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Leaders discuss tax mechanics, millionaire tax and payroll-tax ideas
Summary
Leaders told reporters there is not yet a complete income-tax bill—only components focused on mechanics to avoid double taxation on pass-through businesses; tax offsets, including working-family and small-business credits, are under discussion and a final draft may appear within 7–10 days.
Reporters asked whether a circulating income-tax draft exists; Sen. Jamie Peterson replied there is not a complete bill yet and the discussion currently centers on mechanics to avoid double taxation for pass-through business owners. She said accountants, lawyers and stakeholders are reviewing the mechanics and that leadership and Rep. Fitzgibbon are discussing offsets.
Peterson said the governor has proposed using some revenue for a working-families tax credit and a small-business tax credit, and that other offset options under discussion include certain sales-tax items or property-tax reductions. On the broader revenue picture, leaders said broad-based increases to major taxes are unlikely but that targeted measures and closing specific exemptions are being considered.
On a separate payroll-tax proposal from Rep. Scott, leaders described the committee hearing as the start of dialogue and called passage to the governor's desk uncertain at this stage. "It's very early to tell what's gonna go to the governor's desk," Jenkins said. Leadership indicated they view the millionaire income tax as the primary progressive revenue vehicle.
