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Council debates insurance-premium-tax cut and franchise-fee options but opts to table action
Summary
Councilors heard revenue estimates for small reductions in the insurance premium tax (quarter-point ≈ $142,522) and discussed abolishing the franchise fee; members agreed to budget a modest reduction for next fiscal year and table immediate changes pending budget projections and additional data.
Council reviewed options to reduce the insurance premium tax and discussed the city’s franchise fee.
City staff explained that a quarter-percent reduction in the insurance premium tax — moving from 9.5% to 9.25% — would reduce revenue by about $142,522 based on current figures, and larger reductions were estimated as well (a half-percent reduction would be roughly…
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