The House has approved a legislative fix to a court ruling on the estate tax, a move meant to prevent issuing millions of dollars in refunds that were set to start going out Friday morning.
The House voted Thursday on the measure, passing it on a 53-33 vote and sending it over to the Senate, which could take action on it later in the day. House leaders say the language of the bill has been agreed to by the Senate, however, Senate leaders say a deal isn’t in place just yet.
Officials said the state could have to pay out $160 million over the next two years if the fix isn’t made to the law. The figure includes more than $92 million in refunds, nearly $5 million in cancellation of assessments that haven’t yet been paid, and $63 million less in future collections through the middle of 2015.
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