Sponsor Says Narrowing Bank Tax Preference Will Restore Wildfire- preparedness Funding
House Bill 2089 narrows a B&O tax preference for first-mortgage interest so that larger, multi-state financial institutions no longer receive the deduction; the sponsor said the change will restore revenue to a wildfire response account cut in recent budgets and DOR estimates increased revenue and implementation costs.
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The House Finance Committee heard House Bill 2089 on Jan. 23, a measure the sponsor said would redirect revenue by narrowing a business-and-occupation (B&O) tax preference previously extended to certain financial institutions.
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