The House on Tuesday put a new price-tag on its growing tax package, which differs from a Senate proposal. The House Budget Committee voted 20-8 to approve the package (HB 7033), which is projected to cut state and local revenue by $5.008 billion next fiscal year and now calls for dissolving local tourist-development councils.
House Budget Chairman Lawrence McClure, R-Dover, said talks continued Tuesday about setting what are known as “allocations” that are needed to start budget negotiations with the Senate.
“We’re in good shape to be in a place to conference (hold formal budget negotiations) in the near future,” McClure said. The House package is topped by a reduction in the state sales-tax rate from 6 percent to 5.25 percent and a reduction in a tax on commercial leases from 2 percent to 1.25 percent.
Among other things, the package seeks to close all tourist development councils by the end of the year. The Senate has proposed a $1.83 billion tax-cut package (SB 7034) that includes eliminating sales taxes on clothing and shoes that cost $75 or less. It also would provide a one-time credit on annual vehicle-registration fees and offer a series of sales-tax “holidays,” including a new one that would last more than three months on hunting equipment
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