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Panel approves permissive county excise tax option to fund local economic development
Summary
The committee approved a committee substitute for Senate Bill 546, a permissive measure allowing county commissions to enact an additional excise transfer tax (up to a statutory maximum) to fund economic development authority operations and projects; testimony emphasized the benefit for rural counties and that the measure is discretionary.
Senate Bill 546 would permit county commissions to impose an additional county excise tax on real‑estate transfers to fund economic development authority operations, programs or activities. Counsel told the committee that counties already collect a $1.10 per $500 excise tax that is retained locally and that some counties with farmland protection programs impose an additional excise for easement purchases; SB546 would create a permissive option for counties to…
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