Transcript Highlights:

• We don't want to subject that to stock market volatility.
• You'll notice it has no stock market investments, but it does have some private market allocations in

Committee: House Revenue Stabilization & Tax Policy Committee

Transcript Highlights:

• the panelists referenced that ADUs actually contribute to the preservation portion of our housing stock
• the concerns that the private sector may be starting to see or experience, also fluctuations in the stock

Summary: The committee held an information hearing on California’s economy and household affordability, with the first panel focusing on inflation, housing, energy, wages, and the likely effects of new federal tariff policy. PPIC’s Sarah Bone said Californians remain deeply pessimistic about the economy, with inflation the main driver of concern; she noted prices are still about 23% higher than in January 2020, with especially large increases in food, energy, and housing costs. LAO’s Brian Euler emphasized that housing is the largest household expense and pointed to insurance, electricity, gasoline, and health care as other major cost pressures, urging the Legislature to review whether existing policies are actually reducing costs and to consider studies of why recent housing laws have not produced more units. UC Davis economist Catherine Russ warned that tariffs on China, Canada, Mexico, and potentially broader imports could raise consumer prices, disrupt supply chains, and hurt California exporters, farmers, and small businesses; she suggested monitoring prices, strengthening food assistance, and preparing transition support for affected workers and producers. Members pressed the panelists for concrete, near-term policy ideas, especially on housing and tariffs. Questions centered on whether accessory dwelling units are making a meaningful dent in affordability, how to improve implementation of pro-housing laws at the local level, and how to measure the impact of tariffs on consumers, health care, and agriculture. Panelists said ADUs help but are limited, that state laws can be undermined by local implementation and litigation, and that tariff effects may show up quickly in prices and later in hiring and investment. Several members stressed that the tariff issue is not a minor disruption for constituents and asked for more data on consumer impacts, food aid needs, and crop-specific farm losses. The second panel shifted to regional economic development and small business support. Go-Biz’s Derek Kirk described California Jobs First and the state economic blueprint as a first-in-decades, regionally informed strategy to create good-paying jobs, support key sectors, and align workforce and business development across 13 regions. The California Association for Local Economic Development’s Gerbach Sahota argued that local governments need practical tools, stable policy, and stronger partnerships with the state, while warning that prosperity is not always perceived as shared and that rural communities can be left behind. He urged the Legislature to use hearings, local input, and existing funding streams more effectively, including for recovery and infrastructure. David Fitzgerald of the Small Business Development Centers said California’s SBDC network serves hundreds of thousands of clients, many of them women and historically underrepresented entrepreneurs, and has generated billions in economic impact, capital access, revenue, and jobs. He said the biggest gaps are outreach to the state’s many self-employed businesses with no employees, better labor data on those workers, and more flexible support for direct services. Committee members then asked what small businesses need most in the face of inflation and tariff shocks, including lower licensing costs and other relief, and the discussion continued on how to better target state support to businesses and households under pressure.

Transcript Highlights:

• For instance, a home, the stocks, the checkbooks, the 401(k)s, and it also means they're eligible for
• This breeds a toxic issue that we can't address in this room.
• This breeds a toxic issue that we can't address in this room.

Committee: House Children and Family Law

Keywords: 1189, house, all

Transcript Highlights:

• And that is a certain mixture of stocks and bonds.

Committee: Joint Pension Funding Council

Keywords: 904, all

Transcript Highlights:

• When people ask me about, you know, what does a conservation district do, my stock answer is we help

