New Tax Bills Introduced

Although the legislative season is quickly coming to a close, new tax bills have been introduced.

The bill that is getting the most attention, HB 2377, would impose a 2 year increase in the sales tax rate of 0.3 cents per dollar. This money would be dedicated to education spending.

Another bill, HB 2354, would impose a property tax on “intangible property.”

While the official fiscal note is not available, the intent section of the bill claims that it would raise $4 billion a biennium. Please take a moment to review the bill and send your thoughts to me.

There are questions of whether certain parts of the bill would enforce firms to move from cash to accrual accounting, make Owner/Architect Agreements taxable as soon as they are executed, and tax stocks/bonds.

These tax bills would dedicate the increase to education and health care. The AIA is monitoring their progress and will keep you updated.