Murphy’s Law Blog 2023 | #29
Tax Package Settled?

At this point, the conference committee discussion on how to reduce property tax and income tax appears to have a tentative solution.

Senate Tax Committee Chair Jordan Kannianen explained to me this morning (although they do have an afternoon meeting to confirm) that property tax looks to be a $500 deduction for every single home or occupied dwelling. It would affect about 206,000 homeowners in our state if I understood correctly, so a bit over $100 million on the property side of the equation. This is called the Primary Residence Exemption.

Income tax would be knocked down to three brackets with the lowest being zeroed out under $44,000, 1.9% for those under $225,000 and over that at a rate of 2.5%. That is the status right now in bill HB 1158 as it is in conference committee.