Citizens unite to overthrow Governor’s veto with petition drive.
The often ugly, and very unpopular Single Business Tax (“SBT”) has been repealed, effective December 31, 2007, due to a citizen-initiated law. The tax was slated to expire on December 31, 2009, but a petition drive to repeal the tax sooner began when the Governor vetoed a bill passed earlier this year by the Legislature to repeal the tax on December 31, 2007. The citizen-enacted law cannot be vetoed by the Governor.
The tax was adopted in the 1970’s with the idea that it would provide a stable source of revenue to the state. What it did was place a huge burden on the state’s job providers every year, whether or not those job providers were having a good year or a bad year.
The Legislature is now faced wit the task of replacing the SBT with a more feasible tax. They have until the end of 2007 to come up with a replacement, since the SBT will be effective until that time.
Following are some of the proposals currently under consideration.
Whether or not the SBT is replacement with one tax or multiple taxes remains to be seen, but the Legislature has a very short period of time by which to make the change, as it seems highly unlikely that they will begin the process until after the November general elections.
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