Transcript Highlights:

• The question I have that I haven't heard any talk about is the tariffs, possible tariffs.
• They were going to co-locate, but 50% tariffs on aluminum and 50% tariffs on steel added $75,000.
• I think most people in the industry would say, I wish we knew what a tariff is. It's not.
• If we know what the tariff is, we can deal with that. But when we don't know, it's hard to plan.
• So, to the extent that they can accommodate that preemptive move on tariffs, they're trying to do that

Transcript Highlights:

• I'm hoping President Trump's right on the situation right now with tariffs.
• What I can say is that it's challenging with tariffs being raised.
• Prices go up for growers, and access to land is very critical to stay surviving with rising tariffs.
• In the last two months, President Trump has threatened and wrongly rolled back tariffs on our largest
• So which farmers do you think are hurt worse by uncertainty from tariffs, that giant farming operations

Committee: Senate Agriculture, Nutrition, and Forestry Committee

Keywords: farm bill, rural economy, crop insurance, access to credit, young farmers, USDA funding freeze, agricultural policy, risk management

Summary: The meeting of the agricultural committee focused on significant concerns regarding the current state of America's rural economy, highlighting the need for a strong five-year farm bill to address the challenges faced by farmers, particularly young and beginning farmers. Key testimony was given by multiple stakeholders including agricultural leaders and young farmers, emphasizing issues related to crop insurance, access to credit, and the adverse impact of recent USDA funding freezes. Various members discussed the necessity of risk management tools that farmers rely on to secure financing, which is crucial for sustaining agricultural operations and supporting rural communities. The importance of timely legislative action was underscored, as many farmers reported struggles in the current economic climate, raising urgency for reforms within the Farm Bill framework.

Transcript Highlights:

• But the tariffs, we've heard tariffs being the driver, certainly there's going to be impacts to new construction
• But the tariffs, we've make a statement.
• But the tariffs, we've heard<00:37:59.520><c> tariffs</c><00:37:59.920><c> being</c><00:38:00.240><c>
• the</c><00:38:00.400><c> driver,</c> heard tariffs being the driver, heard tariffs being the driver,
• Oh, we'll just blame it on tariffs and Trump.

Committee: Senate Housing and Homelessness Prevention

Transcript Highlights:

• problem by clarifying the statutory authority of IOUs to implement their DCPs as part of their approved tariffs
• authorizing administrative action to compel an IOU to comply with the approved DCP provisions in its tariff
• The one thing that investor-owned utilities have the ability to enforce is their tariffs, which are their
• A fine structure, but from what I understand, it's very difficult to amend your tariff currently under

Bills: SB1169 , SB1285 , SB1583 , SB1611 , SB1898 , SB1976 , SB2160 , SB2161 , SB2658 , SB2661 , SB2662 , SB2692 , SB1055 , SB1359 , SB2660

Committee: Senate Water, Agriculture and Rural Affairs

Transcript Highlights:

• At the federal level, proposed tariffs could increase the cost of materials produced overseas.
• </c><00:28:32.799><c> increase</c> level, proposed tariffs could increase level, proposed tariffs could
• And these tariffs have driven up the price of raw materials, increasing these production costs for our
• And these tariffs have driven up the price of raw materials, increasing these production costs for our
• And these tariffs have driven up the price of raw materials, increasing these production costs for our

Bills: HF2254 , HF2302 , HF2502 , HF2315 , HF2475 , HF2086

Committee: Senate Taxes

Keywords: HF2254, Minnesota child credit, baby bonus, child tax credit, income tax, individual income tax, tax relief, newborn, birth credit, family tax credit, tax refund, advance payment, Department of Revenue, taxable year, parenting, families with children, child credit, state regulations, families, taxation

Transcript Highlights:

• I think there's a couple of different ways, you know, one is with tariffs, Dan Diorio: ...utility tariffs
• You said the word tariff that you said. Dan Diorio: Yes, utility tariffs in Texas. Mr.
• Dan Diorio: But policy under which you take electricity service is often referred to as a tariff.
• They had one of the first large load policies or tariffs in the country.
• I will say broadly over the last several years, things like tariffs, not our rate tariff, but tariffs

