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Committee advances broad tax package including sales‑tax exemptions and renter credit
Summary
The Finance, Revenue and Bonding Committee reported S.B. 1 to the floor after debate on sales‑tax exemptions, a larger property tax credit and new refundable credits; analysts estimate roughly $548 million in annual revenue impact. Lawmakers said the package begins a conversation on affordability but warned of fiscal trade‑offs.
The Finance, Revenue and Bonding Committee on Thursday voted to report S.B. 1 to the floor, advancing a broad package of tax changes aimed at reducing the cost burden on residents.
Sponsor Senator Fonfara described the measure as a set of targeted tax reductions. The bill would exempt clothing priced under $100, most school supplies (excluding computers and electronics) and certain residential appliances from sales tax; exempt grocery food items intended for off‑premises consumption; increase the maximum property tax credit from $300 to…
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