Transcript Highlights:

• and any potential lead assets.
• </c> then are used for capital improvements. then are used for capital improvements.
• 02:50.000><c> oversight</c> capital projects and bonds oversight capital projects and bonds oversight
• </c> capital improvement plan. capital improvement plan.
• </c> also have are faced with a capital also have are faced with a capital improvement<01:21:02.320><

Summary: The committee first received several information items, including University of Kentucky reports on medical and research equipment purchases, five school districts’ planned bond issues, and a School Facilities Construction Commission list of prior debt issues. Members then heard and approved an appropriation increase for a federally funded University of Kentucky project at the Central Kentucky Regional Airport in Richmond. The project will construct a terminal building and is tied to EKU’s airport operations and planned flight school; members asked about the public funding, the role of EKU, and possible aviation expansion, and the item was approved by roll call. The committee next approved a University of Kentucky lease purchase for an 85,000-square-foot facility at 415 West Sun Street in Morehead for $6.4 million. UK said the property, formerly the Rowan County Board of Education site, is directly across from UK St. Clair and will be used for multiple purposes; members questioned the quarterly payment structure and why the county preferred not to receive the full amount upfront, but the item was approved. The committee then heard three appropriation increases in the Tourism, Arts and Heritage Cabinet: a Fish and Wildlife pump project at Ballard Wildlife Management Area and two Lake Barkley State Resort Park repair projects. Finance staff explained the Lake Barkley increases were mainly to cover construction contingencies after bids came in close to available funding, and the committee approved the action items. Janice Thomas then presented four pool projects requiring no action: HVAC upgrades at the Future Farmers of America Leadership Training Center in Hardinsburg, geothermal and HVAC work at the Kentucky School for the Blind, a Brady Hall HVAC project at the Kentucky School for the Blind, and a renovation of Shanti Hall at Kentucky State University for the School of Engineering Technology. Members asked no substantive questions on those items. Finally, Natalie Broner presented a new CHFS lease in Wayne County and a Transportation Cabinet lease modification in Christian County. The Wayne County lease drew the most discussion, with members questioning the rent, the lack of other bids, and whether another county location might be preferable; CHFS said it maintains county-seat offices statewide and that the Wayne County site would replace an existing office. The Christian County item was described as a replacement site for driver licensing services with renovation costs largely absorbed by the lessor. Both lease items were presented for action after the discussion.

Transcript Highlights:

• we</c><00:02:25.599><c> are</c><00:02:26.599><c> making</c><00:02:27.280><c> recommendations</c> capital
• um we are making recommendations capital um we are making recommendations on<00:02:29.519><c> uh</c>
• provide a recent paycheck, provided that the applicant can provide evidence of sufficient liquid assets
• provide a recent paycheck, provided that the applicant can provide evidence of sufficient liquid assets
• or I mean may not know have assets or I mean may not necessarily<00:12:40.560><c> um</c><00:12:41.120

Committee: Senate Commerce and Consumer Protection

Summary: The Senate Committee on Commerce and Consumer Protection held decision-making and hearing sessions on February 25, 2025, on several measures. In decision-making, the committee passed with amendments SP 588 SD1, SP 1245 SD1 (pharmacists), SB 1287 (transparency), and SP 1298 SD1 (recycling), generally adopting agency-requested or technical amendments and in several cases pushing the effective date far into the future to keep the bills moving. The committee deferred SP 1149 SD1 and SP 281 SD1 for one day, and indefinitely deferred SP 1286 SD1 on motor vehicles after noting no supportive or opposing testimony and that the Office of Consumer Protection wanted to work further with the introducer. In the later hearing on consumer-protection-related measures, the committee heard testimony on SB 419 (insurance), SB 942 (rental applications), and SB 1142 (insurance proceeds). SB 419 would require auto insurance to cover replacement of a damaged child passenger restraint system; the Attorney General’s office suggested language to avoid contract impairment, and the measure was advanced with amendments. SB 942 would bar landlords from rejecting applicants solely for lack of a recent paycheck if they can show sufficient liquid assets or unearned income; testimony was largely supportive, with Realtors asking for clarifying amendments to protect their fiduciary duties, while a witness opposed those changes as an unnecessary burden on retirees and elders. SB 1142 would impose requirements on mortgage services for disbursing insurance proceeds after damage to residential property; DCCA and the Council for Native Hawaiian Advancement supported it, and the committee advanced it with technical amendments and a defective effective date. Across the actions, the committee repeatedly voted to pass measures with amendments, with the chair voting aye and, on SB 942, the vice chair voting with reservations over the Realtors’ amendments. No measures were rejected in the portions provided, and the committee adjourned after adopting the recommendations.

