SB 1811, the state fiscal matters bill, was brought up on the Senate Floor this afternoon by bill author Sen. Robert Duncan. The bill is expected to generate around $4 billion for the upcoming biennium budget. 8 amendments were adopted during the floor debate. CSSB 1811 was passed out of the Senate with 21 ayes and 10 nays.
Highlights on the adopted amendments:
- Elimination of Hotel Permanent Resident Exemption & Small Cigars Fee REMOVED from bill (strikes article 5 and 13 from the bill).
- Franchise tax speed up article – now only applies to a “large taxable entity” meaning certain businesses making more than $10 million in total revenue (20,400 of the 125,000 business franchise taxpayers would be subject to the speed-up under the amendment).
- Allows Comptroller to contract with a consultant on state purchasing.
- Sets the cigarette tax stamp allowance at two percent instead of one percent.
- Relates to interest on permanent state funds
- Budget transparency initiatives – Sen. Kirk Watson added certain “budget transparency initiatives” which includes, among other things, that:
- Legislative Budget Board must hold a public hearing to get updates on the state’s fiscal condition.
- Public hearings when the budget must be cut when the Legislature is not in session.
- Addresses the Back to Work Program.
- Addresses indigent defense and assess certain fees on court costs.
