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Joint committee reviews tax-expenditure extensions; earned-income credit expansion would add $60 million to baseline
Summary
At an informational meeting May 21, the Joint Committee on Tax Expenditures reviewed a table of credits up for routine sunset review and possible expansions, highlighting the earned-income tax credit as the largest potential budgetary change and noting a pending House Revenue Committee consideration of additional bills.
The Joint Committee on Tax Expenditures met May 21 for an informational session on credits and other tax-expenditure policies scheduled for review this legislative session.
Committee members and staff discussed a table of policies that are either in the regular six-year sunset-review cycle or have drawn stakeholder interest. Staff said the earned-income tax credit (EIC), crop-donation tax credit, pension-income credit and a manufactured-dwelling-related credit are the four credits in the regular review block, and that the EIC is the largest fiscal item under consideration.
"What is not included is the next line down the expansion. So that $115,000,000 impact is $60,000,000 more than what's in that baseline," staff member Mr. Allenac said, describing the difference between the baseline extension and a proposed…
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