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Panel approves $200M income tax credit package aimed at middle-income households
Summary
SB 5 46, an income tax credit package with an initial fiscal estimate of about $200 million, cleared the Senate Finance and Claims Committee 18–4; the bill targets households in the $60,000–$100,000 federal adjusted income band and DOR testified it would require approximately three new FTEs to administer at current claim volumes.
Senate Finance and Claims approved SB 5 46, a targeted income tax credit package that sponsors said would direct relief toward middle-income households and generate multiplier effects for the state economy. The committee voted 18–4 in executive action.
Senator Dave Fern, sponsor, described the package and said the fiscal note is approximately $200 million with the…
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