AB 1700 Summary

• Repeals the 1% temporary increase to state sales and use tax (effective first calendar quarter after 90 days of enactment), returning the rate from 7.25% to 6.25%

• Eliminates the 0.35% temporary increase to vehicle license fees effective immediately, restoring the base rate to 0.65% of vehicle market value

• Repeals the 0.25% temporary income tax rate increase for taxable years beginning January 1, 2010 and later for individuals and heads of household

• Repeals the 0.25% increase to the alternative minimum tax rate, restoring it to 7% for taxable years beginning January 1, 2010 and later

• Restores dependent exemption credits to $227 per dependent on January 1, 2010 (from the reduced amount equal to basic personal exemption credits)