Introduced
by
To require that the Single Business Tax (SBT) rate be reduced by an additional one-tenth percent if there is an ending balance in a year of more than $1.2 billion in Budget Stabilization Fund (BSF, or "rainy day fund"), or if deposits of more than $250 million are made to the fund.
Referred to the Committee on Finance
Amendment offered
by
To revise the provision in the 23-year Single Business Tax (SBT) phase out that requires its suspension if the balance in the state Budget Stabilization Fund ("rainy day fund") falls below $250 million, so that the annual one-tenth percent SBT tax rate cuts will not be suspended unless the fund balance falls below one-dollar.
The amendment passed by voice vote
Passed in the Senate 23 to 14 (details)
To require that the Single Business Tax (SBT) rate be reduced by an additional one-tenth percent if there is an ending balance in a year of more than $1.2 billion in Budget Stabilization Fund (BSF, or "rainy day fund"), or if deposits of more than $250 million are made to the fund. The bill was amended to lower the "trigger" level that would postpone the 23-year Single Business Tax (SBT) phaseout if the balance in the BSF falls below $1. Under current law, if the BSF falls below $250 million, the annual one-tenth percent SBT tax rate cuts will not happen for that year. See also House Bill 5883, which draws down the BSF below the $250 million trigger. If SB 117 does not become law, HB 5883 will cause the postponement of the next two SBT rate cuts.
Amendment offered
To change the "trigger" level that would postpone the 23-year Single Business Tax (SBT) phaseout if the balance in the state Budget Stabilization Fund (BSF, or "rainy day fund") falls below a certain level, from $1 in the Senate-passed version, to $50,000. Under current law, if the BSF falls below $250 million, the annual one-tenth percent SBT tax rate cuts will happen for that year.
The amendment failed by voice vote
Motion to reconsider
by
To reconsider the vote by which the House did not adopt the amendment to change the SBT "trigger" from $1 in the Senate-passed version, to $50,000.
The motion passed by voice vote
Amendment offered
by
To change the "trigger" level that would postpone the 23-year Single Business Tax (SBT) phaseout if the balance in the state Budget Stabilization Fund (BSF, or "rainy day fund") falls below a certain level, from $1 in the Senate-passed version, to $50,000. Under current law, if the BSF falls below $250 million, the annual one-tenth percent SBT tax rate cuts will happen for that year.
The amendment passed by voice vote
Passed in the House 56 to 44 (details)
To require that the Single Business Tax (SBT) rate be reduced by an additional one-tenth percent if there is an ending balance in a year of more than $1.2 billion in Budget Stabilization Fund (BSF, or "rainy day fund"), or if deposits of more than $250 million are made to the fund. The bill was amended to lower the "trigger" level that would postpone the 23-year Single Business Tax (SBT) phaseout if the balance in the BSF falls below $50,000. Under current law, if the BSF falls below $250 million, the annual one-tenth percent SBT tax rate cuts will not happen for that year. (The Senate version lowered the trigger to $1.) See also House Bill 5883, which draws down the BSF below the $250 million trigger. If SB 117 does not become law, HB 5883 will cause the postponement of the next two SBT rate cuts.
Passed in the Senate 20 to 17 (details)
To require that the Single Business Tax (SBT) rate be reduced by an additional one-tenth percent if there is an ending balance in a year of more than $1.2 billion in Budget Stabilization Fund (BSF, or "rainy day fund"), or if deposits of more than $250 million are made to the fund. The bill was amended to lower the "trigger" level that would postpone the 23-year Single Business Tax (SBT) phaseout if the balance in the BSF falls below $50,000. Under current law, if the BSF falls below $250 million, the annual one-tenth percent SBT tax rate cuts will not happen for that year. See also House Bill 5883, which draws down the BSF below the $250 million trigger. If SB 117 does not become law, passage of HB 5883 will cause the postponement of the next two SBT rate cuts. The governor had indicated prior to this vote that SB 117 would be vetoed.
