Advocacy News – May 13, 2021
Earlier today HB 4288 (Tisdel) passed the House with overwhelming bipartisan support. The legislation would provide $190 million in tax savings for “pass-through businesses” or ones organized as partnerships, LLCs, and S-Corporations, for example. The savings would NOT affect state revenues.
Treasury remains opposed to the bill even though they agree to the language and received $10 million in implementation costs, which they requested in the budget that is moving through the process. The Department opposes based on “broader revenue concerns” which is explained in previous articles.
The Senate is eager to take the bill up and we expect quick movement on the bill now that it is there.
For more information on this issue, please contact Dan Papineau at dpapineau@michamber.com