Committee: House State Affairs

Summary: The Committee on State Affairs convened to discuss data centers and their impact on Texas's energy infrastructure. The meeting featured testimony from key representatives of the Public Utility Commission (PUC) and ERCOT, who outlined the evolving landscape of energy generation and the challenges posed by the rapid growth of data centers. Notably, ERCOT reported over 450,000 MW of generation resources planned for connection, with a significant portion attributed to data centers, which now represent around 87% of new large load interconnection requests. The committee explored proposed changes to the interconnection process, including a new 'batch study' approach aimed at streamlining the approval of multiple projects simultaneously. This change is intended to address the challenges of managing numerous simultaneous requests and to provide more certainty for developers regarding their energy needs. Testimonies emphasized the importance of ensuring that the costs of infrastructure upgrades are borne by the data centers rather than residential ratepayers, with discussions around the financial commitments required from developers. Several data center developers also provided testimony, highlighting the economic benefits of their projects, including job creation and increased local revenues. They expressed concerns about the potential for a moratorium on future growth due to the new interconnection rules and emphasized the need for a collaborative approach to address water usage and environmental impacts. The committee plans to continue discussions on these topics in future hearings, with a focus on balancing economic growth with energy reliability and resource management.

Transcript Highlights:

• And these challenges Are only exacerbated by higher interest rates and tariffs on construction materials
• costs that we're seeing on the tariff's the increases in potential costs that we're seeing on the tariff
• Now I think with tariffs... ...we certainly saw with inflation a significant increase in costs.
• Now I think with tariffs, you know, we hear quite a bit of concern about that.
• The Trump tariffs on Canadian lumber really hurt the industry.

Committee: Joint Joint Committee on Housing

Summary: The Joint Committee on Housing opened its second hearing of the session with remarks from Chairs Haggerty and Cyr emphasizing that the hearing was a broad look at Massachusetts’ housing crisis rather than a single bill. They highlighted topics including zoning, permitting, rental assistance, public housing, homelessness prevention, and housing production. The first witness, Housing and Livable Communities Secretary Augustus, reviewed implementation of the Affordable Homes Act and the state’s new housing plan, citing a 1.6% vacancy rate, a projected need for 222,000 new homes over 10 years, and ongoing efforts such as ADUs by right, fair housing enforcement, eviction record sealing, seasonal communities planning, and new funding for affordable housing, public housing, and the Momentum Fund. He also discussed infrastructure support for municipalities, technical assistance for ADUs, and concerns about possible federal funding cuts. Committee members questioned the secretary about ADU financing and technical assistance, the likely unit yield from the Affordable Homes Act, infrastructure barriers in suburban and rural communities, public housing waitlist management, supportive housing, and federal budget risks. MassNAHRO then testified that public housing authorities are facing rising operating and capital costs, a statewide waitlist nearing 300,000, and uncertainty over federal Section 8 and HUD funding. Witnesses described recent state support for operating subsidies, capital improvements, vacancy turnover teams, and resident service coordinators, while warning that proposed federal cuts could sharply affect voucher issuance and agency operations. CDAC’s executive director Roger Herzog described the agency’s role as a quasi-public source of early-stage financing and technical assistance for nonprofit housing developers, noting its loan capital, supportive housing bond programs, home modification loans, and preservation work under Chapter 40T. He said CDAC has helped produce or preserve more than 55,000 units and stressed the importance of patient capital and preservation tools. CHAPA CEO Rachel Heller urged the committee to focus on production, preservation, planning, and political will, supporting goals for affordability, supportive housing, and homeownership, and endorsing policy changes such as YIGBY, clearer site plan review rules, stronger fair housing funding, and more support for vouchers and public housing. MassHousing then outlined its financing role, including mortgage lending, down payment assistance, the Community Climate Bank, and the Momentum Fund, while noting that permitting delays, capital gaps, and possible federal changes could affect production. Members also asked about transparency, prevailing wage compliance, and a recent internal restructuring related to diversity and business engagement.

Transcript Highlights:

• You know, one is with tariffs, utility tariffs, or contracts or policies which allocate costs appropriately
• You said the word tariff. Is that what you said? Dan DiIorio: Yes.
• It's often referred to as a tariff. There's an added rate.
• I will say broadly over the last several years, things like tariffs, not our rate tariff, but tariffs
• Remove the tariff that increases the rates. All right. Who's next? Anybody else? Mr. Turner.

