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Committee advances SB1318 after debate over automatic surplus tax cuts
Summary
The committee voted to return SB1318 with a due-pass recommendation after testimony from municipal groups and economists warning that automatic income-tax reductions tied to a surplus formula could undermine city revenue and planning; sponsor defended guardrails and rainy-day funds.
The House Ways and Means Committee returned SB1318 (and companion SCR1014) with a due-pass recommendation after an extensive discussion about whether automatic, formula-based reductions in the individual income-tax rate would create instability for state and local budgets.
Staff explained SB1318 would direct the Joint Legislative Budget Committee to identify state-fund revenue metrics and require the Department of Revenue to reduce the individual income-tax rate by 50% of the structural surplus, beginning in tax year 2026. Sponsor testimony described the design as a measured approach that returns…
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