The legislature’s bipartisan budget negotiations have yielded a late-night preliminary deal, struck after the legislature closed up shop on Monday. The plan will cut tax exemptions and reduce spending to curb the state's dependency on one-time funds.
The deal includes cutting tax exemptions by 15 percent across the board. That will free up $329 million, enough to replace a large chunk of the half a billion in one-time funds in next year’s budget.