Committee: House State Affairs

Transcript Highlights:

• Before then, it had just been done by tariff or on an ad hoc basis.
• Before then, it had just been done by tariff or on an ad hoc basis.
• Several of the utilities that have pole attachment tariffs actually have a requirement in their tariff
• actually have a attachment tariffs actually have a requirement<00:48:01.920><c> in</c><00:48:02.400>
• in their tariff that the requirement in their tariff that the attacher<00:48:04.240><c> have</c><00:

Summary: The Administrative Regulation Review Subcommittee met in August with a quorum present and approved the prior meeting minutes without objection. The committee then reviewed several regulations, generally adopting staff-suggested amendments without objection, and heard brief explanations from agency representatives on each item. The Board of Pharmacy regulations would clarify what registered and certified pharmacy technicians may do under supervision and what certified technicians may not do, while updating registration applications. The Board of Cosmetology package included changes to executive director authority, licensure and reciprocity rules, school requirements, training hours, instructor ratios, sanitation and disease-related rules, complaint procedures, and permit terms; members asked about straight razor language and the increase in student-to-instructor ratios, and the board explained that cosmetologists are not permitted to use straight razors and that the higher ratio was intended to give schools flexibility, especially for part-time students and schools with wait lists. The Occupational Therapy emergency compact regulation added four compact rules adopted in April 2025, and Senator West raised a technical question about certification requirements under House Bill 6; the agency said it had been instructed to file the regulation as submitted. The Department for Fish and Wildlife Resources presented a package covering wildlife management area rules, a northern pintail bag limit increase, reportable disease reporting, and a repeal tied to boat registration fees. After a brief explanation of the new wildlife disease reporting rule, the agency requested and received a deferral of 301 KAR 2:031 to avoid a gap while replacement language is finalized. The Economic Development Finance Authority explained an emergency regulation for the Kentucky Entertainment Incentive Program, saying it was needed because the program had become oversubscribed and because administration was shifting to a new film office and council; members also asked about certification issues under House Bill 6, and the agency said it had filed the regulation as directed. The Department of Workplace Standards emergency PPE regulation was also discussed, with members asking about HB 6 certification language, and the agency gave the same response. The Department of Insurance regulation would create a $10,000 registration fee and a $1,000 annual licensing fee for pharmacy benefit manager licenses, with an agency amendment exempting PBMs that solely serve workers’ compensation plans. Members asked how many PBMs would be affected and why workers’ compensation PBMs were carved out; the agency said there were 70 registered PBMs total, four solely workers’ comp, and that workers’ comp rates are set by statute and could not absorb the fee. Finally, the Public Service Commission’s pole attachment regulation was summarized as a broadband-expansion measure that speeds application review, increases the number of poles allowed in a single application, and shortens dispute timelines; the commission explained it grew out of earlier legislative direction and subsequent emergency amendments, and the committee adopted the staff amendment.

Transcript Highlights:

• As of right now, Korea is facing 15% tariffs, and what happened was the Trump administration decided
• </c> of controversy with the trade uh tariff of controversy with the trade uh tariff issues<00:25:01.679
• </c><00:25:05.679><c> and</c><00:25:05.840><c> what</c> Korea is facing 15% tariffs and what Korea is
• facing 15% tariffs and what happened<00:25:06.320><c> was</c><00:25:06.720><c> uh</c><00:25:06.799><
• </c> They’re roughly paying 30% tariffs into the U.S. right now.

Summary: The joint hearing covered several bills focused on economic development, tourism, business climate, and related policy areas. On HB 1943, which would support a DBEDT office in Korea, DBEDT and the Retail Merchants of Hawaii testified in support, emphasizing Korea’s importance as a market for investment, trade, and tourism and the value of helping small and midsize Hawaii businesses access Asian markets. A later witness also tied the proposal to broader free-trade and APEC-related goals. The committees heard no opposition on that measure. The committees then heard HB 1612 and HB 1614, both supported by multiple organizations and agencies. Testimony for HB 1612 stressed Hawaii’s weak business climate and the need for policies that improve economic growth and competitiveness; the Hulamua Collaborative cited survey results showing only 19% of respondents viewed Hawaii as a good place to do business. HB 1614 also drew support, with HTC saying its focus is on economic growth. For HB 1968 and HB 1967, the Office of Planning and Sustainable Development, the University of Hawaii, the Chamber of Commerce, and Hulamua Collaborative largely stood on written testimony in support; the hearing notes reported nine supporters and one opponent on HB 1968, and seven supporters with one comment on HB 1967. A substantial portion of the hearing focused on HB 1589, a bill to create dementia training and recognition for businesses. Testifiers included a private citizen sharing a personal family story, the Alzheimer’s Association, and DBEDT. Supporters said the measure would help families affected by dementia, reduce stigma, and make businesses more dementia-friendly. DBEDT said the issue would be better handled by an agency with dementia expertise, while the Alzheimer’s Association said it could provide training at no cost and suggested amendments to shift implementation toward the Executive Office on Aging and to use the term “dementia business champion.” The final major topic was HB 1608, involving a space-related project and financing. Phoenix Space testified that the bill would help launch responsive space access operations at Hilo International Airport, create local jobs, and support partnerships with Hawaii institutions, while another supporter said the project could diversify the economy. A committee member raised a timing concern, noting bond cap capacity was already allocated through 2028, and the witness said they were willing to work on a solution. The hearing also included HB 1850 on capital gains taxation, where supporters argued the bill would make the tax system fairer by increasing taxes on investment income, while the Chamber of Commerce opposed it. No votes or final committee actions were taken during the hearing.

