deferral

I bonds offer tax deferral on interest income until redemption and are exempt from state and local income taxes.

From Thursday, that deferral period will be cut to four years and partial payments will be allowed to start in the first year rather than in year three as previously permitted.

The change goes further than an original proposal last year, to cut bonus deferrals to five years for senior bankers.

Next, lawmakers added several deferral options, allowing cities to postpone implementation in selected areas until approximately 2030 — one year after they must submit their latest plan for spurring new housing construction and accommodating growth.

But SB 79 is also loaded up with exemptions, deferrals and carve-outs, some of them the product of the scramble to eke out the votes, complicating the effort to understand the bill’s impact.