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[Ann Cummings (Chair)]: Okay, we are smart.
[John (Legislative Counsel)]: Yes. And then I have some comments.
[Ann Cummings (Chair)]: We are the Senate Finance, I think, still, and we are working on, I hope, our final amendment to the yield bill. And Julia you We're still waiting for the draft of the editors on the amendment. Julia has got an Ed Fund outlook based on our final walks himself in the elevator. What? She said something loud to the elevator. The elevator. Like Negro Jethro Gibbs. You know, nobody else walk us at CIA? Well, lot of that truck's.
[John (Legislative Counsel)]: Is it?
[Ann Cummings (Chair)]: Get in there. It's okay. All good. Is this What? Was the only
[Committee Assistant/Recorder]: 37. Iced teas on.
[Ann Cummings (Chair)]: Iced teas on NCS.
[Thomas Chittenden (Vice Chair)]: Great. You too.
[Ann Cummings (Chair)]: It's not making your. Julie, okay. Let's get this up there. Let's Yeah. Get scary. My guts, not on chair. I know. As always. Alright. That stays staying. It feels So I just sent this to Charlotte. So if it's not yet on the committee page, it will be shortly. This is the Ed Fund Outlook reflecting the construct that you all talked about and that John is currently drafting and is being edited in column f. So what we're looking at here, column f, this is a 4,000,000. So for the general fund transfer, if a total of 100,900,000 were to be used to uniformly lower property tax bills and 4,000,000 were to be dedicated to the renter credit because it's a general fund appropriation. It's not showing up. Here is another line item. It's just showing up as a decrease of the general medical transfer. And you can see that that corresponds with an average uniform bill change of 3.8%. Thank you. Squinting at the end of a long week. There we go. And then we see that as a remainder on the bottom line, and the buy down also includes the 22,300,000 of. Thank you. Yes. So we're keeping every day average. It is at 3.8 as opposed to 3.6. Mhmm. I think you can do so. Marked down this year. Alright. And then we'll see what John brings us. We can stand at ease or until it's in minutes.
[Thomas Chittenden (Vice Chair)]: These are big cards?
[Ann Cummings (Chair)]: Right. So once we do this amendment, then are we filling through the yield bill again and then voting on the whole bill? We're voting on the whole bill strike on. Yes. Okay. So we're and are we gonna go through through it again? Yeah. John said that if you want, he can come he has it's with editing, so he could come and present the unedited version and then wait for editing to come and take it upstairs. Yes. That would work. And then if you could walk us through the bill by then, maybe we'll have the edit issue. I'm assuming I'm gonna do this one too, so everybody can go home. Yep. I said no. And we will get this done. I can't. I might. Just playing musical pairs. Mhmm. Thanks, Chris. What do you want on buddy fries?
[Thomas Chittenden (Vice Chair)]: I just said cherry crusade chocolate chip cookie.
[Ann Cummings (Chair)]: Oh. Yeah. Those were in She would know this. Good. So good. Oh, good job. Hello. Hello. Okay.
[John (Legislative Counsel)]: You got to lie. So I'm trying to write
[Ann Cummings (Chair)]: with Okay.
[John (Legislative Counsel)]: I don't yet I'll be sharing the unedited version with you. I haven't sent anything to Charlotte yet. So I'm gonna pull up the unedited, and then I should get the edited during this, and I can send the clean post in. Okay.
[Ann Cummings (Chair)]: I think we just need to know Yep. What we're voting on. There's comments that need to be moved
[Thomas Chittenden (Vice Chair)]: Sure.
[Ann Cummings (Chair)]: Yeah. We can, like
[John (Legislative Counsel)]: Seems like it's good to Good to know what your guidance.
[Ann Cummings (Chair)]: So
[Thomas Chittenden (Vice Chair)]: I'll do it this weekend. Aren't they too early to get the garden thing?
[John (Legislative Counsel)]: Yeah. We
[Ann Cummings (Chair)]: know tomorrow's
[Thomas Chittenden (Vice Chair)]: gonna be nice.
[Ann Cummings (Chair)]: It doesn't rain. It's supposed to rain tomorrow? I don't think so.
[Committee Assistant/Recorder]: Tomorrow's better.
[Ann Cummings (Chair)]: Yeah. Supposed to be, like, today.
[John (Legislative Counsel)]: Tuck you guys down.
[Thomas Chittenden (Vice Chair)]: I just think I'm doing
[John (Legislative Counsel)]: I gotta thank you, Justin.
[Ann Cummings (Chair)]: All my windows. Okay. Okay. Here we go.
