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Committee debates one-year versus two-year property-tax buydown in yield bill; vote deferred
Summary
The committee reviewed Joint Fiscal Office modeling of alternate buydown scenarios and debated including a $52 million reserve in the December 1 yield letter; members split over a one-year full buydown versus a two-year spread and agreed to defer formal action until draft amendment language and updated fiscal numbers are circulated.
The Finance Committee reviewed competing proposals in the yield bill for a property-tax 'buydown' and debated how a $52 million budget reserve should be treated in statutory yield modeling. The committee heard technical modeling from the Director of the Joint Fiscal Office and discussed whether to use the full amount in a single year or spread it across two years.
The Director of the Joint Fiscal Office said the bill's modeling tables (columns a–e) reflect different policy constructs: "Column c is the house construct, but changing it to better reflect the budget data ... so that there would be a uniform average bill change across all three classes, and that would be…
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