Video & Transcript Research : 'deductions'

Page 16 of 95
MN

Minnesota 2025-2026 Regular Session

Committee on Taxes - 04/29/25

Taxes

Transcript Highlights:
  • by state governments to do a workaround so that the full deduction of Welcome<00:38:28.480> to
  • <00:38:44.079> was<00:38:44.720> um state and local tax deduction was um state and
  • local tax deduction was um limited<00:38:45.440> to<00:38:45.920> $10,000.
  • <00:39:00.720> of ...workaround so that the full deduction of those taxes could be realized
  • The workaround was to allow subchapter S corporations to take the whole deduction at the corporate level
Keywords: 1187, senate, all
AL
Transcript Highlights:
  • It's a deduction on the back end.
  • We have a general exemption or general deduction for interest paid on debt.
  • How Alabama funds that right now is from a deduction on the gross sales tax collections.
  • It's a deduction on the back overtime.
  • uh or general deduction for interest uh paid<00:25:22.799> on<00:25:22.960> debt.
Keywords: 924, joint, all
NH
Transcript Highlights:
  • Yes, right now, according to CMS, there are no plans to cover the deductibles.
  • K and L that cover plan a deductibles K and L that cover plan a deductibles but<00:16:26.480>
  • You can't switch back to Medicare and think you're going to get deductibles paid.
  • You can't switch back to Medicare and think you're going to get deductibles paid.
  • included the exemption from deductible included the exemption from deductible and and and copay
Keywords: 928, house, all
Summary: The subcommittee first reviewed its schedule, noting that 13 bills were being executed the next day and that additional subcommittee work would be scheduled around Town Meeting Day and the following session days. The chair explained that the committee would not meet on Town Meeting Day, would handle the remaining bills on the next available subcommittee day, and would continue any unfinished items later in the month. The committee then took up House Bill 774, which concerned Medicare-related coverage issues. Members discussed the bill’s purpose and the differences between Medicare standard and Medicare Advantage, with one member saying the proposal was informative but did not offer a workable solution. The committee also moved to inexpedient to legislate on House Bill 185, and the motion passed on a 6-0 vote. House Bill 241, relating to alternatives to opioids, was retained for further work. Members said the bill raised concerns about insurers effectively practicing medicine and about the lack of evidence on the efficacy of some alternative treatments, while also noting that chiropractic coverage mandates already exist in statute. The committee voted to retain the bill, with the motion passing 6-0. The most extended discussion was on House Bill 648, which would expand insurance coverage for glucose monitoring. Testimony and committee comments focused on whether coverage should be tied to insulin use or instead to a physician’s medical judgment, the role of continuous glucose monitoring for people with type 2 diabetes who are not on insulin, and the potential cost impact. An insurance department fiscal analyst said the original $22-per-member estimate was based on the unamended bill and that the amended version would require updated analysis; members agreed to retain the bill to narrow the eligible population and revisit the language later.
HI
Transcript Highlights:
  • Increases the maximum annual deduction Increases the maximum annual deduction for<01:08:57.839><
  • Our first testifier is the Department of Taxation with comments. the home mortgage interest deduction
  • for the home mortgage interest deduction for second<01:11:42.400> homes<01:11:42.719> under
  • were restricted to only to the deduction were restricted to only to second<01:16:33.600> homes
  • In that case, um, you would be able to deduct your equity line also under this if this were to pass,
Keywords: 912, senate, all
