Dear Neighbor,
The final full week of the 2017 session is just around the corner and significant progress was made on budget bills this week.
Both the House and the Senate approved several omnibus finance bills in recent days and sent them to the governor for his action. The remaining few should follow soon. Bills related to taxes and transportation are two of the more notable finance packages to receive approval.
The tax bill is a top priority for the House, especially in light of the fact the state has a $1.65 billion surplus. The package we approved provides $1.15 billion in relief over the next two years, including a $218 million reduction on the state tax on Social Security income.
Highlights of the tax bill include:
The transportation bill we passed would invest $5.5 billion over the next 10 years in the state’s transportation needs without raising taxes. The plan includes $2 billion for roads and bridges in the next two years. The proposal uses transportation-related state tax revenues to invest $372 million in new dollars for roads and bridges.
Additionally, the transportation proposal would fund:
It is good the governor has expressed openness to the approach we take with this bill and I look forward to his response.
I remain close to the budget process as a member of the Ways and Means Committee – the last stop for these finance bills. I addressed this subject in a column I have submitted to area papers and you can click here for the full text.
Until next time, have a good weekend.
Sincerely,
Bob