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2024 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Craig
Income Subtraction Firefighter Pensions (SB 61) (language only)

Item 0 #11s

Item 0 #11s

Revenues
Revenues

Language

Page 1, strike line 25 and insert:"    

        

Official Revenue Estimate

$28,1021,336,852

$29,546,852,918

$57,568,189,770

"



Explanation

(This amendment accompanies Senate Bill 61, a bill establishing an income tax subtraction for up to $20,000 of firefighter pension benefits in taxable year 2024, up to $30,000 in taxable year 2025 and $40,000 in taxable year 2026 and each year thereafter. This amendment assumes a general fund revenue reduction of $100.0 million each year as a placeholder since this subtraction would result in a significant negative impact to the general fund. The actual revenue impact is to be determined.)