Committee: Joint Capital Improvement

Summary: The committee met for a fiscal year 2027 capital budget writing session with all 12 members present. It first reviewed and approved the DNREC Resource Conservation and Development drainage project list, which would add projects across New Castle, Kent, and Sussex counties and bring the total eligible projects to 1,561. Members offered personal remarks thanking retiring conservation district staff, especially Kevin Donnelly, for years of work on drainage and water issues. The committee then reviewed DelDOT Rule 12 changes, including annual date updates and a reduction in the inflation markup applied to older estimates, and approved the rule as amended. The committee next adopted DelDOT Appendix A and the FY27 paving and rehabilitation list, including the subdivision street management fund and various road resurfacing projects. DelDOT explained that paving projects are for state-of-good-repair work and that major changes from corridor studies would be handled separately. The committee also approved DelDOT epilogue changes, including updates to authorization amounts, a $25 million increase for toll infrastructure work, changes to subdivision street paving language, and an increase in the subdivision street paving management fund to $30 million. Several sections were placed on hold for later updates. The committee then moved through boilerplate epilogue sections in the bond bill, approving a wide range of provisions affecting conservation districts, housing, economic development, corrections, DNREC, public safety, transportation, agriculture, fire prevention, education, and other agencies. Many sections were adopted in groups, while some were held for later revisions or deleted as no longer needed. The session included updates to school capital rules, transportation restrictions and reporting requirements, DNREC conservation and land-use provisions, and funding and administrative authorities across multiple agencies. The committee broke for lunch after approving the education-related sections through 147, with additional sections still pending.

Transcript Highlights:

• These private prison companies, whose stock is publicly traded on Wall Street, owe a fiduciary obligation

Summary: The Assembly Committee on Revenue and Taxation heard several bills focused largely on veterans’ tax relief, disaster-related property tax rules, contractor tax compliance, and nonprofit property tax exemptions. The chair reviewed committee procedures, including the suspense file process for bills with significant revenue impacts, and noted that only one bill would be voted on immediately. Most measures were presented with supportive testimony and then referred to suspense. SB 888 would exclude VA service-connected disability compensation from household income when determining eligibility for the low-income disabled veterans’ property tax exemption. The author argued the bill would prevent disabled veterans from being unfairly penalized and help them remain in their homes; a VFW representative testified in support, and there was no opposition. SB 1053 would allow county boards of supervisors, for disasters declared on or after January 1, 2026, to extend the five-year period for transferring a damaged property’s base-year value by up to three years. Support came from the California Assessor Association, and the bill was also sent to suspense. SB 1407 would exempt the first $40,000 of military retirement pay and surviving spouse benefit payments from state income tax for qualifying filers, with the author and witnesses arguing it would improve veteran retention in California and support the state economy. Multiple organizations and veterans spoke in support, and the committee members expressed strong sympathy for the measure, but it too was referred to suspense. SB 420 would deny charitable property tax exemption to organizations tied to private immigration detention facilities; the author and supporters said the bill would close a loophole that had allowed a detention facility in Imperial County to avoid millions in property taxes. Members voiced strong support and concern about the reported conditions at the facility, and the bill was also sent to suspense. The only bill taken up for a vote was SB 1165, which would improve coordination between the CDTFA and the Contractors State License Board so unpaid tax liabilities by contractors could be used in licensing enforcement, while preserving due process and installment agreement flexibility. After supportive testimony from the author and the California Tax Reform Association, the committee approved a due pass motion to Appropriations on a 7-0 vote. The committee then adjourned.

Transcript Highlights:

• These private prison companies, whose stock is publicly traded on Wall Street, owe a fiduciary obligation

Committee: House Revenue and Taxation

Keywords: 988, house, all

Transcript Highlights:

• was along the lines of when I was a kid, one of my first jobs, I worked for Roach Brothers, and I stocked

