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Florida House Revamps Plan For Stimulus Money
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Florida House revamps plan for stimulus money - Tampa Bay Business Journal
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House revamps plan for stimulus money (Source: News Service of Florida) By Jim Turner | April 23, 2021 at 1:41 PM EDT - Updated April 23 at 1:41 PM
TALLAHASSEE, Fla. (News Service of Florida) - The Florida House on Friday moved away from a plan to use the largest chunk of expected federal stimulus dollars on long-overdue building maintenance, while going along with Senate spending priorities and eyeing money for a childrenâs book-distribution program.
As talks continue over a new state budget, the House pitched a $6.2 billion offer Friday morning for using stimulus money that Florida is slated to receive under the American Rescue Plan Act.
But there are a number of bridges to cross before that happens.
One – the state’s Budget Stabilization Fund would have to reach its limit, which is an amount equal to about 15 percent of the state’s general fund budget. Two, the carry-over, or ending fund balance, would have to be at least $65 million. Then the income tax would be reduced, by up to $150 million. It does sound like it s a convoluted process, said Rep, Craig Headland (R-Montpelier), chairman of the House Finance and Taxation Committee. But I want to assure you, it s an easy calculation for the Tax Department to determine.
By Doug Barrett
Apr 21, 2021 8:17 AM
The North Dakota House has passed a bill that could lead to reductions in state income taxes. But there are a number of bridges to cross before that happens.
One – the state’s Budget Stabilization Fund would have to reach its limit, which is an amount equal to about 15 percent of the state’s general fund budget. Two, the carry-over, or ending fund balance, would have to be at least $65 million. Then the income tax would be reduced by up to $150 million.
Republican Representative Craig Headland chairs the House Finance and Taxation Committee. He says previous attempts to pass an income tax reduction have stalled because of opposition in the Senate. Headland says this bill is designed to have something in law that would allow future income tax reductions if there are future budget surpluses.
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