Lawmakers slash budgets, borrow, cut taxes

The tax cut deal, starting in 2018, would begin phasing out the corporate franchise tax over 10 years and cost $260 million, and the 3 percent individual income tax bracket over five years, eventually costing $415 million. For the fiscal 2017 budget lawmakers continued to set on Monday, the deal would cost $3 million from a reduction in a small-business tax.

The tax cuts, which required a three-fifths vote, passed the House 73-44 and the Senate 36-14.