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Council to consider municipal excise (wheel/will) tax as Senate Bill 1 and LIT changes cut revenues
Summary
Committee members discussed a proposed municipal motor vehicle excise surtax (referred to in meeting materials as a 'will' or 'wheel' tax) and heard that Senate Bill 1 and changes to county LIT collections are expected to reduce city revenues, with further analysis to follow from municipal advisers.
Finance committee members spent part of the Aug. 19 meeting reviewing a proposed municipal motor vehicle license excise surtax (referred to in committee materials as a ‘will’ or ‘wheel’ tax) and the potential budget impacts of recent state action. The controller said the council will consider a resolution on the tax at the city council meeting later that night and that consultants have flagged material revenue effects from recent state legislation.
Committee members…
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