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Senate Finance hears broad miscellaneous tax bill: communications-property fixes, R&D decoupling and a contentious transportation funding trade-off
Summary
Committee considered a large miscellaneous tax bill that includes clarifying language for communications-property valuation and broadcasters, fixes to R&D decoupling to avoid double dipping, and a heated debate over moving purchase-and-use revenues toward the Transportation Fund versus preserving Education Fund revenues.
Legislative staff walked the committee through a sprawling miscellaneous tax package that bundles communications-property valuation changes, a clarifying broadcaster carve-out, R&D decoupling provisions tied to federal HR1/TCJA changes, and revenue realignments proposed to shore up the Transportation Fund.
On communications property, staff said the underlying statute was intentionally open-ended to allow for new technologies but that tax-department inventory letters had caused alarm. Maria Royale's clarifying language — proposed to exclude one-to-many broadcast property owned and operated by licensed broadcasters from the taxable communications…
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