The Senate is expected to take up HCS/SS#2/SCS/SBs 26, 11 & 31 (Will Kraus) for final passage early next week, though the bill was not taken up on April 25. The House passed the bill on April 24 by a 90-68 vote. If the Senate passes the House version, the bill will go to the Governor for his signature or veto.
SB 26 will significantly reduce state general revenue when fully implemented and will force devastating cuts to public investment in K-12 and higher education and other vital services.
The Association strongly opposes the radical cuts to state revenues contained in SS#2/SCS/SBs 26, 11 & 31.
The HCS version of the bill reduces state personal and corporate income taxes by two-thirds of a percent and phases in a 50 percent deduction of business income. The bill also increases the state sales tax by six-tenths of a percent, enacts the Streamlined Sales Tax and includes Use Tax nexus language for out of state sales.
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