Summary: The Employment Subcommittee of the Massachusetts Permanent Commission on the Status of Persons with Disabilities met on May 18, approved the prior meeting minutes, and heard an introductory announcement about ASL interpretation procedures for the Zoom meeting. The first presentation was an update on the Massachusetts Disability Employment Tax Credit from MassAbility. The speaker explained that the credit, created in 2022, offers employers up to $5,000 in the first year and $2,000 in later years for hiring and retaining certified employees with disabilities. The certification process was described as intentionally simple, relying largely on self-attestation and an online application that screens applicants in through participation in disability-related programs or receipt of certain benefits. Members asked about employer awareness, the website and application process, available data, and whether credits can be carried forward; the speaker said outreach is ongoing, one employer had used the credit in the prior tax season, and some implementation questions would need to be directed to the Department of Revenue. The committee then heard from Scott Pitta of the Office of the Veteran Advocate, who described the office as an independent agency created after COVID and the state veterans home трагедies to improve veteran services and investigate problems. He focused on veterans’ disability ratings, explaining that VA disability does not necessarily prevent work, and discussed how discharge status can affect access to benefits. He highlighted vocational rehabilitation, GI Bill supports, housing and mental health services, and the role of municipal veteran service officers under Chapter 115. A major theme was professional licensure and employment barriers for veterans, especially in nursing and other trades; members discussed whether Massachusetts is doing enough compared with other states and whether the office could connect with workforce and licensure stakeholders. Pitta said his office is beginning a narrow review of nursing licensure issues and invited follow-up through regional liaisons and the office inbox. In the final portion of the meeting, members turned to a SEED policy brief and related future work. Because time was short, they deferred a full discussion to a later meeting and agreed to revisit the brief at the August 31 meeting. The group identified two likely areas of focus: the “benefit cliff” and youth/young adult pathways into employment, including apprenticeships. Members discussed the need to map existing services, gather information from partner agencies, and possibly develop a white paper or spreadsheet-style summary for appointing authorities. The meeting ended with a request for members interested in the benefit cliff work to contact the co-chairs, and the subcommittee adjourned.

Transcript Highlights:

• constituents that we have at different... ...economic levels, but ultimately creating the housing stock

Summary: The Assembly Housing and Community Development Committee heard several housing bills. AB 2270, by Assemblymember Arambula, would give farmworker housing projects scoring parity in the state low-income housing tax credit program so they are not disadvantaged by amenity-proximity criteria that do not fit rural agricultural areas. Supporters, including La Cooperativa Campesina, said the bill would help farmworker projects compete fairly for credits; there was no opposition, and the bill was later approved 11-0 and sent to Appropriations. The committee also considered AB 2552, which would clarify use of the state’s new CEQA vehicle miles traveled (VMT) mitigation bank for affordable housing near transit. The author and supporters from the California Building Industry Association and business groups said the bill would add guardrails so the program is cost-effective and usable, while Housing California, the Planning and Conservation League, and others opposed the least-cost requirement, arguing it could undercut the new mitigation bank before implementation. After discussion about balancing housing and environmental goals, the bill passed 11-1 to Appropriations. AB 2689 would require good cause for nonrenewal of certain state-subsidized housing tenancies when a household’s income exceeds 140% of area median income for two consecutive years, with notice requirements and protections if the tenant cannot afford market rent. Some members supported the bill as a way to free up scarce subsidized units and create a housing “ladder,” while others objected that it could punish people for increasing their income. The bill was amended and passed 11-1. The consent calendar items AB 2308, AB 2397, and AB 2512 were also approved unanimously.

Transcript Highlights:

• who are considered elites that are in those files, when you see billions of dollars being spent on stocks

Summary: The Committee on Banking and Finance met as a subcommittee at first due to a lack of quorum, then established quorum and proceeded with an informational hearing on AB 1984 by Assemblymember Rogers. The bill was presented as an effort to reduce the influence of money in politics by limiting political spending by corporations and other state-created entities, with supporters arguing that Citizens United has fueled dark money, eroded public trust, and distorted democracy. Testimony in support came from the author, Tom Moore of the Center for American Progress, Nancy Price of the Alliance for Democracy, and several advocacy groups and individuals, who emphasized corruption concerns, the need for transparency, and the view that the bill would make elections more accountable and less dominated by anonymous spending. Committee members raised concerns about constitutionality, the definition of covered entities, and whether the bill could unintentionally favor wealthy individuals or independent expenditures over ordinary candidates. Assemblymember Rubio argued that the measure could disadvantage candidates from poorer districts and shift power toward self-funded or IE-backed campaigns, while Assemblymember Schiavo and others noted the corrosive effect of dark money and the difficulty of running in a system shaped by large outside spending. The author and witnesses responded that the bill would not eliminate all spending, but would require spending to come from identifiable individuals and reduce anonymous corporate and dark-money channels. Opposition testimony came from the California Chamber of Commerce, which argued the bill would be unconstitutional under First Amendment precedent and would silence businesses and nonprofits rather than solve the underlying problem. Additional opposition was voiced by the California Building Industry Association and the California Manufacturers and Technology Association. The committee also briefly considered and passed the consent calendar, including AB 2607, by roll call vote. The hearing on AB 1984 remained informational only, and no vote was taken on the bill before the meeting adjourned.