Summary: The committees heard testimony on five housing-related measures. SB 2232 would create a three-year tiny home grant pilot program within HHFDC, with annual reporting to HHFDC and the Legislature; testimony was mixed, and the bill was later recommended for passage with amendments, including a full-time housing development specialist, a residential-use-only restriction for the tiny homes, and a blanked appropriation. SB 2192 would bar county down-zoning that reduces housing capacity unless equivalent capacity is added elsewhere in the county; it drew support from housing advocates and comments from planning officials, and was also recommended for passage with amendments. SB 2378 would clarify insurance requirements for single- and multifamily projects seeking expedited county permitting; engineers and housing groups supported it, while one testifier opposed it, and it was recommended for passage with a technical amendment. SB 2524 would appropriate funds to the City and County of Honolulu for housing-related departments to comply with prior acts; the Honolulu department supported it, and members asked about prior spending and funding sources. SB 2398 would require residential housing utility availability maps; the Honolulu Board of Water Supply opposed the bill as written, citing infrastructure security, accuracy, liability, and administrative burden concerns, while supporters said it would improve transparency for developers. The chair proposed amendments to make the maps broad and geographic rather than parcel-specific, remove contested-case and reliance provisions, allow disclaimer language, and change the date; the bill was then recommended for passage with amendments, with one member noting reservations. All five measures were ultimately passed out of committee with amendments, with votes recorded and some members excused.
KY
Transcript Highlights:
  • And then, new for 2025, we also offer a high-deductible health plan.
  • our co-pays, co- insurance, deductibles our co-pays, co- insurance, deductibles or<00:52:48.240>
  • <00:53:09.359> uh lower premium but higher deductible uh lower premium but higher deductible
  • <00:53:14.720> health also offer a high deductible health also offer a high deductible health
  • Um we deductible or max out of pocket.
Summary: The Interim Committee on State Government met on July 29, established a quorum, approved the June 24 minutes unanimously, and heard an update from the State Board of Elections on voter list maintenance. Taylor Brown, the board’s general counsel, explained the federal NVRA requirements and Kentucky’s statutory process for maintaining voter rolls, including use of USPS change-of-address data, ERIC reports, and agreements with non-ERIC states. He said Kentucky has entered or discussed agreements with several states, and that the board sends postcards to voters believed to have moved; if a voter does not respond to an 8D2 postcard and does not vote over two federal election cycles, the registration may be removed. He also described other removal categories such as death, felony conviction, incompetency, duplicate registrations, and self-requested cancellations. Brown reported that between July 1, 2024, and June 30, 2025, the board removed 284,381 registrations from the rolls, including 42,675 for death, 5,940 for felony conviction, 5,527 for registration in another state, 578 for incompetency, 223 based on jury questionnaires indicating non-citizenship, 746 self-removals, and 3,381 duplicates, along with 225,311 removals through the address-maintenance program. He said Kentucky’s total registrations decreased by roughly 169,000 over the year and are now below the Census Bureau’s estimate of the state’s voting-age population. Brown emphasized that receiving a postcard does not mean a voter has been purged and that failure to vote alone does not trigger removal. Members asked about the 223 non-citizen-related removals, the availability and effectiveness of alternatives to ERIC, the partisan criticism of ERIC, and how duplicate registrations are identified. Brown said the non-citizen jury questionnaire cases had been referred to the Attorney General for further review, that Kentucky currently has no organized alternative to ERIC but is pursuing reciprocal agreements with states such as Florida, and that ERIC recently changed bylaws to remove a postcard requirement that had been costly for member states. On duplicates, he said the board uses multiple data points, not just name and address, and noted that fuller Social Security data could improve accuracy. Committee leaders praised the board’s work and said they wanted to meet before session to discuss possible statutory changes to improve voter list maintenance.
HI
Transcript Highlights:
  • spread<00:19:22.480> out<00:19:22.640> over<00:19:22.880> an those deductions
  • are spread out over an those deductions are spread out over an entire<00:19:23.600> u<00:19:23.760
  • Amends the amount that a disbursing officer may deduct from an employer's salary, wage, or compensation
  • <00:57:10.400> date<00:57:10.480> of we'll be inserting a deductive date of we'll be
  • inserting a deductive date of July<00:57:10.960> 1st<00:57:11.280> 3000<00:57:12.480><
FL

Florida 2026 4th Special Session

January 22, 2026 - 08:00 AM

Transcript Highlights:
  • noncontroversial rule that existed for Representative Robinson: 40 years allowing for alcohol excise tax deductions
  • allowed for alcohol products Representative Robinson: that were broken or spoiled that month to be deducted
  • This includes a process for claiming deductions for external losses such as storm damage to a distributor's
  • So while many hold harmless law enforcement, fire safety in schools, have you deducted out what we are
  • The last time I checked, I can deduct property taxes off of my IRS bill, but I can't deduct fees.
AR

Arkansas 2026 1st Special Session

ALC-STATE INSURANCE PROGRAMS OVERSIGHT SUBCOMMITTEE Mar 18th, 2026

ALC-STATE INSURANCE PROGRAMS OVERSIGHT SUBCOMMITTEE

Transcript Highlights:
  • And so there was a portion where a member would pay a deductible and then they would pay 25% up until
  • And so there was a portion where a member would pay a deductible and then they would pay 25% up until
  • A standard plan design has a deductible, and then they're paying 25% until they hit the...
  • A standard plan design has a deductible, and then they're paying 25% until they hit the out-of-pocket
Summary: The committee received an update from Grant Wallace on the state employee Medicare Advantage group plan and the ongoing rebid with UnitedHealthcare. Wallace said the agency is exploring “decoupling” the medical and pharmacy portions of the plan, and that preliminary estimates suggested potential savings of about $100 to $200 per participant per month. He said the final CMS rate-setting process would conclude in April, with a revised contract amendment likely to come before the committee in May or June after review by the EBD Advisory Commission and State Board of Finance. He also clarified that the plan covers post-65 teacher and state employee retirees, including retirees from state agencies and K-12 public schools. Representatives from Segal Consulting then gave a broader presentation on Medicare Advantage and Part D market trends, reviewing Arkansas’s prior decision to adopt a Medicare Advantage prescription drug plan and the savings generated since the 2023 RFP. They explained that the Inflation Reduction Act significantly changed Part D financing by shifting more federal support into a direct subsidy tied to risk scores, which makes accurate risk adjustment more important and creates a larger difference between Medicare Advantage prescription drug plans and standalone Part D plans. They said this has led to a growing divergence in funding, especially for standalone Part D, and is the main reason decoupling medical and pharmacy coverage is being considered. Committee members asked about how the risk-score changes affect costs and members. Segal said the new structure has reduced member out-of-pocket costs, with the annual cap now at $2,000 and many members reaching it after roughly $600 to $800 in spending, but that the plan absorbs more of the cost. They also said the market appears to be adjusting through annual bids, and that a decoupled structure could allow the state to capture more favorable funding on the Part D side. No votes were taken, and the committee adjourned after being told to expect further information once the April rate notice and renewal proposal are available.
HI

Hawaii 2025 Regular Session

ECD Public Hearing - Fri Feb 7, 2025 @ 10:00 AM HST

Economic Development & Technology

Transcript Highlights:
  • It basically removes some of the future income tax cuts through the standard deduction, which are in
  • One thing to note about that is that most high-income taxpayers don't even take the standard deduction
  • It basically removes some of the future income tax cuts through the standard deduction, which are in
  • um for personal income taxes deduction um for personal income taxes it<01:05:23.079> uh<01:05
  • uh which are in act standard deduction uh which are in act 46<01:05:32.279> or<01:05:32.480><
Keywords: 910, house, all
Summary: The committee on Economic Development and Technology met on February 7, 2025, to hear testimony on several bills and later take up amendments and votes. HB 1405, HB 1406, and HB 1407 drew broad support from business, housing, utility, and development groups, with no opposition noted on those measures. Testifiers generally said the bills would streamline permitting, improve coordination, and expand support for chambers of commerce and small businesses. After recess, the chair recommended amendments to each bill, including changes to broaden eligibility, add reporting requirements, and include funding and staffing notes. HB 1405 was amended to allow certain projects with one state and one county permit to qualify, require annual DBEDT reports to the Legislature, and note one full-time position and $125,000 in funding; the committee voted to pass it with amendments. HB 1406 was amended to move the intergovernmental task force from DBEDT to the House Legislature, add a Speaker-appointed chair, and include a $125,000 appropriation note; it also passed with amendments. HB 1407 was amended to convert the chamber support from a grant process to an RFP process and require a 1-to-5 match on a $100,000 award; it too passed with amendments. In each case, the chair’s recommendation was adopted, with Representative Tam excused. The committee also heard HB 796, a tax-credit review bill, which drew no support and 12 opposition testimonies with three comments. Opponents, including SAG-AFTRA Hawaii, Hawaii Children’s Action Network, Catholic Charities Hawaii, and the Tax Foundation of Hawaii, argued that automatic sunset provisions or broad tax-credit cuts would burden working families and that existing review mechanisms already exist under state law. The Department of Taxation and DBEDT offered technical comments, and the Tax Foundation suggested the bill’s goals might be better addressed by cleaning up the existing review process. Later, the committee heard HB 303, which had 17 supporters and no opposition. Testifiers from the Department of Health, University of Hawaii, Hawaii State Center for Nursing, Queen’s Health System, and the Hawaii State Chiropractors Association supported the measure, with the chiropractors asking to be included in eligibility. The Hawaii State Center for Nursing said the program had been successful for five years and had room to expand. HB 577 also drew support, with the Department of Taxation offering comments and the Tax Foundation noting technical issues. HB 949 generated mixed testimony: Hawaii Housing Finance and Development Corporation and the Chamber of Commerce supported it, while Hawaii Children’s Action Network raised concerns about the bill’s effects and the lack of fiscal analysis; Sugar Creek Capital also supported the measure and clarified that the credit would not offset the GET. Finally, HB 933 and HB 959 were heard, with HB 933 receiving six support testimonies and comments focused on grocery tax relief and food insecurity, and HB 959 drawing strong support from labor and advocacy groups for its broad tax relief package, while the Tax Foundation and Hawaii Appleseed urged caution about the proposed 50% GET increase and asked for clearer fiscal analysis.
NM

New Mexico 2026 Regular Session

House - Government, Elections And Indian Affairs Feb 13th, 2026 at 08:39 am

House Government, Elections & Indian Affairs

Transcript Highlights:
  • And what this bill does, it increases the standard deduction for income tax purposes to 205% of the current
  • federal standard deduction.
  • The innovation behind the 205%... current federal standard deduction.
  • we found out was the rule already ensures that non-residents receive only a pro rata share of the deduction
  • , even when the standard... receive only a pro rata share of the deduction, even when the standard deduction
Keywords: 996, all
MN

Minnesota 2025-2026 Regular Session

Taxes Committee Meeting - 2025-04-10

Taxes

Transcript Highlights:
  • That would allow that contribution... to count towards the tax year 2022 federal deduction for that retirement
  • file a Minnesota income tax return if their Minnesota source income is greater than the standard deduction
  • earnings is for the purposes of that exemption we talked about that's tied to the single standard deduction
  • No, so then you would be exempt under current law based on that standard deduction amount I mentioned
  • economy, which was what we just heard referred to, is going to be making more than the Standard deduction
NH

New Hampshire 2026 Regular Session

House Commerce and Consumer Affairs (04/08/2026)

Commerce and Consumer Affairs

Transcript Highlights:
  • At a $75,000 deductible, $221 a month. A $2 million benefit max, $15,000 deductible, $225 a month.
  • At a $75,000 deductible, $221 a month. A $2 million benefit max, $15,000 deductible, $225 a month.
  • At a $75,000 deductible, $221 a month. A $2 million benefit max, $15,000 deductible, $225 a month.
  • , very high deductible. >> But again, you know, the people...
  • It's $494 a month at a $7,000 deductible.
Keywords: 928, house, all
Summary: The subcommittee focused primarily on a bill concerning long-term care insurance rate increases and consumer notice. Members and staff discussed replacing or supplementing a proposed public hearing requirement with annual reporting, website updates, and consumer-facing disclosures about approved rate increases, carriers writing the products, and how the products work. Several participants emphasized that long-term care policies are long-term products, that rate increases can be spread over many years for actuarial reasons, and that consumers need better information about trends and the impact of increases. A major point of disagreement was whether the bill should try to cap premium increases. One member argued the real problem is unexpected increases of 15% to 20% and urged a statutory cap to protect consumers. Insurance department representatives and others responded that hard caps had been struck down in prior case law, that the department’s core responsibility is solvency, and that carriers need sufficient premium to pay future claims. They also said the market is struggling because many carriers stopped selling the product, leaving in-force policies to bear the cost, and that overly restrictive caps could cause insurers to withdraw from the state. The discussion then shifted toward a compromise requiring carriers to notify policyholders before a rate increase is approved and allowing a 60-day comment period. Participants debated whether the notice should come from the carrier, how confidentiality rules would apply before approval, and what the department should do with public comments. The department said it already reviews filings carefully and that submitted rates are often adjusted before approval; lawmakers noted that prior commissioners had pushed back on increases in some cases, including a seven-year moratorium. No final vote was taken in the excerpt, and the chair repeatedly tried to move the subcommittee along to other bills.
DE

Delaware 2025-2026 Regular Session

House Corrections Committee Meeting Jun 24th, 2026

Corrections

Transcript Highlights:
  • This legislation removes the Department of Corrections' authority to deduct wages from incarcerated individuals
  • court costs, fines, and other court-ordered payments; they all remain in place and continue to be deducted
  • medical care, education, religious services, and programming, should be shouldered by the state, not deducted
Bills: SB309, SB309
Summary: The House Corrections Committee met and considered Senate Bill 309 with Senate Amendment 1, which would end the Department of Corrections’ practice of deducting room-and-board charges from wages earned by incarcerated people. Supporters said the bill would help people in work release and other correctional programs keep more of their earnings for reentry needs, while still allowing deductions for child support, restitution, court costs, fines, and other court-ordered obligations. The sponsor also argued the current collection process costs the state more to administer than it brings in, citing roughly $40,000 in annual revenue versus about $137,000 in administrative costs. A Department of Correction witness clarified that the bill applies to level four work release only, affecting about 300 people, and would not change level five populations or Delaware Correctional Industries programming. He also said the funds are held in a non-interest-bearing account and then sent to the general fund. Public commenters, including a private citizen, the ACLU of Delaware, and the Tide Shift Justice Project, strongly supported the bill and argued that incarceration costs should be borne by the state rather than deducted from already low wages. After discussion, a motion was made to release the bill from committee and a roll-call vote was taken. The vote appeared to have enough support among members present, but because fewer than five members were present, the committee could not fully release the bill and instead would circulate it for additional signatures. The committee then adjourned.
MA

Massachusetts 2025-2026 Regular Session

Joint Committee on Financial Services Jun 21st, 2026 at 10:30 am

Joint Committee on Financial Services

Transcript Highlights:
  • There are high deductibles and cost sharing requirements that create significant barriers to access for
  • Again, that's full health insurance coverage without co-pays, deductibles, or other cost sharing.
  • Health insurance coverage without co-pays, deductibles, or other cost sharing, and this bill would apply
  • This bill would ensure coverage of post-pregnancy mental health care without co-pays or deductibles,
  • maternal health care—excuse me, mental health care—including postpartum depression without co-pays or deductibles
Keywords: 995, all
Summary: The committee held a hearing on a large group of behavioral health and insurance-related bills. Topics included expanding access to mental health services by allowing physician assistants to authorize Section 12 emergency holds and be recognized as licensed mental health professionals (H. 1131/S. 773); improving coverage for community behavioral health centers so commercial insurance matches MassHealth’s bundled outpatient and crisis services (H. 1276/S. 703); eliminating cost sharing for certain behavioral health services (S. 718); extending detox and clinical stabilization coverage from 14 to 30 days and adding transitional support services (H. 1319/S. 772); requiring coverage for dual-diagnosis treatment in psychiatric facilities (H. 1277/S. 771); and preserving access to treatment for serious mental illness through coverage of coordinated specialty care and assertive community treatment (H. 1135/S. 709). The committee also heard bills on preventive behavioral health services for children (H. 1228/S. 802) and post-pregnancy mental health care, including postpartum depression and pregnancy loss-related care (H. 1314/S. 823).
FL

Florida 2025 Regular Session

October 15, 2025 - 11:30 AM

Transcript Highlights:
  • very similar to how an insurance company running a homeowner's policy or write it with a percent deductible
  • for hurricane coverage and that pursuit percent deductible.
  • We would take that 10 million dollars apply the their retention to what their deductible and then we
  • I want to go to the retention deductible.
  • You mentioned that the deductible has been steadily rising.
NH
Transcript Highlights:
  • I had some conversation earlier this morning about the question of deductible.
  • , from eliminating that clause, that it not be subject to the deductible?
  • <01:21:57.199> or limit um application to a deductible or limit um application to a deductible
  • Representative Spear, the analysis that was done was done without a deductible.
  • So every year, by February or March, we've paid her $6,000 deductible.
Keywords: 928, house, all
Summary: The committee held a public hearing on House Bill 552, which would remove the “full-time student” requirement for children ages 19 to 25 covered under the state retiree health insurance plan. The prime sponsor said the change would align retiree coverage with state employee and ACA plans, would not cost taxpayers because retirees pay the premiums, and could even reduce administrative burden and possibly state costs. The chair noted the bill simply removes the words “if full-time student” from statute and said the proposal affects very few retirees and has no cost to the state. No opposition was presented, and the chair closed the hearing on HB 552 after no further testimony. The committee then opened a public hearing on House Bill 648, which would require commercial insurance coverage for glucose monitoring devices and supplies for people with diabetes. The prime sponsor, a retired dietitian and diabetes educator, gave extensive testimony describing diabetes as common, costly, and serious, and argued that continuous glucose monitoring is important for managing type 2 and gestational diabetes, preventing hypoglycemia, and improving safety and decision-making. She said CGMs can alert users to dangerous blood sugar changes, help people understand how food, activity, and medication affect glucose, and save lives while offering a strong return on investment. During questions, a committee member asked whether the bill should specify that the monitoring be tied to prescribed treatment, and the sponsor agreed that adding “prescribed” would be appropriate. The member also asked about the proper threshold for coverage and whether the bill should be tied to fasting-test diagnosis; the sponsor responded that A1C is only one measure of control and does not show daily fluctuations, and said she was not prepared to recommend a specific threshold but could provide clinical guidelines later. No vote was taken during the hearing, and the sponsor indicated support for the bill’s general approach to broader CGM access.
MN

