The chairman of the House Finance and Taxation Committee is proposing using a portion of the earnings from the Legacy fund to give individual and corporate income tax reductions.
Rep. Craig Headland (R-Montpelier) said the bill would take half the earnings and put them into a tax relief fund.
"People are moving to states that have very low or no state income taxes," Headland said. "We have a real workforce issue in our state, and this helps us with that."
Headland said this bill also spreads benefits from the Legacy earnings across the entire state. He said the beauty in the bill’s design is that half the money could still be used for projects, such as the Roosevelt Library.
"But, what better than the state taking the burden of income tax from the people that live here, that could last for generations?" Headland said. "I think it's a real legacy."
