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News & Press: Legislative News

Budget Target Deal Reached

Monday, May 20, 2019   (0 Comments)
Posted by: Jillian Blanc
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Budget Target Deal Reached

In a press conference at 6:30pm last night, the Governor, Senate Majority Leader and House Speaker announced that they have reached an agreement on budget targets. Today, May 20th, is the last day of regular Legislative session. Committees have been encouraged to keep working hard and passing their conference committee reports (these are the final versions of the omnibus bills) as soon as they are able. Speaker Hortman said that conference committee reports will be taken up on the floor as they come.

Even if all committees complete their work by midnight tonight, there is still a fair amount of time and staff power needed in order for nonpartisan staff to physically process the bills.During the press conference, Speaker Hortman announced that their plan is to hold a one day special session this upcoming Thursday, May 23rd. The realistic feasibility of this is not yet clear.

Highlights of the budget agreement include:

  • No gas tax increase or tab fee increases
  • Provider tax made permanent at 1.8%
  • 2 percent per pupil increase to the general education formula in each year
  • Second-tier income tax bracket rate decrease from %7.05 to %6.8 beginning in tax year 2022

Conference committee budget targets:

  • E-12 Education: $540 million
  • Health and Human Services: -$357.85 million

Video of the press conference can be found here.

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