The Mountain Times

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Vt. Senate panel finalizes tax changes

(AP) _ The home mortgage interest deduction from Vermont income taxes would be capped at $12,000, under a tax bill given final approval by a Senate committee.

The full Senate is expected to vote next week on a tax package expected to raise about $10 million in new revenue, versus a more ambitious House version that would raise about $27 million.

Differences between the two proposals are expected to be worked out in a conference committee with three members from each chamber.

The Senate version also ends the sales tax exemption for bottled water, but it does not contain the House-passed provision that would impose the sales tax on soda and candy.