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Joint Budget Committee approves introduction of tax-credit trigger bill after debate over base year and forecasting
Summary
The Joint Budget Committee debated changes to how family-affordability and earned-income tax credits are triggered, weighing FY23-24 actuals against a fixed March 2024 OSPB forecast and two-year versus one-year fiscal-lookbacks; the committee voted 6-0 to introduce the draft that incorporates Representative Sirota’s suggested adjustments.
The Joint Budget Committee on April 28 debated a draft bill that would change how the state decides whether to make family affordability and earned-income tax credits available, ultimately voting 6-0 to introduce a version that includes Representative Sirota’s proposed edits.
Greg Sawetzky, chief economist for Legislative Council Staff, told the committee the draft makes two primary changes: it shifts the base year used in the compound annual growth-rate (CAGR) calculation away from FY 2024–25 actual revenue and it looks at forecasts for two fiscal years when determining whether credits should trigger. “These are the tax credit triggers for the family affordability credit, the earned…
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