Transcript Highlights:

• speaking, the variety between the two have to do with entities which are publicly traded corporations or stock

Committee: House Insurance and Banking

Summary: The Insurance Committee met with a quorum and first went into executive session on House Bill 2874, which was approved 9-0 with one member present. The bill was described as a product worked on the previous year, and no substantive opposition was raised before the vote. The committee then heard House Bill 2071, which would allow the Medical Malpractice Joint Underwriting Association to suspend operations rather than terminate, because the medical malpractice market is now considered robust and the association has not written a policy or received a claim in several years. The sponsor and Missouri Insurance Coalition said the association still costs roughly $300,000 to $350,000 annually to operate, with projected savings if suspended, while preserving the ability to reactivate if claims arise within the remaining liability window. Some members questioned whether a sunset would be more appropriate and raised concerns about the open-ended nature of suspension and the handling of the association’s reserve funds. House Bill 1615 was then heard and would lower the statutory minimum number of directors for insurance companies from nine to five, while leaving maximum board sizes unchanged. The sponsor and supporters argued Missouri’s current requirement is outdated, out of step with other states and other regulated entities, and creates unnecessary barriers for smaller insurers without affecting solvency or consumer protection. Members questioned whether any insurers had avoided Missouri because of the nine-director rule; supporters said they had no specific examples but said the change would provide flexibility and align Missouri with modern governance practices. Finally, the committee heard House Bill 2902, which would create a Motor Vehicle Threat Prevention Program and commission within the Department of Public Safety to fund grants and coordinate efforts against auto theft. The sponsor said Missouri ranks among the highest states for vehicle theft and argued the program would help local law enforcement, especially in rural areas, address high-tech theft methods and related crimes. Highway Patrol and NICB witnesses testified in support, citing rising theft rates, the use of stolen vehicles in other crimes, and examples from other states where similar task forces recovered stolen vehicles and made arrests. Several members questioned whether a new commission was necessary, suggesting the Highway Patrol or existing agencies could handle the work; no opposition testimony was offered, and the hearing was closed with no further business before adjournment.

Transcript Highlights:

• That fund currently sits at about $3.9 billion of financial assets, stocks, bonds, et cetera.

Committee: House State Affairs

Summary: The committee first considered a proposal to raise licensing and fee caps for the Denturity Board, which sponsors said was needed because testing costs about $1,000 while the current cap is $300 and the board is about $6,000 in the red. Members asked who controls fee increases and were told the legislature sets the cap; the motion to introduce the RS passed, though one member noted support for introduction but uncertainty about the bill’s future. The committee then took up RS 33380, which would prohibit out-of-state contributions and expenditures in Idaho elections. The sponsor argued out-of-state money has become a major influence in campaigns and should be barred to protect Idaho voters. Members raised concerns about constitutionality, possible conflicts with Idaho residency law, loopholes for corporations forming in Idaho, and whether the bill would be ineffective against independent expenditures; despite those concerns, the motion to introduce passed narrowly. Next, the committee considered RS 33385, which would lower the threshold for district-wide city council elections from cities over 100,000 population to those over 25,000. The sponsor said this would improve local accountability and reduce campaign costs in 10 cities. The motion to introduce passed without opposition. The committee then heard H.J.R. 8 and a revised RS 33415 concerning Idaho state and endowment lands, shifting the priority toward ongoing revenue generation while preserving public access and explicitly protecting timber, mining, grazing, and recreation. Testimony from outfitters and recreation operators supported the measure as beneficial to rural economies and public access. H.J.R. 8 was held in committee, and RS 33415 was introduced with an amendment and sent to the Second Reading Calendar with a due pass recommendation. Finally, the committee considered RS 33-377, a “shot clock” for initial plan reviews that would require cities, counties, or the state to complete initial review within 30 days for public works projects. The sponsor said the measure would speed permitting, and the motion to introduce passed. One member disclosed a Rule 80 conflict related to a public works license.

