TAX REVENUE FROM MILLIONAIRE’S TAX (S 3)

By Bob Katzen

The Senate 5-34, rejected an amendment that would remove a section in the budget that exempts tax revenue generated from the recently voter-approved Millionaire Tax from counting toward the allowable state tax revenue limitations, under Chapter 62F, which provides that whenever revenue collections in a fiscal year exceed an annual cap tied to wage and salary growth, the excess is returned to taxpayers. Continue reading TAX REVENUE FROM MILLIONAIRE’S TAX (S 3)

INCREASE ESTATE/DEATH TAX EXEMPTION (S 2397)

By Bob Katzen

The Senate 5-33, rejected an amendment that would increase from $1 million to $5 million the amount of money that is exempt from the value of a person’s estate from the state’s estate/death tax that a person is required to pay following their death before distribution to any beneficiary. The increase to $5 million would be implemented over ten years. Continue reading INCREASE ESTATE/DEATH TAX EXEMPTION (S 2397)