Post by Logan on Feb 12, 2016 4:43:28 GMT -6
TALLAHASSEE - A wide-ranging, nearly $1 billion tax-cut package got strong House approval on Thursday.
But with the Senate budget chairman calling $1 billion in tax cuts "fiscally irresponsible," the Senate will have a big say about what eventually lands on Gov. Rick Scott's desk.
The $991.7 million House package (HB 7099) includes reducing a tax paid on commercial leases, permanently eliminating a tax on manufacturing equipment and holding several types of sales-tax "holidays" for consumers.
The cuts would be enacted over two years, with many causing one-time hits on state revenue. Lawmakers have a budget surplus for the coming fiscal year, but state economists recently reduced revenue projections by about $400 million.
Read more: www.gainesville.com/article/20160211/WIRE/160219911/1034?Title=House-tax-cuts-face-downsizing-in-Senate
But with the Senate budget chairman calling $1 billion in tax cuts "fiscally irresponsible," the Senate will have a big say about what eventually lands on Gov. Rick Scott's desk.
The $991.7 million House package (HB 7099) includes reducing a tax paid on commercial leases, permanently eliminating a tax on manufacturing equipment and holding several types of sales-tax "holidays" for consumers.
The cuts would be enacted over two years, with many causing one-time hits on state revenue. Lawmakers have a budget surplus for the coming fiscal year, but state economists recently reduced revenue projections by about $400 million.
Read more: www.gainesville.com/article/20160211/WIRE/160219911/1034?Title=House-tax-cuts-face-downsizing-in-Senate