Note:  The Legislative Calendar has been set for the rest of the 2011 Session.  The General Assembly will convene Monday through Friday of next week, recess the following week and then finish up with Legislative Days 39 and 40 on Tuesday 4/12 and Thursday 4/14.  In addition to the many bills still to reach the floors of the Chambers, the 2012 Budget still needs to pass the Senate.  Once that happens, differences between the House and Senate versions of the budget will be resolved in conference committee as the Session winds down.

One of the more significant events of the week was the unveiling of the Joint Committee on Tax Reform’s plan for legislation this session.  The Committee is expected to release a bill in the House on Monday and push it through both Chambers by the end of the week.  Some of the promises of the committee listed in the meeting today are as follows (Note:  the actual bill will be dropped on Monday, and things can still change over the weekend):

  • The Committee will not consider tax credits this session.
  • There will be no taxes on the following (among others):  groceries, veterinary services, legal fees, cigarettes, childcare, prescritpion drugs, haircuts, dry cleaning, cost club memberships.
  • The personal income tax rate will be cut from 6% to approximately 4.5%.
  • The tax on energy for manufacture, agriculture, and mining will be eliminated.
  • The tax on telecommunication franchise fees will be eliminated and replaced with a 7% flat tax across all telecommunication services.
  • There will be a tax on personal vehicle sales, excluding family member to family member.
  • The tax exemption will remain for 529 College Savings Plans.
  • The tax exemption will remain for non-profit organizations.
  • There will be a tax levied on automobile repairs.
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