Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Taxation topic
No spam. Unsubscribe anytime.
State Rep. Kay Christofferson says business, Social Security income tax cuts passed as session nears end
Summary
State Rep. Kay Christofferson said two income-tax measures — a business income tax rate cut and a Social Security income exemption increase — have passed the legislature and together are expected to reduce revenue by about $140 million per year. She also said lawmakers reviewed fiscal-note bills ahead of the session’s scheduled end.
State Rep. Kay Christofferson, who represents District 53, said in a recorded update that two income-tax measures have cleared the legislature as the session nears its scheduled end in two days.
Christofferson said the measures together amount to roughly $140,000,000 in annual tax cuts and described details of each provision. "We lowered the rate from 4.55 to 4.5 which is about a $97,000,000 tax cut per year. And that was the bill I ran and it did pass both houses and could be sent to the Governor," she said.
On retirement income, Christofferson said lawmakers approved a Social Security income tax cut that raises the joint filing exemption level. "I did have a bill on Social Security but so did some others and so we are going to have a Social Security income tax cut. So it will raise the level from, I think it's $75,000 if you have income of $75,000 filing jointly up to $90,000 And so that will and that has passed," she said.
Christofferson said the legislature ran through bills that carried fiscal notes — measures that require state spending — and that those reviews must be completed before the budget is finalized. "We're gonna we're we ran through all of our fiscal note bills which which fiscal note bills means that bills that had some kind of a requirement for state money and we're going to finish some of those this morning. Those have to be done before we finish the budget for the year," she said. She added that bills not completed in the next two days will be discontinued and must be refiled next year.
Votes at a glance: the business-income-tax bill lowering the rate from 4.55% to 4.5% "passed both houses and could be sent to the Governor," Christofferson said. A separate Social Security income tax cut raising the joint filing exemption from $75,000 to $90,000 "has passed." The transcript did not provide bill numbers, vote tallies, or the governor's action on either measure.
Christofferson closed by inviting suggestions for the legislative interim. "So looking forward to the interim. If you have recommendations or ideas that we can discuss for next year, now's a good time to start. So thanks for joining me," she said.
