The Senate Budget and Taxation Committee has amended and unanimously passed SB 766 with amendments that affect county repayment of Wynne income tax refunds.
The revised version of the bill would start replenishing the state’s local income tax reserve fund (which is being used to pay out taxpayer refunds) in the spring of 2019, and would draw from 20 quarterly distributions. That would soften the impact on county budgets by extending the effect over five years.
The Committee amendments also refine the bill’s original provisions to guide procedures to follow up on income tax overpayments or underpayments from the Comptroller to local governments. The amended version extends the repayment period for local governments that were overpaid, and enables the Comptroller to reach alternative terms as needed.
Updates on the bill’s progress can be found on the General Assembly website: SB 766 Summary
The bill, with its amendments, is scheduled to be debated on the Senate floor on Thursday, March 17.
For more background on the income tax refunds, see previous Conduit Street coverage: