Sen. Taylor's amendment to extend sales-tax exemption for building materials cleared by subcommittee with negative recommendation

Senator Taylor offered an amendment to Senate Bill 2042, which the committee adopted by voice vote. As amended, the bill would extend the sales-and-use-tax exemption for qualified building materials used in capital investment projects until Dec. 31, 2032 and set a new application deadline of Oct. 1, 2026 for extensions. Senator Taylor said the change "extends until 12/31/2032, the sales and use tax exemption for qualified building materials used in capital investment projects" and described the exemption as applying to construction, expansion and renovation of "qualified new or expanded warehouse and distribution facilities." He noted the exemption is an extension of an existing program rather than a new program.

The clerk reported the measure would forego $7,400,000 in state tax revenue in the first year, with decreasing amounts in subsequent years. Senator Powers moved a negative recommendation, the motion was seconded, and the committee voted to send the bill to full finance with a negative recommendation.