Transcript Highlights:

• In 1993, capital upgrades when needed.
• </c> occasions, the state has funded capital occasions, the state has funded capital updates.<00:03:18.000
• Thank you for asset for decades to come.
• This truly is a regional asset year.
• It's a regional asset.

Bills: HF474 , HF218 , HF210 , HF441 , HF691 , HF720 , HF1068 , HF1314 , HF1465 , HF1860 , HF2046 , HF1389 , HF2404 , HF2854 , HF2985 , HF3128 , HF3103 , HF778 , HF3125

Committee: House Capital Investment

Transcript Highlights:

• We’re going to call the Joint Committee on Bonding, State Assets, and Capital Expenditures to our first
• It includes $300 million for the Chapter 90 program and $885 million to support a set of focused capital
• The remaining $885 million in funding supports a number of capital programs that are designed to meet
• It includes $500 million for bridge and pavement lifecycle asset management.
• I’m Caitlin Connors, Assistant Secretary for Capital on Secretary Gorzkowicz’s team at the Executive

Committee: Joint Joint Committee on Bonding, Capital Expenditures and State Assets

Summary: The Joint Committee on Bonding, State Assets, and Capital Expenditures held its first public hearing on House Bill 4257, a transportation bonding bill. The administration testified in support, describing the bill as a $1.185 billion authorization: $300 million for Chapter 90 municipal road funding and $885 million for statewide transportation capital programs. Officials said the bill would increase municipal aid by 50%, with $200 million distributed under the traditional Chapter 90 formula and $100 million based solely on road mileage to better help rural communities. They also highlighted $500 million for bridge and pavement lifecycle asset management, $200 million for culverts and small bridges, and $185 million for congestion, safety, ADA, sidewalk, and multimodal improvements. Committee members asked about how municipalities would apply, how the road-mile formula would affect rural towns, and how the bill would interact with federal funding uncertainty and debt financing. Administration witnesses explained that projects would be administered through MassDOT district offices and Grant Central, that the bill would not backfill rescinded federal funds, and that the proposal would likely use special obligation bonds backed by Fair Share revenues to reduce pressure on the Commonwealth’s general obligation debt limit. Members also pressed the administration on the shift from general obligation to special obligation financing and on whether the Chapter 90 increase keeps pace with inflation. Administration officials said the special obligation structure would be credit-rated separately and was intended to expand available capital without affecting the GO bond cap, while acknowledging that the Commonwealth’s debt portfolio would grow. They said the Chapter 90 increase would roughly restore purchasing power lost since 2012, though construction inflation has outpaced general inflation. Several members and witnesses emphasized the importance of the road-mile formula for rural communities and the need for technical assistance for small towns. The Massachusetts Municipal Association testified in strong support of the bill, calling Chapter 90 and the new infrastructure authorizations critical for cities and towns facing federal uncertainty and rising costs. The Massachusetts Aggregate and Asphalt Pavement Association also supported the bill, citing the importance of the funding for road and bridge work, the construction season, and the industry’s economic impact. A committee member asked about asphalt price inflation, and the witness said liquid asphalt costs rose sharply after COVID, including increases of around 20% in some years. At the end of the hearing, the chair said members would receive a poll by email to move the bill out quickly, and the committee then voted to adjourn.

