Senate Appropriations to Debate Key Tax Cuts

Senate Appropriations to Debate Key Tax Cuts

Mar 02, 2016

The Senate Appropriations Committee, chaired by Bay Area Legislative Delegation (BALD) member Senator Tom Lee, will hear the House Tax Package (HB 7099) on Thursday morning.

Originally containing $1 billion in tax cuts, HB 7099was passed by the House of Representatives on February 11, by a vote of 96-17, with 26 of 28 BALD members voting in favor. 

As a result of budget negotiations, the total amount now allocated to the tax package is $400 million, which includes an estimated $290 million in property tax reductions.

While Senate and House leadership continue to work on a final package that will likely be released later today, the Tampa Bay Partnership reaffirms its support for support the two key components of HB 7099: a permanent elimination of the sales tax on manufacturing machinery and equipment, and a reduction of the sales tax on commercial leases, both of which were central to the Partnership’s 2016 legislative agenda. 

“These are the cornerstone elements that will help us attract jobs and capital investment to our region, and continue to compete against top markets nationwide,” said Rick Homans, president and CEO of the Tampa Bay Partnership. “We’re asking our lawmakers to create a more competitive business climate, and a more prosperous Tampa Bay, by supporting these critical tax cuts.”