The following update was written by Rep. Carolyn Branagan.
Another busy week is now behind us.
Lots of time was spent in the Ways and Means Committee looking closely at the recommendations sent by the Governor for the budget adjustment bill. Work on the budget adjustment bill should be finished by the end of next week. The budget adjustment bill is designed to make needed changes to the current state budget, now that we are halfway through the fiscal year. Usually the changes are minor, and there is nothing unusual this year, but there are changes in two of the state’s large funds.
$10.5 million in the General Fund is available for reappropriation and there is $45.5 million in the Education Fund that must be reappropriated. The Committee on Commerce and Economic Development is also reviewing the transfer of $2.4 million from the General Fund to the Downtown and Village Center Tax Credit program .
Discussions are underway on changes in the draft budget bill for FY 2024.
Some of these changes being considered are:
The creation of an optional pass through entity that would allow deduction of more than $10,000 in state and local taxes already paid.
Increase Vermont’s Earned Income Tax Credit to 45% of the federal credit.
Raise Vermont’s Social Security income tax exemption by $15,000.
Exempt military and survivor’s benefits from Vermont’s personal income tax. Military retirees can already deduct the first $10,000 of military pension if they do not take a social security exemption and qualify with other requirements.
Other issues discussed are
The possibility of Sales and Use tax on prewritten software.
The school meals program…..breakfast and lunch
The cannabis control board regulation
Home Health provider tax
Fee bill report
Universal Services Fund
Cloud Tax Exemption
Child Tax Credit
Universal Paid Family Leave
We remain dedicated to doing everything in our power to make Vermont more affordable for all Vermonters.
Finally, there will be a legislative breakfast on Saturday morning, February 18 from 8 am until no later than 9:30 am. The location is the Georgia Firehouse on Route 7. All county voters are welcomed. We will both be there and we expect other legislators to also attend.
For more information contact us:
Rep. Carolyn Branagan
Rep. Ashley Bartley