The Miscellaneous Tax Bill, H.873, was approved by the Ways and Means Committee and formally introduced last week. It includes several provisions raising concerns for employers, increasing “ongoing” taxes by approximately $10.5 million with an additional increase of “one-time” FY17 revenue of $3.7 million.
See related posts regarding increases of particular concern, an increase the employer assessment and an increase in the fuels gross receipts tax. Other issues of concern, including an increase in the bank franchise tax, will be highlighted in future posts as warranted and members are encouraged to check back for new and updated posts in the coming days.
Combined with the Fee Bill, which includes a significant fee increase on mutual funds of approximately $20 million, and the Transportation Funding Bill, which exceeds $11 in new fees, the total tax and fee increases on the table exceed $48 million. More details on the fee and transportation bills will be provided in future posts as warranted.
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