Transcript Highlights:

• Economic Development to use $400,000 of their base funding, specifically to address the impacts of tariffs
• And in this budget has been reprioritized to help people impacted with tariffs.
• And unfortunately, the uncertainty about tariffs is having an outsized impact on the economy.
• And the uncertainty about tariffs is having an outsized impact on the economy.
• And unfortunately, the uncertainty about tariffs is having an outsized impact on the economy.

Bills: HB2289

Committee: House Appropriations

Keywords: appropriations, budget, fiscal matters, state spending, general fund, supplemental budget, biennial budget, substitute bill, public defense, civil legal aid, courts, judicial branch, homelessness, supportive housing, affordable housing, behavioral health, juvenile rehabilitation, youth services, child welfare, foster care

Transcript Highlights:

• and the attacks on, you know, child care and making sure we get child care more affordable and the tariffs
• get child care more affordable<00:05:07.360><c> and</c><00:05:07.480><c> the</c><00:05:07.880><c> tariffs
• </c><00:05:08.280><c> affecting</c> affordable and the tariffs affecting affordable and the tariffs affecting

Transcript Highlights:

• President Trump may roll back certain tariffs affecting automakers, an announcement could come as he
• No temporary pause on tariff changes.
• Donald Trump has pushed the Commerce Department front and center to the trade and tariff debate.

Committee: Senate Finance Committee

Keywords: nominations, William Kimmett, Kenneth Keyes, Commerce Department, Tax Policy, economic agenda, trade, tax cuts, public testimony

Summary: This meeting of the committee was centered around the consideration of nominations for two key positions: William Kimmett as Undersecretary of Commerce for International Trade and Kenneth Keyes as Assistant Secretary for Tax Policy at the Treasury Department. Members were given the opportunity to provide remarks on the nominees, with discussions revealing contrasting views on their potential impact on U.S. economic policy. While some members expressed support for the nominees, highlighting their qualifications and expertise, others voiced strong opposition, arguing that their confirmation would further a harmful economic agenda that favors billionaires over average Americans. Senator Wyden, the ranking member, emphasized concerns about trade chaos and the detrimental effects on workers and businesses across the country.

Transcript Highlights:

• In particular, we still have concern with making a data center-specific tariff.
• 25 megawatts or greater, and clarifies that the CPUC must include a transmission and distribution tariff
• The CPUC must include a transmission and distribution tariff as part of a rate structure that addresses
• that are developed do Process if this bill is passed to ensure that the tariffs that are developed do
• And because these customers are new and they wouldn't otherwise come to the grid unless this tariff was

Summary: The committee first heard SB 868, the Plug and Play Solar Act, which would streamline approval for portable plug-in solar devices for homes and apartments. The author and supporters argued the bill would help renters and other Californians lower electric bills, expand access to solar, and create statewide safety standards through UL certification and the National Electrical Code. Opponents, including electrical workers, firefighters, utilities, and PG&E, raised concerns about shock, fire, backfeeding, older electrical systems, and the bill bypassing the California Electrical Code and Building Standards Commission process. After extended discussion and testimony from UL, the author agreed to add California Electrical Code language, and several opponents indicated they would move to neutral; the committee then passed the bill out as amended to the Senate Judiciary Committee on a roll call vote. The committee then took up SB 886, which would establish rules for large data centers to prevent electricity cost shifts to other ratepayers. The author and supporters said rapid data center growth could drive major grid costs and that the bill would require data centers to pay for their own infrastructure, participate in demand response, and secure new zero-carbon resources. Supporters included environmental and consumer groups, while opponents such as the Data Center Coalition, Silicon Valley Leadership Group, utilities, and business groups argued the bill was unnecessary, could duplicate CPUC proceedings, and might impose operationally risky mandates, especially around demand response and backup power. Committee staff described amendments narrowing the bill to large data centers, clarifying tariff and cost-allocation provisions, replacing behind-the-meter storage with a pre-funded long-term clean energy contract, and exempting certain public and critical facilities; the discussion continued with questions about cost responsibility, clean energy targets, and peak-load management.

