Committee considers dumping new tax in favor of raising existing rates

It may be easier for Democrats to get the votes to increase current rates instead of passing a new tax plan.

A proposal to fundamentally change the state’s business tax system appeared to take a detour Monday.

Lawmakers have been vetting a Democratic proposal for a new state corporate activities tax based on sales, but the latest proposed amendment to the bill scraps that idea in favor of increases to the existing corporate income tax.

Source: Pamplin Media Group – Committee considers dumping new tax in favor of raising existing rates