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House rejects amendment to create ‘income tax prevention’ fund from investments
Summary
Representatives debated a second‑reading amendment to Senate File 70 that would have created a generational “income tax prevention” account funded by $100 million yearly transfers from the Legislative Stabilization Reserve Account (LSRA). The amendment failed in a division vote, 22‑35.
Representative Harshman moved Second Reading Amendment No. 1 to Senate File 70, a bill on investment modernization and public funds, proposing creation of a generational account he described as an "income tax prevention account." The amendment would have directed annual transfers of $100 million for 14 years into a new account intended to let investment earnings compound and provide future deposits into the general fund.
Supporters said the amendment was a long‑term savings measure. “This is about investing in our future,…
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