At today’s hearing in the House Ways and Means Committee on SB 742, Income Tax – Wynne Case – Local Government Repayments to the Local Reserve Account, bill sponsor Senator Richard Madaleno told the committee that the Senate Budget and Taxation Committee has already voted to approve the bill’s cross file – just moments after its hearing in that committee on Tuesday.
The vote further assures that, despite concerns voiced by the Administration about unfunded liabilities within the Local Income Tax Reserve Account, the bill shows all signs of forward movement to the Governor’s desk for signature.
From MACo testimony:
Initiating these repayments will cost local taxpayers tens of millions of dollars—at the expense of schools, law enforcement, roadways, and the other local government functions upon which all county residents depend. MACo strongly supports this effort to delay that outcome until counties have a better grasp on how their local income tax revenue streams will look, allowing them to budget most appropriately to protect our shared constituents.