Advisory Vote 1 / Senate Bill 6635
Advisory Vote 1 asks voters their opinion on legislation passed this year that eliminates a Business and Occupation tax credit large banks receive for home mortgages. The credit is worth an estimated $170 million to the banks over 10 years, although the same bill provided B&O tax breaks for data centers, public docks, farm product manufacturers and newspapers, so the net gain to the state is $24 million over 10 years. It passed 74-24 in the House and 35-10 in the Senate, was signed by the governor and went into effect. The vote is required by a previous initiative, but is advisory – the Legislature can see what voters think of their actions, but aren’t obligated to change the law if the “no” votes outnumber the “yes” votes.
Should this tax increase be Maintained or Repealed?