Tax breaks planned
Published: Fri, Jun. 27, 2008 12:30AM
Modified Fri, Jun. 27, 2008 02:22AM
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closeHouse and Senate leaders said Thursday night that budget negotiators have reached agreement on tax breaks in the 2008-09 spending plan.
They include:
* Increasing the earned income tax credit for lower-income families from 3.5 percent of the federal credit to 4.5 percent.
More Local & State
* A repeal of the state gift tax.
* A property tax homestead exemption for fully disabled veterans.
* An extension of a tax credit for small businesses that provide health insurance to employees.
* A variety of small-business tax-fairness measures.
* A sales tax holiday for energy efficient products.
* Exempting some bakeries from sales tax.
* Reducing the tax on industrial machinery refurbishers.
The package provides a combined $50 million in tax breaks.
House and Senate leaders are working to reach agreement on a $21 billion state budget by Tuesday.
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