Transcript Highlights:

• This bank has now about a billion in capital.
• They're working on capitalization.
• Banks hold capital in reserve, and they can lend.
• of capital investment in the bank.
• I've spent my entire career looking at how capital flows.

Bills: SB5754

Committee: Senate Ways & Means

Keywords: public bank, state bank, finance, banking regulations, economic development, state investment

Transcript Highlights:

• </c><00:02:31.040><c> project</c> an increase to uh uh capital project an increase to uh uh capital project
• and any potential lead assets.
• This 100% potential lead assets.
• </c> capital improvement plan. capital improvement plan.
• </c> is going to help pay for our capital. is going to help pay for our capital.

Summary: The committee first approved the November minutes and received information items on University of Kentucky medical and research equipment purchases, five school districts reporting upcoming bond issues with no additional tax levies needed, and a School Facilities Construction Commission list of prior debt issues for fiscal year 2026. It then considered an appropriation increase for a University of Kentucky project at the Central Kentucky Regional Airport in Richmond. University officials said the project is 100% federally funded and will construct a terminal building tied to EKU’s airport operations and planned flight school. Members asked about the relationship to aviation expansion and whether the flight school would be publicly operated; the witnesses said EKU would operate it, public appropriations had already been applied, and student revenue would help offset costs. The committee approved the item by roll call vote. Next, the committee approved a University of Kentucky lease purchase for property at 415 West Sun Street in Morehead, Rowan County, for $6.4 million. UK said the property, which includes an 85,000-square-foot facility on 9.6 acres, is directly across from UK St. Clair and was offered by the Rowan County Board of Education after it moved to a new location. Members questioned why the payment schedule was structured as quarterly installments and why the price was below two appraisals; UK said the board requested the arrangement and did not want the full amount upfront, and there was no interest on the purchase price. The committee also approved this item. The deputy state budget director then reported three appropriation increases in the Tourism, Arts and Heritage Cabinet: a Ballard Wildlife Management Area pump station project, Lake Barkley State Resort Park emergency repairs, and Lake Barkley lodge wing exterior repairs. After questions, staff explained the Lake Barkley increases were mainly to cover construction contingencies because bids came in close to available funding. The committee approved the action items, then heard four no-action pool projects: HVAC upgrades at the FFA leadership training center in Hardinsburg, Kentucky School for the Blind’s McDaniel Scoggin building, KSD’s Brett Brady Hall, and a Kentucky State University Shanty Hall renovation for the School of Engineering Technology. Finally, the committee heard two real property items: a new CHFS lease in Wayne County and a Transportation Cabinet lease modification in Christian County. The Wayne County lease drew the most discussion, with members questioning the high per-square-foot cost and whether another county location could be used; CHFS said it maintains offices in every county seat, this lease would replace an existing 1977 office, and the new construction was negotiated down from a higher initial bid. The Christian County item was described as a replacement site for driver licensing space, with renovation costs partly absorbed by the lessor and the remainder amortized over the lease term.

Transcript Highlights:

• </c> the city's sewer water capital the city's sewer water capital improvement<00:53:01.200><c> plan,
• </c> at over 160 million of capital at over 160 million of capital improvements<00:53:12.400><c> in</
• </c> um local assets um local assets and<01:11:52.159><c> um</c><01:11:53.440><c> um</c><01:11:53.920
• </c> facilities are are a capital project. facilities are are a capital project.
• Currently, families in our asset.

Committee: Senate Taxes

Transcript Highlights:

• Third reading of a bill: An act authorizing the Commissioner of Capital Asset Management and Maintenance
• An act authorizing the Commissioner of Capital Asset Management and Maintenance to give a certain parcel
• Third reading of a bill: An act authorizing the Commissioner of Capital Asset Management and Maintenance

Summary: The Senate took up several local bills on third reading and passed them to be engrossed, including measures authorizing police officers in Plainville, amending the charter of Acushnet, and authorizing conveyance of a parcel of land in Wellesley. It also considered House No. 4206, the bill modernizing the cannabis laws of the Commonwealth; the House nonconcurred in the Senate amendment and appointed a conference committee, and the Senate voted to insist on its amendment and appoint its own conferees, naming Senators Gómez, Comerford, and Durant. The Senate then suspended the rules to take up House No. 4007, concerning the composition of the Licensing Board for the City of Salem, and ordered it to a third reading. Later, two bills were passed to be enacted: House No. 4030, establishing a select board-town administrator form of government in Rochester, and House No. 4381, further regulating the term of the town moderator in Norwood. Both were ordered signed by the President and laid before the Governor. Finally, the Senate adopted an order to adjourn and reconvene on Monday at 11:00 a.m., then adjourned.

