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June 06, 2003

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RILEY'S TAX PACKAGE NEARING COMPLETION

Jeff Helms (334) 613-4212

June 06, 2003

The status of Gov. Bob Riley's tax legislation and the amount to be raised or lost when fully implemented:

• Raise cigarette tax: Passed House and Senate and gone to governor. Raise $52.4 million.

• Raise property tax: Passed House and Senate in different forms. Raise $470 million.

• Equalize utility taxes: Passed House and Senate and gone to governor. Revenue neutral.

• Double mortgage and deed recording fees: Passed House and Senate and gone to governor. Raise $44.8 million.

• Raise sales tax on cars and repairs: Passed House and Senate in slightly different forms. Raise $203 million.

• Remove tax credits for insurance companies: Passed House and Senate and gone to governor. Raise $5.2 million. • Reduce business privilege tax on banks: Passed House and Senate. Gone to governor. Lose $8.4 million.

• Eliminate some tax deductions for banks: Passed House and Senate and gone to governor. Raise $19.7 million.

• Raise income taxes. Passed House and Senate in different forms. Raise $415 million.

• Levy tax on stocks and bonds: Passed House and pending in Senate. Raise $45 million.

• Raise car registration and title fees: Died in House. Would have raised $38.2 million.

• Place Riley's tax and accountability plan before voters in September referendum. Passed House and Senate in different forms.

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