House Approves New Revenue Proposal
Thursday, October 19, 2017
On Wednesday, the House approved amendments to HB 542, reflecting that chamber's latest proposal to close the $2.2 billion budget gap, by a 102-88 vote. These amendments authorize $1.5 billion to be derived from the state's Tobacco Settlement Fund, either by borrowing against the funding stream or selling a portion of the settlement fund over 10 years; imposes a new tax on consumer fireworks; and requires online vendors to remit the state sales tax, among other provisions. Other budget-related bills are reported to include other elements to balance the FY 2017-2018 budget, including the potential transfer of revenue from dedicated funds, though amendments have yet been offered.