Transcript Highlights:

• So that has happened, but they're not stocking shelves and doing that kind of thing.

Committee: Senate Education

Keywords: 989, all

Transcript Highlights:

• The legislature has stocked away money and really tried to keep spending at a reasonable level as you've

Committee: Senate Local Government and Taxation

Keywords: 989, all

Transcript Highlights:

• I know that people talk about this will hit people who are about to have their stocks vest in, like,

Keywords: 904, all

Summary: House and Senate Democratic leaders announced and defended a new “Millionaire’s Tax” bill, saying it is intended to raise revenue from the highest earners while reducing reliance on sales tax and B&O tax and funding education, health care, community safety, and other state needs. They said the proposal is a starting point and will likely change as they continue talks with the governor, business groups, local governments, and other stakeholders. They also said the bill is not subject to cutoff because it affects state revenue, and that the Senate hearing is scheduled first in Ways and Means, with the House expected to follow after the Senate version moves over. The leaders described the bill as narrowly targeted at roughly 30,000 individual payers, with the first $1 million of income taxed at zero and the rate matching the state capital gains tax above that level. They argued the measure is not a broad income tax and rejected claims that it creates a marriage penalty, saying the structure mirrors the capital gains tax and uses Washington’s capital gains definitions. They also said the bill includes credits and deductions to address pass-through businesses, including dollar-for-dollar credits for B&O and public utilities taxes and an election allowing some businesses to pay the tax at the entity level. A major part of the discussion focused on how the bill would use revenue. Leaders said about 5% would go to counties for public defense costs tied to a new Supreme Court mandate, while the rest would support tax relief and new spending. They said the package would expand the Working Families Tax Credit, increase the small business credit, end the B&O surcharge a year early, and exempt some hygiene and grooming products from sales tax, with the tax-relief share estimated in the 20% range. They also said the necessity clause is needed because of structural budget problems and federal policy changes, and they expressed confidence that voters and lawmakers have become more open to taxing high earners, citing the capital gains tax vote and broader public concern about inequality and federal cuts.

Transcript Highlights:

• I know that people talk about this will hit people who are about to have their stocks vest in, like,

Summary: House and Senate Democratic leaders, joined by Speaker Laurie Jinkins and House Finance Chair April Berg, introduced a “Millionaire’s Tax” proposal and framed it as a way to reduce Washington’s reliance on sales tax and B&O tax while raising revenue from the state’s highest earners. They said the bill is a starting point and will continue to change through negotiations with the governor, business groups, local governments, and lawmakers. The leaders also said the proposal is intended to support education, health care, public safety, and tax relief measures such as sales tax exemptions on hygiene products, an expanded working families tax credit, a larger small business tax credit, and an early end to the B&O surcharge. The governor had already said he could not support the bill in its current form, which the sponsors said surprised them because they had spoken positively with him the day before. They said the bill will not be the same by the time it reaches his desk and that they expect continued talks to address his concerns, including more money for small business relief and the working families tax credit. They also defended the bill’s structure, saying it mirrors the state capital gains tax, uses Washington’s capital gains definition, and includes credits intended to prevent double taxation for pass-through businesses and others already paying B&O or related taxes. Much of the discussion focused on criticism from Republicans and outside groups that the proposal amounts to a marriage penalty or could drive away high earners and tech businesses. Democratic leaders rejected those concerns, saying the tax applies only to income above $1 million, that the first million is taxed at zero, and that the state would still compare favorably with other income-tax states. They said about 30,000 taxpayers would be affected and estimated the bill would raise roughly $3.5 billion, with about 5% dedicated to county public defense costs. They also said the bill is not subject to cutoff because it affects state revenue, and that the Senate public hearing is scheduled for Friday afternoon in Ways and Means, with the House expected to hear the Senate version later in the process.

Transcript Highlights:

• It does not require them to hold a stock.