Minnesota 2025-2026 Regular Session

House Commerce Finance and Policy Committee 2/27/25

Commerce Finance and Policy

Transcript Highlights:
  • Well, the reason that people buy high-deductible plans is because that's all they can afford.
  • Well, the reason that people buy high-deductible plans is because that's all they can afford.
  • Affordability is access. ...high-deductible plans, and I think that one of the key concerns I always
  • hear from legislators is, we don't like high-deductible plans.
  • Well, the reason that people buy high-deductible plans is because that's all they can afford.
Keywords: 1183, house
MN

Minnesota 2025-2026 Regular Session

Committee on Taxes - 01/16/25

Taxes

Transcript Highlights:
  • I wonder about that because it’s before deductions. How would that impact?
  • and I wonder about that if uh deductions and I wonder about that if uh because<00:25:58.080> it's
  • <00:25:58.480> before because it's before because it's before deductions<00:26:00.480>
  • would that deductions um how would that impact<00:26:03.559> um<00:26:04.440> I<00:26:
  • <00:26:17.960> how operating revenues before deductions how operating revenues before deductions
Keywords: 1187, senate, all
MN
Transcript Highlights:
  • And so, it would be subject to the recovery limit that said if you deducted those property taxes as SALT
  • <00:03:08.360> said<00:03:08.520> if<00:03:08.640> you<00:03:08.720> deducted
  • recovery limit that said if you deducted recovery limit that said if you deducted those<00:03:09.840
  • c><00:03:16.200> SALT<00:03:16.480> that<00:03:16.600> you<00:03:16.680> deducted
  • <00:03:17.080> the amount of SALT that you deducted the amount of SALT that you deducted the
Keywords: 1183, house
Summary: The committee took up House File 4906, adopted the H4906A1 amendment, and heard a staff explanation that the bill would create a one-time property tax refund in calendar year 2026 for residential homesteads and the house/garage/1-acre portion of agricultural homesteads. As amended, the bill would appropriate $4 billion in fiscal year 2027, distribute payments based on 2026 property tax due, include a clawback for delinquent taxpayers, and coordinate with existing property tax refund programs so recipients would not receive more than they paid in taxes. House Research also discussed a disagreement with the Department of Revenue over whether the refund would be taxable federally, with House Research suggesting it would likely be treated as a non-taxable recovery of prior taxes. Public testimony was largely opposed. Eric Bernstein of We Make Minnesota argued the proposal was too large, would create a deficit and force future service cuts, and would disproportionately benefit higher-income homeowners. Nan Madden of the Minnesota Budget Project said the bill would create a major budget hole, threaten funding for health care, food support, schools, and other services, and exclude renters and lower-income Minnesotans. Members echoed those concerns, citing impacts on public safety, rural EMS, hospitals, education funding, and equity, while noting that renters and many seniors would receive nothing. Representative Howard questioned whether the bill was a cautious use of state resources, and Representative Norris said it missed the mark for struggling renters. Chair Davids defended the concept as a way to put money back in people’s pockets and said the proposal was scalable and intended to start a discussion. Representative Wiener strongly supported the bill, saying many homeowners and farmers in his district are not wealthy and need relief from property taxes; he said the bill should be even bigger. No vote on final passage was taken in the portion of the meeting provided, and the committee moved on after testimony and member discussion.
NM

New Mexico 2025 Regular Session

IC - Legislative Finance Aug 19th, 2025

Transcript Highlights:
  • We estimate that by limiting the cap on state and local tax deductions, we will have an average reduction
  • Vice Chair, we should talk about since that's deductible.
  • , no tax on car interest loans, higher limits on deductions for state and local taxes, which is the SALT
  • You don't know what the future is, and yet with these deductions to personal income tax at the federal
  • You know, reducing SNAP benefits makes more food deductible, which increases the state's hold harmless