Transcript Highlights:

• In particular, we still have concern with making a data center-specific tariff.
• least 25 megawatts or greater, clarifies that the CPUC must include a transmission and distribution tariff
• The CPUC must include a transmission and distribution tariff as part of a rate structure that addresses
• that are developed do ...process if this bill is passed to ensure that the tariffs that are developed
• And because these customers are new and they wouldn't otherwise come to the grid unless this tariff was

Committee: Senate Energy, Utilities and Communications

Transcript Highlights:

• I'm mentioning the tariffs today because the president again is starting to impose new tariffs.
• </c> to price increases from Trump's tariffs to price increases from Trump's tariffs on<00:53:58.640>
• uncertainty back and forth—put the tariffs on, take the tariffs off, put the tariffs on, take the tariffs
• ><c> the</c><00:54:30.720><c> tariffs</c><00:54:31.119><c> on,</c> the tariffs off, put the tariffs on
• , the tariffs off, put the tariffs on, take<00:54:31.520><c> the</c><00:54:31.680><c> tariffs</c><00:

Bills: HR1048 , HJR75 , HJR24

Keywords: House resolution, committee assignment, standing committee, House Committee on Science, Space, and Technology, committee membership, committee seniority, Mr. Menefee, Mr. Riley of New York, House organization, congressional procedure, internal rules, legislative administration, HJR75, H.J.Res. 75, Congressional Review Act, CRA, Department of Energy, DOE, Energy Efficiency and Renewable Energy, energy conservation standards

Transcript Highlights:

• You're looking at, you know, I've wondered with the tariffs how that is playing into corporate income
• , and will it have a positive impact, considering that there's refunds on the tariffs right now?
• , I mean, possibly you're looking at refunds, you're looking at, you know, I've wondered with the tariffs
• And will it have a positive impact, considering that there's refunds on the tariffs right now?
• Very cautious on this because, again, there is a big uncertainty on the economy, Iran war, and the tariff

Summary: The Revenue Estimating Conference met with four members present and first approved the December 11, 2025 minutes. Members then recognized the FYI end-of-balance of $577,077,871 as non-recurring revenue. The main business was revising the state revenue forecast for FY 2026, with the Division of Administration recommending a reduction of about $113 million, driven primarily by weaker individual income tax collections, softer general sales tax receipts, and a substantial cut to corporate income tax forecasts. The Legislative Fiscal Office presented a somewhat different but still cautious outlook, and members discussed withholding rates, refund growth, corporate collections, and the effects of the franchise tax repeal and tax reform changes. After questions to the Department of Revenue about collections, refunds, enforcement, and settlements, the conference adopted the Division of Administration’s FY 2026 forecast. The conference then reviewed the FY 2027 recurring forecast. The Division of Administration again recommended a reduction, this time about $104 million, citing continued caution on individual income and corporate taxes, while the Legislative Fiscal Office projected a net increase of about $127 million, largely from sales tax, severance, royalties, vehicle sales tax, and other revenue streams. Members discussed the practical budget impact of the revised forecasts, including the need to reduce spending and the difficulty of funding a possible teacher stipend if a constitutional amendment fails. The FY 2027 recurring forecast was adopted. Members also adopted the long-range forecast, the proposed inflation rates for the Millennium Trust and parish severance allocation, and the incentive expenditure forecast. The incentive discussion noted that reported incentive costs reduce available revenue before appropriations, and members raised the possibility of reviewing or capping such incentives. The Treasurer’s Office then reported that the General Fund cash balance was $404.1 million as of May 5, 2026, and the interfund borrowing base was about $9.18 billion, with cash positions generally similar to the prior year. The meeting ended with a note that another REC meeting might be needed after the May 16 election, followed by adjournment.

Transcript Highlights:

• , as did the 10% Section 122 tariffs that the administration announced.
• </c><00:48:42.960><c> uh</c> economic turndowns uh tariffs uh economic turndowns uh tariffs uh operation
• Housing costs are up through tariffs and labor shortages.
• </c><01:29:37.040><c> Energy</c> tariffs and labor shortages. Energy tariffs and labor shortages.
• His illegal and chaotic tariff policies continue to hurt families and small businesses.

