Senate says no to tax swap, offers revised plan

Senate negotiators said Tuesday they don’t even want to talk about a republican-sponsored House proposal to trade homeowner property tax relief for higher sales taxes because they believe it has no chance of passing should it get on the ballot. Instead, they offered a revised plan to roll back and cap property taxes, which could take effect without going on the ballot. It would save taxpayers an estimated $15.3 billion over five years. That’s about $3 billion more than the Senate previously had proposed but less than half of what the House wants. The latest Senate offer would roll back taxes one year, as previously proposed, and then add a 5 percent cut on top of that. The Senate would also apply the rollback to all special taxing districts instead of exempting independent districts as previously proposed. As in the prior plan, taxes would then be capped with allowances for growth and inflation.

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