School Budget Approved

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By Associated Press

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Published: Wed, May 28, 2008 - 4:30 pm
Last Updated: Wednesday, May 28, 2008 - 4:32 pm

MONTGOMERY, Ala. (AP) - The first stop in the Alabama
Legislature's special session has been completed.
The Senate Finance and Taxation-Education Committee voted
unanimously Wednesday to approve a $6.3 billion education budget.
The measure now goes to the Senate for consideration on Thursday.
The budget is very similar to the one that died on the last day
of the regular session May 19, except it guarantees $5 million less
to universities. On the other hand, higher education could get
extra money that is conditioned on state tax collections exceeding
projections.

(AP) - A committee of the Alabama House has
approved bills that would give a tax break to small businesses and
make sure Alabama citizens don't have to pay state income tax on
their federal economic stimulus checks.
The House Education Appropriations Committee used a voice vote
Wednesday to approve a bill that would make sure the stimulus
checks are tax free. That would save Alabama taxpayers' $57
million.
The committee also approved a bill that would let small
businesses with 25 or fewer employees deduct on their state taxes
150 percent of what they pay for employees' health insurance. They
can currently deduct 100 percent. The bill also would apply the
higher deduction to employees' health insurance payments. The
deduction is limited to employees who make $50,000 or less
annually.

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