The House Finance Committee will hold a work session with briefings on the state revenue forecast and the State Tax Structure Work Group on December 1. The Senate Ways & Means Committee work session on December 1 will also include a presentation on the revenue forecast.

The state revenue forecast briefing will include an updated forecast scheduled to be released on November 18. This forecast will be used to develop the Governor’s proposed budget for 2023-25 that by law will be released by December 20.

The State Tax Structure Work Group is scheduled to meet on November 14 to review Department of Revenue economic modeling for several options the committee has been considering. It is expected to finalize proposals for its preliminary recommendations in December. AWC has been tracking the committee’s work and is especially interested in two of the potential options that may impact local governments: replacing the state B&O tax with a margins tax and changing the one-percent limit on property taxes.

Dates to remember

The State Tax Structure Work Group is scheduled to meet on Monday, November 14 at 8 am.

The Economic and Revenue Forecast Council will meet on Friday, November 18 at 2 pm.

The House Finance Committee work session is scheduled for Thursday, December 1 at 10:30 am.

The Senate Ways & Means Committee work session is scheduled for Thursday, December 1 at 3:30 pm.