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Table of Contents
- REVENUE
previous
Table of Contents
- REVENUE
Revenue
The final House budget relies on approximately $900 million in new revenue not included in the HWM budget. This revenue change is due to a sales tax increase amendment adopted during debate. Under the amendment, the sales tax would increase to 6.25 percent from the existing 5 percent rate. The amendment maintains existing sales tax exemptions, such as on food and clothing under $175.
The sales tax amendment also dedicates 0.385 percent of sales and purchases receipts to a new Transportation Investment Fund; this transfer is estimated at $275 million in FY 2010.
Aside from the sales tax increase, the House also adopted amendments to increase three fees in the judiciary system. A list of these fee increases can be found in the Law and Public Safety section of the Monitor.
