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Update on the status of SB 404, the effort to totally phase out the interest and dividend tax

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We discussed SB 404 as part of our post earlier today on the attempt to expand the education tax credit program, HB 1686.  We said it was dead for this year.

It now appears that Sen. Sanborn, the prime sponsor, is trying to revive his bill that would cost the state $50 million per year in lost tax revenue when fully implemented.  The Senate Finance Committee has proposed an amendment to HB 1554 to replaces the House passed language with Sen. Sanborn’s interest and dividend phaseout.

Passage of HB 1554 would lead to a committee of conference and potential House and Senate votes on the new version of HB 1554.

All this appears to have no direct impact on the prospects for passage of the HB 1686, the education tax credit bill.  However, it would, at great cost to the State, make HB 1686 irrelevant if it actually passed.


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