Senate Unveils Tax-Cut Plan

A new property tax-cutting plan offered Sunday by Senate leaders is simpler, would provide less relief to some taxpayers and includes a scaled-down version of the House's assessment cap for businesses, snowbirds and landlords. The proposed compromise also would limit the value of tax breaks homeowners could take with them when they move - known as 'portability' - to $500,000 instead of $1 million as both chambers had previously agreed. The new Senate proposal would cut taxes by $8.74 billion in the first four years, or about $1 billion less than either chamber's present plan, according to Senate estimates. The revision is an effort to break a stalemate with the House when lawmakers reconvene a special session today, just a day before the deadline for getting a new plan on the Jan. 29 presidential primary ballot.

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