Transcript Highlights:

• , or a hard asset in the school, would you be okay with that versus into the general fund?
• If you're talking about a short-term capital asset of some sort, like a security system that's not really
• funds, but they're not a hard capital asset that's designed to last for more than 20 years.
• And so those, there's many districts that cannot pass a bond, and therefore those assets sit there for
• That's something that we're going to be asking our community to support: an EP&O and capital levy.

Summary: The committee heard testimony on several education bills. SB 5841 would require students’ high school and beyond plans to show completion of at least one FAFSA or WASFA application, or a parent/guardian opt-out. The sponsor and supporters said it would reduce barriers to postsecondary education, improve financial aid completion, and bring more students and federal dollars into the state. School groups opposed it, warning it would add an unfunded administrative burden and create verification challenges, especially for small districts and families with undocumented students. Senators discussed data-sharing from the Washington Student Achievement Council and noted the bill’s connection to existing FAFSA outreach efforts. The committee then took testimony on SB 5922, which would let districts petition OSPI to transfer money from transportation vehicle funds to other district uses if they reduce their fleet because of enrollment declines. The sponsor said the bill would free up unused bus funds for other pressing needs. Members asked about whether districts could shift to smaller vehicles and how the funds could be used. The committee also heard SB 5858, which would move the pupil transportation safety net for special passengers into statute. Supporters from OSPI, districts, school directors, and PTA said the program is essential for transporting students with disabilities, homelessness, or foster care needs, and that current funding is far below demonstrated need. No votes were taken on these bills. Finally, the committee heard SB 5943, which would allow limited use of school impact fees for modernization and, in districts under binding conditions or enhanced financial oversight, for up to 25% of operations and maintenance. The sponsor and one superintendent argued it would help districts with aging buildings and new state mandates like safety and energy-efficiency requirements. Builders, business groups, and school coalition representatives opposed the bill, saying impact fees should remain tied to growth-related capital costs and warning it could worsen housing affordability and weaken the nexus required for impact fees. The chair closed by noting the session’s budget constraints and the committee adjourned after the hearings.

Transcript Highlights:

• And the one that I want to point out to you most is going to be the capital. total assets are obviously
• :41:35.920><c> is</c><00:41:36.240><c> almost</c> at our capital, Kentucky is almost at our capital,
• </c> always the leader in our area on capital always the leader in our area on capital preservation.<
• /c> assets have decreased substantially assets have decreased substantially because<00:43:11.920><c>
• on where to invest new capital.

Summary: The committee met with a quorum, approved the September 16 minutes, and then received an update from Insurance Commissioner Sharon Clark and staff on the Department of Insurance. Clark reviewed department activity, including growth in premium volume and licensing, consumer complaints and recoveries, and a rise in fraud referrals. She said the department has 66 open fraud cases and described common schemes such as staged auto accidents, inflated repair or cleanup charges, and roofing scams. She also said the department’s investigators often prepare strong cases but face reluctance from local prosecutors, especially in Fayette and Jefferson counties, to pursue them. Clark reported favorable workers’ compensation news, saying rates will decrease 9.7% next year for the 20th straight year. She contrasted that with a difficult property insurance market driven by storms, reinsurance costs, inflation, labor shortages, and litigation, but said Kentucky’s market remains relatively stable, citing the Kentucky Fair Plan’s small number of policies. She then warned of significant 2026 health insurance premium increases on the exchange: 16.1% for Molina, 23% for Anthem, and 37% for WCare, after CareSource withdrew. She said the rates were reviewed by actuaries and found fair, but that the biggest pressure point is the scheduled expiration of enhanced premium tax credits, which she said could leave about 90% of exchange enrollees facing a compounded increase. Members questioned Clark about fraud prosecution, the number of people in commercial versus public coverage, and the impact of expiring subsidies. Clark said the prosecution issue is mainly with Commonwealth attorneys and that rural counties are more cooperative than urban ones. She also said the health market is individually rated and that older enrollees would be hit harder, while the loss of tax credits could push some people out of the marketplace. One member asked about the attorney general’s recent opinion on SB 188, the PBM bill; staff said attorneys were still reviewing it. Clark closed by noting that Kentucky’s fraud and towing/storage legislation has become a model for other states.

