Today marks the second day of the Second Called Special Session of the 88th legislature. Both chambers convened at 11 AM. Below is an overview of the action that occurred in the House and the Senate.
House
The House filed and referred HB 1 (Meyer) relating to a reduction in the maximum compressed tax rate of a school district and additional state aid for certain school districts impacted by compression and HJR 1 (Meyer) the related constitutional amendment before standing at ease until Friday, June 30th, at 10 AM. Both bills were voted unanimously from House Ways & Means.
Speaker Phelan stated that after the House returns on Friday, they will adjourn until Wednesday, June 5th.
Senate
The Senate has unanimously passed SB 1 (Bettencourt) relating to providing property tax relief through the public school finance system, exemptions, and limitations on taxes and providing franchise tax relief and SJR 1 (Bettencourt) the related constitutional amendment. SB 1 and SJR 1 were filed this morning and were voted out of Senate Finance while the Senate Floor was in recess. The bill’s author noted the proposal is very similar to the proposal most recently passed by the Senate in the First Called Special Session. A spotlight on key provisions of the Senate’s property tax proposal can be found below:
- SB 1 is an $18b property tax proposal, 71% in tax compression
- Reduced rollback rate for schools to 1.75%
- Includes a $100k homestead exemption which is retroactive to the entire year
- Doubles the state franchise tax exemption to $2.47m, no new revenue tax return is eliminated
- Prohibits school districts from cancelling local optional homestead exemption
- SJR 1 was amended on the floor to include supplemental payments to teachers over two school years
- If passed, SJR 1 would be on the November ballot
After the Senate passed these bills, Lt. Governor Patrick stated on the floor that himself and the Speaker of the House will be meeting next week to discuss. the property tax proposals.
The Senate recessed until Friday, June 30th.