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House debate flags ambiguous tax-cut trigger that could sharply reduce budget
Summary
During floor debate, a representative warned that wording in a tax bill could cause automatic income-tax cuts at a much lower revenue threshold than intended, potentially reducing the state budget by more than $1 billion in a single year.
An unnamed representative on the House floor warned that language in a tax bill could trigger immediate income-tax cuts at a far lower revenue threshold than intended, with potentially large budgetary consequences.
The representative told colleagues the bill’s trigger was described during earlier discussions as an 85% threshold tied to roughly $400 million in revenue, but the text in the version before the House reads differently. “Well, it actually says point 85 hundredths of a percent, which is less than 1%,” the representative said, adding that the bill “says you shall impose the income tax cut when that trigger happens” and that the trigger “could happen as early as July 1.”
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