Transcript Highlights:

• There's also an asset management plan that will be required.
• There's also<00:14:46.160><c> an</c><00:14:46.399><c> asset</c><00:14:46.800><c> management</c><00:14
• that will also an asset management plan that will be<00:14:48.320><c> required.
• Include strong debt issuance provisions and limited ability to borrow for working capital.
• Provide one or more working capital.

Committee: Joint Energy

Transcript Highlights:

• I do want to now stress that asset preservation funding is exceptionally important to NKU.
• And then next, we were asked to provide three different capital priorities.
• :12:44.320><c> uh</c><00:12:44.399><c> we</c> capital appropriation request, uh we capital appropriation
• </c> provide three different capital provide three different capital priorities.<00:13:48.639><c> The
• Building and continued support for asset preservation.

Summary: The House Budget Review Subcommittee on Postsecondary Education met without a quorum and postponed approval of the minutes. The committee first heard from Northern Kentucky University President Katie Short Thompson, who highlighted NKU’s enrollment growth, student success metrics, national recognition for value, lower student debt, and new programs tied to regional workforce needs, including AI, cybersecurity, supply chain analytics, cardiovascular perfusion, and the Norse Network Hub for employer access. She asked for a $5 million recurring base funding adjustment to align NKU’s general fund support with peer institutions, along with support for tuition waivers with FAFSA requirements, continued debt collection authority through the Department of Revenue, inclusion of fire and tornado insurance premiums in base funding, inflation and performance-funding support, and increased asset preservation funding. She also outlined capital priorities for the Hail College of Business building, Nunn Hall, and the MEP building, and requested $5.4 million to match private support for the Young Scholars Academy, a dual-credit program serving first-generation and low-income students. Representative Tipton questioned NKU about the number of older students using tuition waivers and whether the university could continue the program without a statutory age-based mandate. Thompson said the number of students over 65 using the waiver was small, that some students pursue degrees while others audit classes, and that external fundraising could potentially support the program if state funding changed. Tipton also confirmed NKU’s requested priorities and the $5.4 million match for the Young Scholars Academy. The committee then heard from University of Kentucky representative Dr. Cavallo, who framed UK’s request around accountability, workforce development, research, and health care impact. He described a patient story to illustrate UK’s medical mission, cited growth in enrollment, degrees awarded, hospital patients treated, and research grant revenue, and emphasized UK’s role in extension services and disaster response. He said UK is consolidating services for efficiency and is focusing on future workforce needs, especially artificial intelligence, noting the launch of the state’s first AI bachelor’s degree and a partnership with Microsoft to expand AI tools and training across campus and the Advancing Kentucky Together network. He also discussed demographic challenges, the need to retain graduates in Kentucky, and the importance of aligning programs and funding with long-term state needs.

Transcript Highlights:

• So, turning our attention to the future, our 2026 capital request focuses on three high-impact priorities
• We're requesting $100 million, and as always, asset preservation is our first priority.
• requesting $100 million and<00:01:31.480><c> as</c><00:01:31.640><c> always,</c><00:01:32.200><c> asset
• preservation is our and as always, asset preservation is our first<00:01:34.000><c> priority.
• </c> and extends asset life. and extends asset life.

