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Ways & Means frames March yield bill with focus on revenue mix, one-time funds and income sensitivity
Summary
The Ways & Means Committee reviewed high-level decision points for the March yield bill, including which non-property revenues to count, whether to use one-time funds to cut property taxes, and how to set homestead and non‑homestead yields and the income-sensitive property tax credit.
The Ways & Means Committee met Wednesday to frame the decision points it must resolve before drafting the March yield bill, focusing on how the state will fund the Education Fund and how tax changes would affect homestead and non‑homestead property taxpayers.
Julia Richter, the committee’s designated financial officer, told members the yield bill “determines how to raise funds for the education fund after accounting for all of the uses and all of the non property tax revenue streams.” She said the committee should treat the yield bill process as a set of policy decisions — not a technical fix — about which revenue streams to rely on and how to allocate burden across taxpayer groups.
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