[John (Legislative Counsel)]: Alright. So draft 5.1 is what you're gonna see. I know we've got a lot of French numbers for this one because there have been alternate proposals. Standard laid in language. First instance, this is inserting it into the yield bill. The updated sets of yields reflective of that 3.8%. So your property yield, 9,395, income yield of 12,942, and a home loan separate of 1.648. I believe those are the figures you guys just heard? Nice. Okay. Next, the underlying bill as you receive it had that half buy down right, so section two of the yield built from the house was an Edmund reserve. You are striking the reserve, right, and you're replacing it with the s two twenty provisions. That's what you see here. So this is excluding, without any temporal limitation, the bond payments from the excess spending calculation.
[Ann Cummings (Chair)]: This had does this have to change if it fails out? This this will. This will. This will. Just wanna make sure that that was my subject of discussion. It's an award of 20. The the language of s 02/20. Well yeah.
[John (Legislative Counsel)]: Exactly. This would have there's no time limitation. Could all hold on. All capital and debtors.
[Ann Cummings (Chair)]: Makes everybody whole. I'm sorry.
[John (Legislative Counsel)]: Section 2A, this is your excess spending threshold moved down to that 112%, and then you see the measures from S-two 20, the hold harmless provisions and the review process. I also see that I'm getting a voicemail right now, which I would be unsurprised if that is editing asking me something, but I'll continue through this.
[Ann Cummings (Chair)]: Do you wanna take it?
[John (Legislative Counsel)]: Do you? I I can do it after we finish this and just see if there's anything up, so maybe just hold on a second if there was Replacing the ending provisions with this expanded renter credit, so to do this as a one year provision, you're basically going to see provisions for implementing these changes and then undoing them again the next year. So within the property tax credit or renter credit chapter, this is increasing that cap from 2,500 up to 3,250, and then moving that maximum calculation from 10% of fair market rent up to 12.5%. The highlighting here you can ignore, in the previous draft it used a low income limit, so I needed to step the usage of Ferry, and I included that for the editing team. Same increase from 10 to 12.5%. And then section seven, we have a separate section within the chapter that speaks again to the same cap, so make sure it's picked up twice basically. So again, increasing from that 2,500 up to thirty two fifty. So maximum credit increased in the two ways in which you can do it. One is the outright statutory caps has moved up to thirty two fifty, and then the actual determination itself instead of being 10% of fair market rent would now be 12.5% of fair market rent. These sections, eight and nine, undo exactly what you just saw, so they are just the reverse. Right? It's not gonna say amending from thirty two fifty down to 2,500, down from 4.5% to 2%. There's no way to just repeal them. You don't return to the previous law, you have to actually enact it again. The other way to do this, I guess, would be a session law provision that just said for one year use these specific figures, but that's what fees do. So returning to the 2,500 cap. Effective dates, we talked a little bit about this earlier. Effective dates section, the yields, the statewide adjustment correction, the very tip of the payment refund, census grant in flight or technical change, the renter credit expansion and cap increase would take effect this July 1, and with the S-two 20 provisions, that's sections two and 2A, and the return to the current renter credit measure will take us on 07/01/2027. That is it. I'm happy to answer questions, or I would like to send them to the
[Ann Cummings (Chair)]: This is the amendment. Right? It's not a strike off?
[John (Legislative Counsel)]: This is the amendment. Okay. Because very tax All that stuff, that's why it's of amendment.
[Ann Cummings (Chair)]: I'm just going through. I'm full across that one. That was the tip over. I think that might be the only other thing. This was a pretty short bill. Oh, there there was this special education stuff.
[John (Legislative Counsel)]: The census grant block in
[Ann Cummings (Chair)]: the plan. That's right. That that there, the overpayment. I have to quit.
[John (Legislative Counsel)]: They would adjust my corrections. All those remain untouched in what you receive from the house, and that's why said So
[Ann Cummings (Chair)]: this is what we're at?
[John (Legislative Counsel)]: Yes. Trap number 5.1. But if you don't mind, I would love to call them back to see if they have a screen on the Yes.
[Ann Cummings (Chair)]: Please. I would on something incorrect, which we then need to must set.
[Thomas Chittenden (Vice Chair)]: I ordered a bunch of your dad. I was just looking for somebody to ask about, like, how I think it's gonna redo my dad. It's it's 45 years old. So I'm getting. Yeah. Tracking Tracking. You're trash. Very Replacing old weather eyes. What about the So you think it's all the jewelry center. You replace everything. It's the. Yeah. I'm gonna use this. It's green. Never done this before. So you put it on the side, and it sort of folds it down so you don't screw it at the top. Oh, there's no show. I've done You've that before? My.
