The House Finance Committee met this morning to begin deliberations on a tax package that increases taxes by $937.6 M the first year, $1,145.7 the second. The package includes taxes on courier services, sales tax on warranties, installations and repairs, other franchise taxes on LLC, changes to bank interest deduction, creates two new tax brackets for upper income, changes to corporate income tax, increase cigarette tax 25 cents, increase tax on beer, wine, and liquor and increase the sales tax by 1/4. Rep. Van Braxton (D-Nash) introduced an amendment that took out the additional cigarette tax. The tax would have increased from 35 cents to 60 cents a pack. The amendment passed overwhelmingly.
Chairman Jennifer Weiss adjourned the meeting until further notice.