Committee: Senate Capital Investment

Transcript Highlights:

• </c><00:25:58.720><c> start</c> a situation where assets start a situation where assets start devaluing
• </c> capital in play?
• And while the assets capital in play?
• That doesn't necessarily mean uh asset.
• </c> of times there's a lot less land assets of times there's a lot less land assets in<01:40:39.920>

Committee: Joint Agriculture

Transcript Highlights:

• </c> creation messaging, our our job assets creation messaging, our our job assets with<00:24:20.320>
• Both with our quality of place assets.
• You say a small access to capital.
• </c><01:20:16.159><c> out</c> possible to deploy as much capital out possible to deploy as much capital
• You know, access to capital broadly, whether that's through debt financing or venture capital or private

Summary: The committee met with a quorum, approved the October minutes, and heard first a progress report on the state-funded “Putting Young Kentuckians to Work” initiative. Workforce leaders from Cumberland Workforce Development Board and Kentucky Works said the HB 1 funding has allowed them to contract with all 10 workforce boards and build new pipelines with high schools, area technology centers, school districts, and community and technical colleges. They reported an end-of-year goal of 3,600 job placements, with 218 placements reported as of October 2025 and enrollment numbers continuing to rise. Testimony emphasized that the program is aimed at disconnected youth and high school seniors, that federal WIOA funds are too limited to support this work alone, and that the flexible state funding has enabled short-term training and placements in fields such as welding, CDL, and CNA. Members asked about barriers to implementation, wage levels, and services for students with disabilities; presenters said the main challenge was building school relationships and that wage growth should improve as students gain more skills and credentials. The committee then received an update on the Kentucky Talent Attraction Initiative. Representatives from Greater Louisville Inc. and Commerce Lexington explained that the General Assembly previously provided $250,000 for a consultant to develop a statewide talent attraction and retention strategy, and that more than 13 organizations across the state support the effort. Development Counsellors International described its research process, including statewide stakeholder engagement, and said the goal is to create a Kentucky talent value proposition that combines job opportunities with quality-of-place messaging. They reported that Kentucky faces a shrinking labor force and a projected national worker shortfall, while internal research found 47% of working-age respondents could consider leaving the state within two years because they are not confident in career opportunities. At the same time, they said 96% of surveyed higher education students would stay if offered a full-time job, and 72% of employers expect to expand staffing in the next two years. The presenters said they are moving from research into messaging and an action plan, and that the strategy should be customized and measurable rather than one-size-fits-all.

Transcript Highlights:

• You could bring it in to leverage private capital.
• Instead, they're really pulling from two sources of capital.
• Capital can adapt.
• They do need access to institutional capital, right?
• They do need to access to institutional capital, right?

Summary: The Assembly Select Committee on Housing Finance and Affordability held its first hearing of 2025 to examine how California finances affordable housing and homeownership. Co-chairs opened by describing the state’s severe housing shortage, high costs, and the need for the committee to identify practical recommendations. Panelists from the California Housing Partnership, the Business, Consumer Services and Housing Agency, the Treasurer’s housing finance committees, CalHFA, and Related discussed the layered financing structure used for affordable housing, including federal low-income housing tax credits, tax-exempt bonds, state subsidies, local funds, and rental assistance. Witnesses emphasized that affordable housing projects typically require multiple funding sources and that the system is often slowed by complex applications, overlapping rules, and too many layers of financing. Several speakers noted recent federal changes that expanded the 9% and 4% tax credit programs, including a lower bond-financing threshold for 4% credits, which should allow more projects to move forward. State officials also highlighted ongoing efforts to streamline the system, including the SuperNOFA, AB 519’s one-stop-shop working group, and the planned California Housing and Homeless Agency, which is intended to align housing, homelessness, and civil rights functions. CalHFA described its homeownership and multifamily programs, including My Home, Dream For All, Cal Assist Mortgage Fund, and the Mixed Income Program, and said its financing tools help first-time buyers and developers. Related and other housing providers said the state has made real progress through land-use reform, accountability enforcement, and faster tax credit allocation, but argued that funding remains far below need. They called for more state and permanent funding sources, more efficient administration, more support for ADU and modular financing, and better attention to deeper affordability, the “missing middle,” and equity impacts on renters, women, and communities of color. The hearing was informational only; no votes or formal actions were taken.