Transcript Highlights:

• Look, this last year has been a very difficult year within the agricultural industry, between tariffs
• c><00:02:31.280><c> animal</c><00:02:31.680><c> diseases,</c><00:02:32.640><c> storms</c> between tariffs
• , animal diseases, storms between tariffs, animal diseases, storms that<00:02:33.360><c> have</c><00:
• And it is actually a crop that we've been turning back to because of tariffs and commodity prices that
• and commodity prices that of of tariffs and commodity prices that have<00:17:50.480><c> been</c><00:

Summary: State legislators and farm leaders held an impromptu discussion focused on the impact of federal immigration enforcement activity, especially ICE presence in Minnesota, on agriculture and rural communities. Speakers argued that agriculture is central to the state’s economy and said fear of raids is causing legal immigrant and guest workers, including H-2A workers, to stay home, disrupting farms, food processors, restaurants, grocery stores, and other parts of the food supply chain. They also linked the issue to broader federal uncertainty, including USDA funding freezes and cuts, and said the lack of transparency from federal agencies is making it difficult for state officials and producers to plan. Senator Rob Kupec and Minnesota Farmers Union president Gary Wertish said ICE activity in both the Twin Cities and greater Minnesota is creating fear, trauma, and labor shortages, with reports of workers avoiding work, lunch trips, medical appointments, and school. Wertish said the organization supports comprehensive immigration reform and called for an end to the ICE surge, while also emphasizing the need to respect local law enforcement and the rule of law. Deputy Agriculture Commissioner Andrea Vaubel said immigrants are a critical part of Minnesota’s food and agriculture workforce, warned that labor shortages could raise production costs and food prices, and said the state would not have its current food supply without immigrant workers. In response to questions, speakers said they had anecdotal reports from rural areas such as Pelican Rapids, Willmar, and Detroit Lakes, but that the situation is changing quickly and many incidents may not yet be public. They said the lack of coordination with local law enforcement and the use of masks contribute to fear and confusion. Legislators said they have no direct jurisdiction over ICE operations but see their role as documenting what is happening, communicating with constituents, and avoiding state actions that would worsen the problem. They also said the issue is not purely partisan and may be mobilizing concern across political lines, especially among farmers worried about labor availability for planting and other seasonal work.

Transcript Highlights:

• </c> Imports in factories potential tariffs Imports in factories potential tariffs or<00:09:18.120><c
• That being said, the tariff issue, I'm kind of reminded of what happened when tariffs were placed on
• of what happened when tariffs reminded of what happened when tariffs were<03:15:35.040><c> placed</c
• </c> also not very concerned about the Tariff also not very concerned about the Tariff Wars Wars Wars
• I see the tariffs as a negotiating tool at this point.

Summary: The committee received a Department of Revenue Administration update from Commissioner Lindsay Stepp focused on revenue estimates for fiscal years 2025, 2026, and 2027. She explained the department’s forecasting method, which uses five scenarios based on the first seven months of actual collections and different assumptions for the remaining months, then selects a reasonable high and low range for FY 25 and applies projected growth rates for FY 26 and FY 27. Members asked several clarifying questions about how the scenarios are chosen and how the estimates relate to economic growth and taxpayer behavior. For business taxes, Stepp reported FY 25 year-to-date collections of $110.3 million, 18.2% below plan and 17.2% below prior year. She said the shortfall reflects both economic conditions and a resetting of estimated payments after unusually strong pandemic-era profits, and noted that the department cannot fully separate changes in taxpayer liability from changes in estimated payment behavior. She said approximately just under $72 million was refunded in FY 24 due to the CCO cap, and that FY 25 year-to-date refunds are at 41.7%. For business taxes, the department’s FY 25 range was based on either continued underperformance versus plan or a return to prior-year levels, with FY 26 and FY 27 growth projected at 3% to 8%. The committee also reviewed meals and rooms tax, tobacco tax, and related trends. Meals and rooms revenue was $6.9 million, or 3.3%, ahead of plan and prior year; the FY 25 gross estimate was $475.894 million, with a net range of about $331.82 million to $335.259 million after municipal transfers and school building aid. Stepp said recent monthly results suggest some fluctuation tied to disposable income, weather, and travel patterns, but no clear sustained decline. Tobacco tax was $18.1 million, 14% below plan and 4.8% below prior year; she said cigarette stamp sales are declining while e-cigarettes and other tobacco products are growing, with FY 25 tobacco revenue projected at $182.5 million to $185.3 million and FY 26-FY 27 growth ranging from -5% to flat. No votes or formal actions were taken.