2026 Regular Session - Day 44 - HB 757 | Rep. Jason Petrie

Do we ask the clerk to report House Committee Substitute 1. Clerk, please report. House Committee Substitute 1 to House Bill 757. General Kentaud. Move for adoption. Motion is for the adoption of House Committee Substitute 1. Is there any discussion of the Committee Substitute 1? Seeing none, those in favor signify by voting aye. Aye. Those opposed nay. House Committee Substitute 1 is adopted. General Kentaud. Thank you, Mr. Speaker. House Bill 757 as amended by House Committee Substitute 1 is the revenue bill for the session. Top line overview, we've attempted to address certain affordability issues with moratoriums on certain taxes levied at the local district school boards in particular. Relative to personal property tax, utility gross receipts tax, and occupational tax, we're not taking those away. We're just placing a moratorium on those and leave them in stasis for the moment. There are considerable pages dedicated to internal revenue code conformity. This is something that we deal with every session or every other session as changes occur at the federal level and whether or not we conform to those changes or we decouple from those. There are a few expansions of sales tax and excise taxes, namely new revenue streams relative to data brokering, which is a sales tax. Fantasy contests, which would be an excise tax. Predictive markets, which would be an excise tax. And I feel I have the feeling that we will continue working on those three and ironing out details as we move through the entirety of the legislative process. We also have – there's been a well-worn issue in the General Assembly at least since 17. There are a lot of tax expenditures totaling billions of dollars. That means revenue reductions in some form or fashion. This takes just a dip into the waters on it and eliminates a few of those expenditures. A lot of cleanup stuff for the Department of Revenue. I appreciate them working with us for probably two years on most of these, and there are several provisions included in the bill. Without getting into great detail on it, I do want to mention a few ladies and gentlemen on the floor today. Relative to inheritance tax, not a change in the substance of the tax rates or what's exempt, but as to the filing deadlines and extensions, more process than anything else. You will see some provisions from House Bill 147 sponsored by the gentleman from Bullet 26. We do have an issue on property tax, real estate in particular, with tax delinquencies and how those are addressed and paid over time. You will see some provisions from House Bill 294 in part sponsored by the lady from Jefferson 34. Likewise, I would like to say that we have a floral spar issue relative to something that's like severance tax that the gentleman from Webster 12 has sponsored in part or in full from House Bill 133. I don't like taking credit for things that weren't ours, but I'll refer you out to those bills. Thank those people for working on it and letting us work on those issues. With that, Mr. Speaker, I would move for final passage of House Bill 757 as amended by House Committee Substitute 1.