Title
Discussion: House Bill 5 - Municipal Income Tax Uniformity
Executive Summary: HB 5 includes many changes to make municipal income tax more uniform. Currently, municipalities have the ability to establish certain rules and regulations that vary from jurisdiction to jurisdiction. This can create difficulties for an individual or business that files taxes in multiple cities.
Body
Legislative History
There have been various changes in the tax laws and local ordinances that created this non-uniformity.
Purpose & Explanation
The impact of HB 5 varies based on each municipality's current income tax ordinance. The purpose of this discussion is to give City Council an understanding of the impact of the key changes contained in HB as they relate to the City of Hudson.
A summary of the more significant changes is attached as Exhibit A.
Timing Considerations
HB 5 will be discussed and debated over the next several months.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
There are no specific recommended actions for Council. Going forward, staff will update Council with significant developments.
Submitted by,
Jeff Knoblauch, Finance Director