Tax relief may squeeze economic development bill
BOSTON (SHNS) – With just a handful of hours left to strike agreements and pass them, a House leader told the News Service that “the whole fiscal picture” is now being reconsidered as talks continue around a massive economic development and tax reform bill that’s been complicated by the realization that an existing law could trigger nearly $3 billion in tax relief this year.
The reemergence in recent days of Chapter 62F, a law from 1986 that has not been triggered since 1987 but which is poised to send roughly $3 billion back to taxpayers, is weighing heavily on the economic development bill talks as negotiators reevaluate the Legislature’s spending decisions in that more than $4 billion bill and the decision to include $500 million in one-time tax rebates and $500 million in permanent tax cuts in it.
“I think we have to figure we have to figure out whether we want to take that risk right now,” Rep….
