House Finance Committee advances several tax and revenue measures, including estate-tax changes and new tobacco levy

The House Finance Committee on an unspecified date voted to report three engrossed substitute Senate bills out of committee with due-pass recommendations, advancing proposals that would change exemptions in the state tax code, alter estate-tax rules and add a levy on certain tobacco products.

Committee members approved and rejected several amendments during a lengthy markup, and the panel recorded roll-call votes on each bill. Vice Chair Street moved the motions to report the bills out of committee; staff announced final tallies after roll calls.

The measures and committee action address a range of tax issues: retention or repeal of business tax exemptions (including for precious-metals dealers, credit unions and self-storage), adjustments to estate-tax rules and effective dates, and a new tax on tobacco and vaping products. Representative Orcutt urged retention of some exemptions, saying the exemptions preserve financial institutions in smaller communities: "I think that this exemption should be maintained," Orcutt said during debate on mergers involving state-chartered credit…