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Committee reviews draft 1.4 reducing refundable credit to $1,000; no vote recorded
Summary
Finance Committee members discussed draft 1.4, which would lower a refundable credit from $2,500 to $1,000 and apply a $20 per $1,000 phase-down; staff and the tax commissioner were present and lawmakers requested fiscal estimates but did not take a recorded vote.
The Finance Committee reviewed draft 1.4 of a tax-credit bill that would reduce the maximum refundable credit from $2,500 to $1,000 and change the phase-down to $20 for each $1,000 of income in a specified bracket.
Secretary Shouldice, the state tax commissioner, was present for committee questions, and members discussed the draft language and estimates posted on the committee’s website. Committee members said they wanted to see fiscal notes and estimates of how many taxpayers would claim the credit under the revised design; staff estimated the number of claims but the transcript did not record a definitive fiscal note or final estimate.
Committee members discussed the mechanics of the phase-down: the draft frames the credit to “slope down” between two income thresholds, reducing the credit by $20 for each $1,000 of income in the phase-down range. A committee member said the draft posted as 1.4 is available on the committee webpage under staff names and asked whether the panel was ready to move to a motion to amend draft 1.4 as presented (dated in the record). No formal roll-call vote or recorded outcome was taken during the portion of the meeting in the transcript.
The committee paused for a short break after members discussed timing and staff availability to prepare fiscal estimates. Presenters and members agreed to return with additional details and possible technical changes; the record shows the meeting remained live but recessed at the end of the available transcript.
Ending: Committee staff will post draft language and follow up with fiscal estimates; the committee did not record a final vote on the draft during this session.
