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Committee considers three-year sales-tax exemption for building materials to spur housing; asks JFO and Department of Taxes for cost estimates
Summary
The House committee considered a draft three-year sales-and-use tax exemption for building materials and supplies intended to lower construction costs and encourage housing development.
The House Committee on General and Housing on Thursday considered a proposal to exempt building materials and supplies from sales and use tax for three years as a way to reduce construction costs and spur housing development.
Kirby Keelan, Legislative Council tax counsel, presented draft language that would temporarily broaden an existing sales-tax exemption (currently targeted at large manufacturing projects) so that retailers would not charge sales tax on building materials and supplies for a three-year period. "This modifies the statutory purpose for…
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