Citizen Portal
Sign In

Get Full Government Meeting Transcripts, Videos, & Alerts Forever!

Committee hears divergent forecasts as lawmakers weigh whether to conform to federal 'OB3' tax changes

INTERIM & SPECIAL COMMITTEES · January 14, 2026
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

A legislative revenue assessment committee heard economists and tax officials describe a tighter revenue outlook and differing assumptions about corporate-tax timing related to federal SALT/’One Big Beautiful Bill’ (OB3) changes; the committee will compile individual member projections and vote on a recommendation tomorrow.

A joint revenue assessment committee heard a series of economic and tax presentations Wednesday that left members facing two central choices: whether to count a projected drop in corporate income receipts as a structural hit or as a timing/behavioral effect tied to federal SALT changes, and whether to conform to the federal “One Big Beautiful Bill” (OB3), which the Tax Commission estimates could reduce state revenues by $115 million–$192 million depending on how the legislature conforms.

Erin Phipps, an economist at the Division of Financial Management, summarized the executive branch’s January forecast and explained a change in how DFM will report sales‑tax‑related accruals. "We are including the tax relief fund transfer in sales tax accruals," Phipps said, adding that the $330 million sales‑tax…

Already have an account? Log in

Subscribe to keep reading

Unlock the rest of this article — and every article on Citizen Portal.

  • Unlimited articles
  • AI-powered breakdowns of topics, speakers, decisions, and budgets
  • Instant alerts when your location has a new meeting
  • Follow topics and more locations
  • 1,000 AI Insights / month, plus AI Chat
30-day money-back on paid plans