Transcript Highlights:

• Capital and infrastructure needs at institutions of higher education that are ineligible for available
• Capital gains tax on that because it's not recognized—the gold itself isn't currency.
• And so our position is going to be that Texans will not have to pay a capital gain as that gold goes
• We contracted with the vendor, Lone Star Tangible Assets.
• And what we have is actual real gold that can be held in an asset and easily...

Bills: SB524 , SB782 , HB42 , HB 1056 , HB2894 , HB3033 , HB3474 , HB3594 , HB4738 , HB5246 , HB42

Committee: Senate Finance

Summary: The committee heard Senator Flores lay out the committee substitute for HB 2894, which would expand state reimbursement eligibility for local governments disproportionately affected by the disabled veterans homestead exemption. Flores said the bill would add certain municipalities in Bell, Coryell, and Lampasas counties if lost ad valorem tax revenue equals or exceeds 10% of general revenue, while existing recipients would remain under the current 2% threshold. Lampasas and Bell County officials and the City of Killeen testified in support, describing significant revenue losses and urging adequate funding. One witness, Howard Avery, argued any reimbursement should be counted as property tax revenue for voter-approval rate purposes to avoid a windfall. The committee later adopted the substitute and reported the bill favorably, with one nay. The committee also heard SB 782, which would create a temporary severance tax exemption for restimulated inactive oil and gas wells, intended to encourage investment in mature wells. The Comptroller explained the revised fiscal note as effectively zero because the wells are currently marginal and not generating meaningful tax revenue, while industry witnesses said the bill could extend well life, support local economies, and reduce orphan-well liabilities. Public testimony was supportive, and the bill was left pending. Members then heard HB 3033, a DPS-related grant program funded by voluntary $3 donations on driver’s license and ID applications to support nonprofits aiding injured or fallen DPS officers and their families, including memorial highway signs. The DPS Officers Association supported the bill, citing existing foundation assistance and the need for a steady funding stream. The committee later reported the bill favorably. The committee also considered SB 524, which would permanently extend the franchise tax and fee exemption for qualifying veteran-owned businesses for their first five years; testimony from a veteran business owner and veterans advocates supported the measure, and the committee adopted the substitute and reported it favorably. Additional measures were laid out and left pending or voted out: HB 3594, a local San Antonio retiree health care fund bill with agreed changes for contributions, spouse benefits, and remarriage rules, was supported by stakeholders and reported favorably; HB 4738 would repeal small administrative fees tied to certain loans and was reported favorably; HB 42 on HEAF funding and HB 5246 on the Texas Space Commission were heard and left pending. The committee also reported HB 3474, a cleanup bill for the Pension Review Board’s investment performance review schedule, and HB 2802, the Austin firefighter retirement fund bill, both favorably. Finally, the committee took up HB 1056, which would allow gold and silver held in the Texas Bullion Depository to function as legal tender through debit-card transactions. Supporters framed it as a way to use hard assets and expand financial options, while bankers and some senators raised major operational, consumer-protection, tax, and constitutional questions; the bill remained under discussion as testimony began.

Transcript Highlights:

• National and local evidence shows that assets improve health while debt— National and local evidence
• shows that assets improve health while debt, especially medical, student, and unsecured debt, worsens
• It shows up in household income, home ownership, business ownership, firm revenue, and family assets.
• These challenges are occurring on top of longstanding barriers to capital.
• Assets do. Business ownership and home ownership remain the primary drivers of wealth creation.

