Home News Local news COMMITTEE TABLES BILL TO ALLOW TAX TRADE-OFFS

COMMITTEE TABLES BILL TO ALLOW TAX TRADE-OFFS

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A bill that would allow individuals and companies to trade off tax liabilities against money owed them by the government was tabled indefinitely by the Senate Finance Committee Tuesday.
Under the proposal, sponsored by Sen. Adelbert "Bert" Bryan, if a company owed excise taxes, for example, and was owed money as a government vendor, the company could negotiate with tax authorities to neutralize both debts.
Testifying against the bill, Attorney General Iver Stridiron said it would create an "administrative nightmare." The senators present — a committee quorum made up of Finance Chair Lorraine L. Berry and Sens. David Jones, Roosevelt David and V. Anne Golden — concurred, noting also that it might conflict with current bond borrowing requirements.
Also speaking against the measure were Senate post auditor Campbell Malone, who noted that it suggested a "barter system," and Management and Budget Office director Ira Mills.
Bryan, who is not a member of the committee, was not at the meeting.
The senators voted to hold a second bill sponsored by Bryan in committee for further research. It would require the legislative Post Audit Division to analyze all bills and amendments affecting government revenues. The only reservation expressed was in relation to whether the division would have sufficient funds to cover the additional responsibility.

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