Bills: HB2007 , HB2360 , HB2369 , HB2432 , HB2440 , HB2534 , HB2557

Committee: House Education

Keywords: competency-based assessment, graduation requirements, education reform, student opportunity, pathway options, albuterol, asthma, inhaler, rescue inhaler, respiratory emergency, school nurse, student medication, self-administration, anaphylaxis, public schools, private schools, charter schools, tribal compact schools, K-12 health, medication policy

Transcript Highlights:

• , fully set up oxygen and respiratory setups in their home, along with ventilators that are fully stocked

Bills: S0198 , S0570 , S0772 , S0808 , S1038 , S1040 , S1286 , S1440 , S1504 , S1668

Committee: Senate Banking and Insurance

Keywords: virtual currency, kiosks, money services business, regulation, financial services, consumer protection, cryptocurrency, registration, payment scams, task force, fraud prevention, property insurance, roofing requirements, inspector, insurance policies, homeowners insurance, roof age, residential structures, insurance renewal, investment

Summary: The Committee on Banking and Insurance met with a quorum present and took up a series of bills, beginning with SB 1286 by Senator Wright. That bill expands the law enforcement recruitment bonus program to include firefighters, creates a DFS grant review panel for fire-related grants, and establishes an institute for PTSD and first-responder behavioral health. Testimony from fire chiefs and others supported the measure, and the committee reported it favorably. The committee then considered several insurance and financial regulation bills. CS/SB 198 by Senator Rousan, as amended, regulates virtual currency kiosks with transaction limits, notice and receipt requirements, and OFR enforcement authority; witnesses described it as a needed anti-fraud measure, especially for seniors, and it was reported favorably. CS/SB 772 by Senator Burgess, as amended, allows limited licenses for portable electronics and eyewear insurance, and CS/SB 1504 by Senator Claudio, as amended, creates a pathway for high school students to qualify for insurance customer representative licensure; both were reported favorably. The committee also approved two cryptocurrency reserve bills by Senator Gruters: CS/SB 1038 creates the Florida Strategic Cryptocurrency Reserve framework, and CS/SB 1040 creates the related trust fund; both received technical amendments and favorable reports. CS/SB 1440 by Senator Martin, as amended, creates public records exemptions and cybersecurity reporting provisions for financial institutions and related entities, and it was reported favorably. Finally, SB 1668 by Senator Burton, which updates the NICA program’s funding and benefit structure, and CS/SB 570 by Senator Polsky, which creates a task force on payment scams, were both heard with supportive testimony and reported favorably. Senators later recorded additional affirmative votes on selected bills before the committee adjourned.

Transcript Highlights:

• , fully set up oxygen and respiratory setups in their home, along with ventilators that are fully stocked

Committee: Senate Banking and Insurance

Keywords: 999, senate, all

Summary: The Senate Committee on Banking and Insurance met with a quorum present and took up a series of bills, beginning with SB 1286, which expands Florida’s first responder recruitment bonus program to include newly employed firefighters, creates a DFS grant review panel, and establishes a PTSD institute within DFS. Supporters from the fire service and local government spoke in favor, and the bill was reported favorably. The committee then considered SB 198 on virtual currency kiosks. After adopting a substitute amendment, members heard testimony from consumer advocates, industry representatives, and credit unions about scam prevention, elder financial exploitation, and the need for regulatory certainty. The bill was reported favorably as a committee substitute. Members also approved SB 772, which allows limited licenses for portable electronics and eyewear insurance, and SB 1504, which creates a pathway for high school students to qualify for insurance customer representative licensure through insurance and personal finance coursework. Later, the committee approved SB 1038 and SB 1040, which together create a Florida Strategic Cryptocurrency Reserve and the related trust fund, both with technical amendments. SB 1440, dealing with public records exemptions tied to cybersecurity events and financial regulation, was also reported favorably after amendment. The committee then heard SB 1668 on the NICA program, with testimony both supporting solvency reforms and raising concerns about benefits and retroactivity; the bill was reported favorably. Finally, SB 570 created a task force on payment scams under DFS, was amended to reduce FDLE staffing requirements, and was reported favorably. The meeting ended after senators requested to be recorded as voting in the affirmative on certain bills and the committee adjourned.

Transcript Highlights:

• The net result of that, apart from prices being low, is that we have a stocks-to-use ratio, which is

Committee: House Agricultural Affairs

Keywords: 989, all