Commercial tax on rural buildings highest in nation
RYCKMAN RECAP, Ron Ryckman, 38th District Senator
We’ll be coming back for a veto session at the end of the month, but for now Week 13 means we have concluded all regular business of the 2024 Legislature and formally adjourned.
The big news, unquestionably, is that the House and Senate finally agreed on a comprehensive tax cut package that should be able to survive a gubernatorial veto, though hopefully that doesn’t happen. That is because the vote in the House was unanimous (119-0) and in the Senate 24-9, with four likely “yays” among those not present. If enacted, HB 2036 will reduce to two the personal income brackets (5.15 percent and 5.55 percent); do away entirely with the tax on Social Security; increase the property tax threshold; raise the standard deductions; and zero out the state sales tax on food effective July 1. It was properly heralded by our Senate President as providing relief to everyone, including a “sigh” to those of us who have been battling the issue for most of the past three years.