Passed during the 2012 Legislative Session, HB 386 had several provisions that did not pertain to local governments’ revenue, such as the personal income tax exemption for married filers, state jet fuel tax exemption expansion, changes to the state tax credit for conservation easements and capping the personal income tax retirement exclusion. Although those are significant changes to the state’s tax policy and could have long-term individual state government revenue implications, they do not impact a municipality’s budget. This guide provides an explanation and guidance to the recent changes in the tax code that affect a municipality’s revenue.
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