Revenue Committee To Discuss How To Meet Funding Goals

Revenue Committee To Discuss How To Meet Funding Goals

The Legislature's Joint Interim Revenue Committee have been tasked with finding revenue lost in the recent downturn in the state's mineral industry, finding revenue to help with the shortage in school funding, and finding creative ways to generate new revenue before the upcoming session in early 2018.

State Representative Mike Madden (R-Buffalo), in an interview with Sheridan Media, said the Revenue Committee will be looking at how they will meet the goals of generating $100, $200 or $300 million in revenue during the upcoming November meetings.

He said the committee will be looking at numerous options that are the “least painful” ways to generate new revenue for the state.

The state's, as well as the country's economy has changed over the last few decades from a tangible good sales base to more of a service-oriented sales base, which accounts for at least some of the decrease in sales tax revenue, according to Madden.
By broadening the sales tax to encompass more services and other goods currently not levied a sales tax, the state would see an increase in sales tax revenue.

Other options to be considered are an increase in assessment rates for residential properties, from the current 9.5% to 11.5% and commercial properties from 11.5 to 13.5%; and possible increases in the beer tax and taxes on wind power.
Other considerations will be changes to how liquor fees and cigarette taxes on reservations are tracked and collected.

The next meetings of the Joint Interim Revenue Committee will be in Buffalo Tuesday, September 12th and Wednesday, September 13th at the Hampton Inn in Buffalo, starting at 8:30 each morning.
The meetings are open to the public.

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