Monday, May 28, 2007

Last minute TAX changes by Bredesen admin


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A provision in the omnibus revenue bill will change the statute to state that the exemption does not apply to propane "sold over the counter at location of the seller," so that only gas delivered to the home of the purchaser is tax-free.

The change is estimated to mean $3 million per year in revenue for the state, he said.

The omnibus provisions will be offered as a 150-page amendment to HB2296, currently filed as a "caption bill" or placeholder. The amendment is not yet available on the Legislature's Web site.

It will mark the fifth year that Gov. Phil Bredesen's administration has filed omnibus tax code legislation late in the legislative session that involve closing loopholes and other, often complicated changes in the state tax laws.