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From Staff Reports
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House 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.* 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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