A WIN FOR MANUFACTURERS

Paul Fogleman,

An excise tax on manufacturing equipment was eliminated on the revenue package approved by the House Finance Committee. The committee also raised the zero level for income tax to $17,500 for families of three. This would be phased in over a three year period. Now families earning less than $15,500 are exempt from state income taxes. Currently, mills purchasing production equipment pay 2 per cent excise tax per machine with a cap of $80. Elimination of this tax be especially helpful to start-ups, the HTGAC has argued in the Legislature.

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