[Ann Cummings (Chair)]: Yeah.
[Thomas Chittenden (Vice Chair)]: I've done I did that. I have You
[Committee Assistant/Recorder]: do it.
[Thomas Chittenden (Vice Chair)]: Right? This is Yeah.
[Ann Cummings (Chair)]: You do I would talk
[John (Legislative Counsel)]: to stuff. I'm so You're
[Committee Assistant/Recorder]: I personally like screwing it down, and put the cap in.
[Ann Cummings (Chair)]: And Yeah. I I didn't know that. Husband is going to
[John (Legislative Counsel)]: get You've gotta love
[Thomas Chittenden (Vice Chair)]: the no show. There's no Yeah. And it held the
[John (Legislative Counsel)]: plants are
[Ann Cummings (Chair)]: down. Was hiding. It just feels But I do. Around.
[Thomas Chittenden (Vice Chair)]: And that service. Yeah. Oh, right. Some
[John (Legislative Counsel)]: what do
[Ann Cummings (Chair)]: you have? You know? I said am going to
[Thomas Chittenden (Vice Chair)]: It's like the nexus wood. Okay.
[Ann Cummings (Chair)]: Are we good?
[John (Legislative Counsel)]: John had to get resistance. It was FedEx. Everything. FedEx.
[Ann Cummings (Chair)]: Oh, it's not home.
[John (Legislative Counsel)]: I've waiting on this delivery for like two.
[Ann Cummings (Chair)]: Okay. We're still I'll be ready to make a motion to make a a to home and get this delivered. I
[Thomas Chittenden (Vice Chair)]: would move favorably to amendment 5.1 on h nine older guys.
[Ann Cummings (Chair)]: Okay. Senator Chittenden has rules that we approve oh, I've got the whole bill here. That's why I'm not in drafts 5.1. One. That's what's in there. That's just you mentioned.
[John (Legislative Counsel)]: The committee proposed a message too.
[Ann Cummings (Chair)]: That mentioned nine forty nine.
[John (Legislative Counsel)]: That's a yes.
[Ann Cummings (Chair)]: Is there any further discussion? I wanna thank my colleague for working really hard to try to give some support to renters who are working class folks or middle class folks who could really use a break. I really appreciate the work. Affordability is a big issue in the state of Vermont as we all know. So I appreciate you focusing on this in in this particular bill. We didn't we're not gonna have the same impact with what we're passing, but at least it's something. And I thank you, and I'm gonna go home with all my voters and my constituents about this good work. Let's further discussion. Further amendment. Let's have the court call the vote.
[Committee Assistant/Recorder]: Senator Chittenden. Senator Beck? Yes. Senator Hardy?
[Ruth Hardy]: Yes.
[Committee Assistant/Recorder]: Senator Gulick? Yes. Gulick? Yes. Senator Mattos?
[Christopher Mattos]: Yes. Senator Cummings?
[Ann Cummings (Chair)]: Yes. Okay. At seven zero zero, we have amended H four ninety nine. I'd like to have a motion to approve the bill as amended.
[Thomas Chittenden (Vice Chair)]: So
[Ann Cummings (Chair)]: moved. Senator Chittenden has moved that we approve age nine forty nine as we have just amended it.
[Committee Assistant/Recorder]: This will be our record of action.
[Ann Cummings (Chair)]: Yeah.
[Thomas Chittenden (Vice Chair)]: This this one.
[Ann Cummings (Chair)]: Further discussion. Are there any further amendments? If not, the first will call the rule.
[John (Legislative Counsel)]: Do need another sheet? I don't know.
[Ann Cummings (Chair)]: I think can you do it on that sheet? Yes. Or
[Committee Assistant/Recorder]: you could just do a voice vote. No.
[Ann Cummings (Chair)]: I think this one we should
[John (Legislative Counsel)]: record. Indeed. You
[Ann Cummings (Chair)]: want, we can Let's let's record it. It's fine. Just yeah.
[Committee Assistant/Recorder]: Record Senator Chittenden. There we go. Senator Beck. Yes. Senator Hardy.
[Ruth Hardy]: Yes. Senator Brock. Yes. Senator Hewlett. Yes.
[Committee Assistant/Recorder]: Senator Mattos. Yes. Senator Cummings.
[Ann Cummings (Chair)]: Yes.
[John (Legislative Counsel)]: Same.
[Ann Cummings (Chair)]: 7700. Thank you committee. You staff. We will report it. I will report it. I'll save myself for the fun games. And thank you. We have done Yeoman's work this week. I hope by next week we get a little break. And I got you out of here.