No Agreement Yet
June 1, 2007June 1, 2007. The working group attempting to put together a compromise on the new legislation came close to a deal on Wednesday, but ultimately no agreement was reached. The working group is negotiating on concepts to be included in the deal and not on any particular bill language at this point. For various reasons, the Senate Republicans are not comfortable with the Net Worth/Income tax base combination. Senate Republicans are attempting to forge a compromise effort by including elements of the House plan. Therefore, they proposed a plan that uses a gross receipts/business income tax base, credits from the House Democrat model for ITC, Compensation and R & D capped at 65% ; a 24 mill exemption for industrial personal property; a 18 mill exemption for commercial personal property and a 30% personal property tax credit for industrial property, phased-in over 3 years. The plan would be revenue neutral. Work on the compromise will continue the week of June 4th and many changes can yet be made as the agreement is being hammered out.