Committee: Joint Joint Committee on Racial Equity, Civil Rights, and Inclusion

Summary: The Joint Committee on Racial Equity, Civil Rights, and Inclusion held a hearing on the impact of federal policy on the racial wealth gap in Massachusetts, with no bills heard. Chairs Bud Williams and Miranda opened by framing the issue as a structural, long-standing disparity affecting Black and brown communities, citing major gaps in wealth, income, housing, and opportunity. Members noted this was the fourth hearing in a series on federal impacts on racial equity, and public written testimony was invited by the posted deadline. Administration witnesses Secretary Lauren Jones, Secretary Kiami Mahania, and Assistant Secretary Juan Vega described how labor, health, and economic development policy intersect with wealth-building. Jones pointed to higher unemployment, wage gaps, and underemployment among Black and Latino workers, and highlighted ESOL, workforce training, MassHire, and skills-based hiring efforts. Mahania argued poverty drives poor health, linking medical debt, Medicaid instability, maternal health, and chronic disease to wealth loss, and said federal changes could worsen both health and wealth gaps. Vega focused on entrepreneurship and procurement, citing disparities in business ownership and revenue, and described state efforts such as small business technical assistance, founder pipelines, place-based grants, and the Business Front Door; members also pressed him on microbusiness definitions, supplier diversity, and whether state programs were reaching firms that had received prior grants. Nicole O’Bean of the Black Economic Council of Massachusetts testified that Black-owned businesses face a hostile environment due to tariffs, DEI rollbacks, immigration enforcement, capital barriers, and federal funding cuts that reduce contracts from education, health care, and nonprofit sectors. She emphasized that certification alone is not enough and called for stronger inclusive procurement outcomes, better data, and more support for microbusinesses. Dr. Melissa Colon and Dr. Fabian Torres-Dal of the Mauricio Gaston Institute testified on Latino wealth gaps, especially low homeownership, high rent burden, limited access to credit, and occupational segregation; they said structural racism, wage gaps, and education inequities are central drivers and urged housing, labor, and education reforms. Committee members repeatedly linked the hearing’s themes to redlining, medical debt, single-parent households, financial literacy, and the need for legislation and state programs to close the gap, but no votes or formal actions were taken.

Transcript Highlights:

• And then next, the strategic investment in sustainable capital.
• But we think that private capital is a really critical piece.
• T, capital H... aptly, the quantum state.
• An additional $4 million in a private capital commitment, which was really critical.
• We had incredible assets, right, that you. All have heard about many times.

Committee: House Science, Technology & Telecommunications Committee

Transcript Highlights:

• Well, I mean, through a variety of means, it takes a lot of money from the capital budget.
• The Senate version takes $375 million. ...of money from the capital budget.
• And that's why I think you're seeing a lot of capital flight recently.
• And that's why I think you're seeing a lot of capital flight recently. Okay.
• assets.

Summary: Senate and House Republican leaders used the weekly media availability to criticize the Democratic majority’s budget and tax proposals, framing the session around affordability and fiscal restraint. They said the operating budgets rely on unsustainable one-time money, rainy day funds, and an income tax proposal they argued is unconstitutional and likely to drive businesses and wealthy residents out of Washington. They also said House and Senate Republicans offered budget amendments aimed at property tax relief, restoring money to public works, and reducing reliance on new taxes, but those efforts were rejected. The lawmakers also highlighted several bills they said failed to advance, including juvenile rehabilitation reforms, child endangerment/child fatality reporting measures, and tort reform. Braun said he plans to raise those issues, along with the income tax and budget concerns, in a meeting with the governor, and asked whether the governor would veto the income tax if his conditions are not met. Connors and Abbarno added that Republicans are still working with some Democrats, including on a constitutional amendment approach to any income tax, but said the majority is moving too quickly and without adequate safeguards. Other topics included the U.S. Supreme Court ruling on California transgender policies, which Republicans described as a win for parents’ rights and potentially relevant to Washington school policy, and a House bill affecting data centers, which they opposed as harmful to jobs, energy innovation, and local tax bases. They also criticized additional taxes under consideration, such as nicotine, prescription drug, bag, bottle, and data-center-related taxes, arguing these would worsen affordability. The session ended with Republicans saying they had little influence in the budget conference process and vowing to keep fighting the income tax and other tax increases through the final days of the session.