by expanding the sales tax base and increasing the oil and gas severance tax, but the legislature eliminated those two offsets and in the process reduced the tax cut plans. House officials said yesterday they planned to hold a Ways & Means Committee hearing yet this week on the proposals versus deliberating the changes in conference committee.
Posted on: Thu, 20 Jun 2013 15:57:32 +0000
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