Vermont House Advances Tax Bill That Limits Deductions
The Vermont House has advanced legislation to raise $35 million in new taxes by limiting deductions from the state income tax.
The revenue bill is seen as a key piece of the budget puzzle — including cuts and the use of one-time money — in which lawmakers are trying to close a projected gap of $113 million between 2016 revenues and spending demands.
Under the bill, income tax deductions will be capped at 2.5 times the standard deduction.
The revenue bill won preliminary approval on a 76-67 vote Thursday and will be up for final approval Friday before heading to the Senate.
The House is expected to work into the evening on its budget plan.
Copyright 2015 The Associated Press. All rights reserved.