Friday, February 19, 2010

OFM projects sales tax increase would last through 2015

The Office of Financial Management released today the required I-960 fiscal impact statement for the proposed sales tax increase in HB 3183. HB 3183 would increase the state's sales tax rate from 6.5% to 7.5%, a 15.4% increase. The rate would drop back to 6.5% once the state's unemployment rate hit 5% for four consecutive months. The state's current unemployment rate is 9.5% According to OFM the sales tax increase is projected to be in effect through 2015.


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