Thursday - July 24, 2014
House and Senate Begin Budget Negotiations Soon
Written by Stephanie Hawco   
Monday, 17 June 2013 06:04

RALEIGH - The House and Senate are likely headed into negotiations over their budget and tax proposals, and Speaker Thom Tillis says he's optimistic they'll reach a compromise soon. Tillis says the two budgets share some priorities but differ in some important ways.

“I think there’s a lot in common. If you take a look at the House budget, it embraces a mix of some of the provisions of the Senate and the governor but there are a few priorities that are uniquely the House’s.”

Tillis says a proposed tax on Social Security benefits may be a sticking point as the House and Senate head into negotiations over their tax reform proposals. Tillis says House leaders aren't inclined to tax the retirement benefits. “I think the area that we need to work on is to address concerns that may come from taxing Social Security. There may be a logical reason for it but…it’s hard for people to get their heads around.”

Tillis says there are some other points of contention in the Senate tax reform plan that will have to be worked out. “The mortgage interest deduction is something I think could be paced out over time, I don’t know if it can be done immediately. And of course the non-profit tax exemption.”

Lawmakers hope to wrap up the session before the new budget year begins on July first.

Last Updated on Monday, 17 June 2013 08:29
 
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