After months of debating the 2009-11 budget bill (AB 75), the budget is about to be passed and signed into law. The  Conference Committee last night reached a deal on the remaining issues and passed the budget. The Senate promplty concurred with the Conference Committee changes. The Assembly is expected to concur later tonight and send the budget to Governor Jim Doyle for his signature. The Governor will likely veto portions of the bill before signing it in time for the June 3o deadline.

Below are a list of the most noteworthy changes made by the Conference Committee:

• Removed oil tax that would prohibited oil companies from passing the tax onto consumers. In its place, the Conference Committee replaced the transportation funding piece by reducing the exclusion for the capital gains tax to 30% (current law is 60%). It also shifted money from the petroleum inspection fund and allowed bonding.
• Removed the liability provisions – joint and several liability, “combined fault”, and jury instructions.
• Repealed the Qualified Economic Offer (QEO) immediately.
• Added a new provision to cut an additional $44 million in Medical Assistance benefits ($14 million General Purpose Revenue and associated $30 Federal matching funds).
• Deleted $140 million transfer from the transportation fund to the general fund.
• Adopted Senate position to require mandatory auto insurance.