MACo Associate Director Barbara Zektick submitted written testimony in opposition to Senate Bill 498, “Income Tax – Subtraction Modification – Employee-Owned Businesses”, before the Senate Budget and Taxation Committee on February 21, 2018.
This legislation would provide an adjustment in the amount of income taxes paid on employee stock ownership plans or an employee ownership trust. MACo is concerned with the carryover effects that this modification and other would have, and counties prefer an approach that allows for local flexibility to consider tax incentives.
From MACo Testimony:
MACo is concerned with the carryover county fiscal effects of this and other subtraction modification pieces of legislation and would prefer approaches that provide local autonomy to determine the best way to provide tax incentives, rather than those that mandate reductions in local revenue sources.
MACo suggests that consideration be given instead to providing state tax credits, which do not mandate the depletion of resources from all counties for education, public safety, and needed community services.”
Follow MACo’s advocacy efforts during the 2018 legislative session here.