Hearing on bill to repeal or sunset multiple tax preferences draws varied industry opposition and labor support

A committee public hearing April 21 reviewed Senate Bill 57 94, which would repeal or sunset a wide range of tax preferences across industries, including several B&O tax deductions and preferential rates, exemptions for precious metals and bullion, the home energy assistance public utility credit, certain insurance prepayment exemptions, and a change to taxation of self‑storage rentals.

Christina King, committee staff, reviewed the list of preferences proposed for repeal or sunset. King described affected preferences including the B&O deduction for interest on certain real estate loans, a preferential rate for international investment management services, exemptions for precious metals and bullion, the home energy assistance public utility credit, and the proposed reclassification of self‑storage rental income out of the rental of real estate exemption beginning…