Legislature adjourns with record spending package, no structural tax relief
Lawmakers had a unique opportunity this year to provide tax relief for families and small businesses — and they let it pass.
The 2022 session came to an end shortly before midnight Thursday after passage of a supplemental budget that raises spending in the two-year budget by about $5 billion — and fails to include any significant tax relief. Instead, the operating budget would use 80.5% of the state’s surplus for new spending.
The budget boosts spending about 8% over what lawmakers approved 11 months ago. The 2021-23 budget is now more than 24% bigger than the previous two-year budget.
You won’t see an across-the-board cut of sales, property or business taxes this year, The Herald reports.
“It’s especially disappointing that our lawmakers, who had $14 billion in extra revenue, were so intensely focused on spending that they couldn’t find a way to provide tax relief to allow employers to reinvest in their businesses and create jobs,” AWB President Kris Johnson said in a press statement after legislative adjournment. “It’s hard to imagine there will be a better opportunity to give something back to taxpayers and to be champions for the economy.”
Article Courtesy of AWB