Sxc.hu photo by Darren DeansKansas legislators working on a tax-cutting plan say they’ll tweak the proposal to avoid long-term budget deficits. Tax negotiators received new estimates today (MON) on the financial impact of the proposal, which would reduce income tax and business tax rates. The projection says that under the plan the state will be facing a $160 million budget shortfall by 2018, but that’s a significant improvement over previous estimates. Wichita Republican Les Donovan is the lead Senate negotiator.
Donovan says they will make changes until the projections don’t show a budget shortfall. Negotiators could consider lowering the tax rates more gradually over several years. Talks will continue tomorrow (TUE).