Tax Relief Advisory Committee

Duties

2023 House Bill No. 1158 § 5 The Legislative Management shall appoint a legislative tax relief advisory committee, which must consist of three members of the Finance and Taxation Standing Committee of the House of Representatives and three members of the Finance and Taxation Standing Committee of the Senate, appointed by the respective Majority Leaders of the House of Representatives and Senate. The committee shall study tax relief, including income and property tax relief. Based on information provided by the Tax Department, the study must include consideration of historical income and property tax relief provided by the Legislative Assembly, including the estimated and actual fiscal impact of the tax relief; an analysis of the tax relief provided by the 68^th Legislative Assembly through individual income tax rate changes, a primary residence credit, and an expansion of the homestead credit, including the estimated fiscal impact for each method of tax relief and the effect of the income tax rate changes on passthrough income related to income reported on K-1 forms and royalty income reported on 1099-MISC forms; options to implement a flat individual income tax rate, including the estimated fiscal impact of the options; options to adjust the individual income tax structure, including the estimated fiscal impact of the options; and an update on the progress of implementing the primary residence credit, including the status of information technology changes and the amount spent on advertising the credit. The committee may consider input from local taxing districts regarding the administration of the primary residence credit and the homestead credit.