The state House and Senate have agreed to provide a tax rebate again this year for low-income and moderate-income taxpayers. But before you get ready for a night out on the town, be aware that this year the rebate will be a credit, and it will be just one dollar. Yes, that's right- one dollar. Since the state Constitution requires a tax refund or credit if revenues are greater than the general fund balance for two consecutive years, some form of rebate is mandatory. But $1?
The current shaky economic situation has precluded the legislature from agreeing on a rebate like last year- when $70 to $160 was paid out to many. Obviously, one dollar is not meaningful tax relief, and one can only hope that the bureaucrats will use the estimated $36-million in non-refunds that aren't being disbursed this year in a meaningful way, whatever that means, in the world of governing.