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Committee reviews S.122; many small‑business investments cut, downtown tax credit held at $3 million
Summary
The Economic Development, Housing & General Affairs committee on Thursday reviewed S.122, the senate economic development bill returned by the House, and discussed whether to concur with House edits after several small‑business and arts appropriations were removed because the money did not survive budget negotiations.
The Economic Development, Housing & General Affairs committee on Thursday reviewed S.122, the senate’s economic development bill as amended by the House, and discussed whether to concur with the House changes. Committee staff said several line items that increased small‑business and arts funding were removed because the additional dollars did not make it into the enacted budget.
Committee staff member Rick Segal, addressing members, said, “So quite a bit has changed,” and summarized the House edits, noting that increases tied to budget language were removed when the money was not appropriated.
The most prominent change involves a proposed increase in the downtown and village center tax credit. The Senate version had proposed raising the combined cap from $3,000,000 to $5,000,000; Segal…
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